SlideShare a Scribd company logo
1 of 24
Five different categories of new products.
  1. New to the world Products
  2. New Category entries
  3. Addition to products lines
  4. Product improvements
  5. Repositioning
1.    Product superiority/quality
2.    Economic advantage to user
3.    Overall company/project fit
4.    Technological compatibility
5.    Familiarity to the company
6.    Market need, growth and size
7.    Competitive situation
8.    Define opportunity
9.    Market-driven process
10.   Customer service
 As emphasized by a top executives at
  Pillsbury, “In the end, the company with
  the most new products wins”
 The head of P&G stated “The core
  business is innovation. If we innovate
  well, we will ultimately win”
The largest manufacturer in Minnesota, the 110th largest U.S.
 company overall, and a member of the Dow Jones "30," 3M
 Company (known officially as Minnesota Mining and
 Manufacturing Company from its founding in 1902 until 2002)
 is Wall Street's epitome of high-tech/low-tech business and
 solid blue-chip performance. In the years since their
 successful introduction of the world's first waterproof
 sandpaper, they evolved into a diversified technology
 company with leading positions in a broad range of
 important markets. Today, they produce thousands of
 innovative products and have companies in more than 60
 countries. In extending their market reach, 3M's formula for
 success has remained the same: first, identify customer
 needs, and second, use 3M technology to pioneer innovative
 solutions to meet these needs. The company also practices
 social responsibility by supporting community efforts to
 improve education as well as to further economic and social
 development.
   Is a statement identifying the role a new
    product is expected to play in achieving
    corporate and marketing goals. This
    strategy can be used to determine
    which prospective products should
    receive special attention, which should
    go on the “back burner,” and which
    should be scrapped.
   A new product is best developed
    through a series of seven stages that
    provides benefits such as improved
    teamwork, less rework, earlier failure
    detection, shorter development times,
    and – most important – higher success
    rates.
First
“KNOW THY CUSTOMER,”
   and the Second is
“KNOW THY PRODUCT”
Idea screening
  Idea                                     Concept
generation                               development
                                           & testing


                          Prototype
Test marketing           development


                                         Business
                                         analysis

    Commercialization
   Is the initial stage of the new-product-
    development. In one study, 80% of
    companies pointed to customers as their
    best source for new-product ideas.
1. CUSTOMERS
 a. Customers requests
 b. Customer complaints/compliments
 c. Market surveys
 d. Focus groups
2. COMPETITORS
 a. Monitoring competitor’s developments
 b. Monitoring testing of competitors’ products
 c. Monitoring of industry movements
3. DISTRIBUTION CHANNELS
 a.   Suppliers
 b.   Distributors
 c.   Retailers
 d.   Trade shows
4. RESEARCH AND ENGINEERING
 a.   Product testing
 b.   Product endorsement
 c.   Brainstorming meetings
 d.   Accidental discovery
5. OTHER INTERNAL SOURCES
 a.   Management
 b.   Sales force
 c.   Employee suggestions
 d.   Innovation group meeting
 e.   Stockholders
6. OTHER EXTERNAL SOURCES
 a. Consultants
 b. Academic journals
 c. Periodicals and other press
L.A. Mitchell, Account Executive for large Business
   Accounts, Lucent Technologies, discusses sources
   for new product ideas: “New-product ideas come
   from just about anywhere. Lucent has entire
   organizations whose sole functions is to continually
   explore and develop new-products ideas. Some of
   the best ideas come from needing to solve a
   significant customer problem. For example, the
   increase in automobile accidents due to people
   talking on cell phones while driving has generated
   many ideas for new products and features. Some
   of these include products that allow cell phones to
   be used “hands free” and new features that make
   it possible to dial number by simply speaking the
   name of the person or business you wish to call.”
At this stage, new product ideas are
  evaluated to determine which ones
  warrant further study. Typically, a
  management team relies on experience
  and judgment, rather than on market or
  competitive data, to screen the pool of
  ideas.
1. Develop Product Ideas into
Is the process of                   Alternative
    shaping and refining         Product Concepts
    the idea into a more
    complete product
    concept.                2. Concept Testing - Test the
                           Product Concepts with Groups
                                of Target Customers




                              3. Choose the Best One
Business Analysis

        Review of Product Sales, Costs,
        and Profits Projections to See if
        They Meet Company Objectives




If No, Eliminate
Product Concept

                                       If Yes, Move to
                                    Product Development
Means converting the concept into an
 actual product. The objective is to use
 the information obtained from the
 concepts tests to design an actual
 product that can be further tested.
   Involves testing the
    product prototype          Standard
    and marketing            Test Market
    strategy in         Full marketing campaign
                          in a small number of
    simulated or actual representative cities. Controlled
    market situations.                          Test Market
    Test and marketing                       A few stores that have
    can be both             Simulated          agreed to carry new
                                                products for a fee.
    expensive and          Test Market
    risky.               Test in a simulated
                           shopping environment
                              to a sample of
                                consumers.
1. PSEUDO SALES potential buyers are asked
   to answer survey questions or pick items off
   a shelf in a make believe store.
2. CONTROLLED SALES here the buyer must
   make a purchase
3. FULL SALE the firm has decided to fully
   market the product, but on a limited basis
   first, to see if everything is working right
4. NATIONAL LAUNCH the firm launches the
   product on a national scale and make
   adjustments as needed.
This is the launching step. During this stage,
  heavy emphasis is place on the
  organization structure and management
  talent needed to implement the
  marketing strategy.
1.    No competitive point of difference, unexpected
      reactions from the competitors or both.
2.    Poor positioning
3.    Poor quality of the product
4.    Non delivery of promised benefits of product
5.    Too little marketing support
6.    Poor perceived price/ quality relationship
7.    Faulty estimates of market potential and other
      marketing research mistakes
8.    Faulty estimates of production and marketing costs
9.    Improper channels of distribution selected
10.   Rapid change in the market(economy) after the
      product was introduced
THANK YOU

More Related Content

What's hot

Bus169 Kotler Chapter 09
Bus169 Kotler Chapter 09Bus169 Kotler Chapter 09
Bus169 Kotler Chapter 09Alwyn Lau
 
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT NYASHA MANDE
 
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENTNEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENTJoshua Miranda
 
New Product and its development process
New Product and its development processNew Product and its development process
New Product and its development processShrestha Eliya
 
New Product Development Strategy
New Product Development StrategyNew Product Development Strategy
New Product Development StrategyKrishna Kumar
 
18981370 new-product-development-process-120614123155-phpapp02
18981370 new-product-development-process-120614123155-phpapp0218981370 new-product-development-process-120614123155-phpapp02
18981370 new-product-development-process-120614123155-phpapp02mir_rasel _siddike
 
New product development
New product developmentNew product development
New product developmentshdeepa
 
New product development and Classification, Branding, Brand Equity, Product L...
New product development and Classification, Branding, Brand Equity, Product L...New product development and Classification, Branding, Brand Equity, Product L...
New product development and Classification, Branding, Brand Equity, Product L...Atul Fegade
 
What are the two ways that a company can obtain new products
What are the two ways that a company can obtain new productsWhat are the two ways that a company can obtain new products
What are the two ways that a company can obtain new productsWilfredo Sto. Nino
 
What are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptxWhat are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptxSameer Mathur
 
Product planning & development
Product planning & developmentProduct planning & development
Product planning & developmentSoma Giri
 
Acentric new product development research
Acentric new product development researchAcentric new product development research
Acentric new product development researchacentric
 
Chapter 20 introducing new market offerings reyes
Chapter 20 introducing new market offerings reyesChapter 20 introducing new market offerings reyes
Chapter 20 introducing new market offerings reyesRosalia Reyes
 
New product development (npd)
New product development (npd)New product development (npd)
New product development (npd)MD FAZAL KHATEEB
 
Innovation and new product development strategy
Innovation and new product development strategyInnovation and new product development strategy
Innovation and new product development strategyAthiraKrishnakumar3
 
New Product Development
New Product DevelopmentNew Product Development
New Product DevelopmentUdit C
 
Lessons from failed products
Lessons from failed productsLessons from failed products
Lessons from failed productsNikhil Shirsat
 

What's hot (20)

Bus169 Kotler Chapter 09
Bus169 Kotler Chapter 09Bus169 Kotler Chapter 09
Bus169 Kotler Chapter 09
 
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT
 
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENTNEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT
 
New Product and its development process
New Product and its development processNew Product and its development process
New Product and its development process
 
New Product Development Strategy
New Product Development StrategyNew Product Development Strategy
New Product Development Strategy
 
18981370 new-product-development-process-120614123155-phpapp02
18981370 new-product-development-process-120614123155-phpapp0218981370 new-product-development-process-120614123155-phpapp02
18981370 new-product-development-process-120614123155-phpapp02
 
New product development
New product developmentNew product development
New product development
 
New product development and Classification, Branding, Brand Equity, Product L...
New product development and Classification, Branding, Brand Equity, Product L...New product development and Classification, Branding, Brand Equity, Product L...
New product development and Classification, Branding, Brand Equity, Product L...
 
What are the two ways that a company can obtain new products
What are the two ways that a company can obtain new productsWhat are the two ways that a company can obtain new products
What are the two ways that a company can obtain new products
 
What are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptxWhat are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptx
 
Product planning & development
Product planning & developmentProduct planning & development
Product planning & development
 
Developing new market offerings
Developing new market offeringsDeveloping new market offerings
Developing new market offerings
 
Acentric new product development research
Acentric new product development researchAcentric new product development research
Acentric new product development research
 
Chapter 20 introducing new market offerings reyes
Chapter 20 introducing new market offerings reyesChapter 20 introducing new market offerings reyes
Chapter 20 introducing new market offerings reyes
 
New product development (npd)
New product development (npd)New product development (npd)
New product development (npd)
 
Innovation and new product development strategy
Innovation and new product development strategyInnovation and new product development strategy
Innovation and new product development strategy
 
Development of new product
Development of new productDevelopment of new product
Development of new product
 
New Product Development
New Product DevelopmentNew Product Development
New Product Development
 
Lessons from failed products
Lessons from failed productsLessons from failed products
Lessons from failed products
 
Concept test
Concept testConcept test
Concept test
 

Viewers also liked

Verbale interrogatorio schettino
Verbale interrogatorio schettinoVerbale interrogatorio schettino
Verbale interrogatorio schettinoOmissis Info
 
템플릿 1
템플릿 1템플릿 1
템플릿 1lsh1310
 
Production of the magazine
Production of the magazineProduction of the magazine
Production of the magazineSahraStyles
 
Facebook Presentation in Urdu language.
Facebook Presentation in Urdu language.Facebook Presentation in Urdu language.
Facebook Presentation in Urdu language.Asad Aslam
 
Lập trình cấu trúc trong visual basic
Lập trình cấu trúc trong visual basicLập trình cấu trúc trong visual basic
Lập trình cấu trúc trong visual basicHieu Phan
 
3 Things Every Sales Team Needs to Be Thinking About in 2017
3 Things Every Sales Team Needs to Be Thinking About in 20173 Things Every Sales Team Needs to Be Thinking About in 2017
3 Things Every Sales Team Needs to Be Thinking About in 2017Drift
 
How to Become a Thought Leader in Your Niche
How to Become a Thought Leader in Your NicheHow to Become a Thought Leader in Your Niche
How to Become a Thought Leader in Your NicheLeslie Samuel
 

Viewers also liked (8)

Verbale interrogatorio schettino
Verbale interrogatorio schettinoVerbale interrogatorio schettino
Verbale interrogatorio schettino
 
템플릿 1
템플릿 1템플릿 1
템플릿 1
 
Production of the magazine
Production of the magazineProduction of the magazine
Production of the magazine
 
Task 8
Task 8Task 8
Task 8
 
Facebook Presentation in Urdu language.
Facebook Presentation in Urdu language.Facebook Presentation in Urdu language.
Facebook Presentation in Urdu language.
 
Lập trình cấu trúc trong visual basic
Lập trình cấu trúc trong visual basicLập trình cấu trúc trong visual basic
Lập trình cấu trúc trong visual basic
 
3 Things Every Sales Team Needs to Be Thinking About in 2017
3 Things Every Sales Team Needs to Be Thinking About in 20173 Things Every Sales Team Needs to Be Thinking About in 2017
3 Things Every Sales Team Needs to Be Thinking About in 2017
 
How to Become a Thought Leader in Your Niche
How to Become a Thought Leader in Your NicheHow to Become a Thought Leader in Your Niche
How to Become a Thought Leader in Your Niche
 

Similar to Current issues in manangement

Bmgt 205 chapter_12
Bmgt 205 chapter_12Bmgt 205 chapter_12
Bmgt 205 chapter_12Chris Lovett
 
The New Product Development ProcessBecause introdu.docx
The New Product Development ProcessBecause introdu.docxThe New Product Development ProcessBecause introdu.docx
The New Product Development ProcessBecause introdu.docxcherry686017
 
New product development process
New product development processNew product development process
New product development processkdore
 
NEW PRODUCT DEVELOPMENT PROCESS.
NEW PRODUCT DEVELOPMENT PROCESS.NEW PRODUCT DEVELOPMENT PROCESS.
NEW PRODUCT DEVELOPMENT PROCESS.Ashray Patil
 
Introducing new market offering
Introducing new market offeringIntroducing new market offering
Introducing new market offeringMahfuzur Rahman
 
Product, services and brands 2
Product, services and brands  2Product, services and brands  2
Product, services and brands 2Mayanka Singh
 
Dr. ibha Rani_ New product Development.pptx
Dr. ibha Rani_ New product Development.pptxDr. ibha Rani_ New product Development.pptx
Dr. ibha Rani_ New product Development.pptxIbhaRani
 
Principles of marketing chpter 09 theory
Principles of marketing chpter 09 theoryPrinciples of marketing chpter 09 theory
Principles of marketing chpter 09 theoryPartha Protim Roy Niloy
 
New product development
New product  developmentNew product  development
New product developmentSagar Gadekar
 
New Product Development
New Product DevelopmentNew Product Development
New Product DevelopmentVishal Thakur
 
New product-development
New product-developmentNew product-development
New product-developmentGautam Kumar
 
New Product Development Strategy
New Product Development StrategyNew Product Development Strategy
New Product Development StrategyYodhia Antariksa
 
Product Development Strategy
Product Development StrategyProduct Development Strategy
Product Development Strategykkjjkevin03
 
PLCM Module-3-Dr.GMS JSSATEB.pptx
PLCM Module-3-Dr.GMS JSSATEB.pptxPLCM Module-3-Dr.GMS JSSATEB.pptx
PLCM Module-3-Dr.GMS JSSATEB.pptxswamy62
 
18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...
18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...
18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...vermaashish492
 
New product development strategy
New product development strategyNew product development strategy
New product development strategyshrinivas kulkarni
 
New Product Deveklopment
New Product DeveklopmentNew Product Deveklopment
New Product Deveklopmentjay_prakash
 

Similar to Current issues in manangement (20)

Product PDF
Product PDFProduct PDF
Product PDF
 
Bmgt 205 chapter_12
Bmgt 205 chapter_12Bmgt 205 chapter_12
Bmgt 205 chapter_12
 
The New Product Development ProcessBecause introdu.docx
The New Product Development ProcessBecause introdu.docxThe New Product Development ProcessBecause introdu.docx
The New Product Development ProcessBecause introdu.docx
 
New product development process
New product development processNew product development process
New product development process
 
NEW PRODUCT DEVELOPMENT PROCESS.
NEW PRODUCT DEVELOPMENT PROCESS.NEW PRODUCT DEVELOPMENT PROCESS.
NEW PRODUCT DEVELOPMENT PROCESS.
 
Introducing new market offering
Introducing new market offeringIntroducing new market offering
Introducing new market offering
 
Chapter 8 ar-fiii
Chapter 8   ar-fiiiChapter 8   ar-fiii
Chapter 8 ar-fiii
 
Product, services and brands 2
Product, services and brands  2Product, services and brands  2
Product, services and brands 2
 
Dr. ibha Rani_ New product Development.pptx
Dr. ibha Rani_ New product Development.pptxDr. ibha Rani_ New product Development.pptx
Dr. ibha Rani_ New product Development.pptx
 
Principles of marketing chpter 09 theory
Principles of marketing chpter 09 theoryPrinciples of marketing chpter 09 theory
Principles of marketing chpter 09 theory
 
New product development
New product  developmentNew product  development
New product development
 
New Product Development
New Product DevelopmentNew Product Development
New Product Development
 
New product-development
New product-developmentNew product-development
New product-development
 
New Product Development Strategy
New Product Development StrategyNew Product Development Strategy
New Product Development Strategy
 
Product Development Strategy
Product Development StrategyProduct Development Strategy
Product Development Strategy
 
PLCM Module-3-Dr.GMS JSSATEB.pptx
PLCM Module-3-Dr.GMS JSSATEB.pptxPLCM Module-3-Dr.GMS JSSATEB.pptx
PLCM Module-3-Dr.GMS JSSATEB.pptx
 
18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...
18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...
18340710 a-study-on-new-product-development-with-tata-nano-and-comparitive-st...
 
New product development life cycel
New product development life cycelNew product development life cycel
New product development life cycel
 
New product development strategy
New product development strategyNew product development strategy
New product development strategy
 
New Product Deveklopment
New Product DeveklopmentNew Product Deveklopment
New Product Deveklopment
 

Recently uploaded

ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...JojoEDelaCruz
 
Expanded definition: technical and operational
Expanded definition: technical and operationalExpanded definition: technical and operational
Expanded definition: technical and operationalssuser3e220a
 
ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4MiaBumagat1
 
ICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfVanessa Camilleri
 
How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17Celine George
 
Presentation Activity 2. Unit 3 transv.pptx
Presentation Activity 2. Unit 3 transv.pptxPresentation Activity 2. Unit 3 transv.pptx
Presentation Activity 2. Unit 3 transv.pptxRosabel UA
 
Measures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped dataMeasures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped dataBabyAnnMotar
 
Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17Celine George
 
Millenials and Fillennials (Ethical Challenge and Responses).pptx
Millenials and Fillennials (Ethical Challenge and Responses).pptxMillenials and Fillennials (Ethical Challenge and Responses).pptx
Millenials and Fillennials (Ethical Challenge and Responses).pptxJanEmmanBrigoli
 
Oppenheimer Film Discussion for Philosophy and Film
Oppenheimer Film Discussion for Philosophy and FilmOppenheimer Film Discussion for Philosophy and Film
Oppenheimer Film Discussion for Philosophy and FilmStan Meyer
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptxiammrhaywood
 
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...Postal Advocate Inc.
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)lakshayb543
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptxmary850239
 
Integumentary System SMP B. Pharm Sem I.ppt
Integumentary System SMP B. Pharm Sem I.pptIntegumentary System SMP B. Pharm Sem I.ppt
Integumentary System SMP B. Pharm Sem I.pptshraddhaparab530
 
Activity 2-unit 2-update 2024. English translation
Activity 2-unit 2-update 2024. English translationActivity 2-unit 2-update 2024. English translation
Activity 2-unit 2-update 2024. English translationRosabel UA
 
ROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxVanesaIglesias10
 
The Contemporary World: The Globalization of World Politics
The Contemporary World: The Globalization of World PoliticsThe Contemporary World: The Globalization of World Politics
The Contemporary World: The Globalization of World PoliticsRommel Regala
 

Recently uploaded (20)

LEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptx
LEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptxLEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptx
LEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptx
 
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
 
Expanded definition: technical and operational
Expanded definition: technical and operationalExpanded definition: technical and operational
Expanded definition: technical and operational
 
ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4ANG SEKTOR NG agrikultura.pptx QUARTER 4
ANG SEKTOR NG agrikultura.pptx QUARTER 4
 
ICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdf
 
How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17
 
Presentation Activity 2. Unit 3 transv.pptx
Presentation Activity 2. Unit 3 transv.pptxPresentation Activity 2. Unit 3 transv.pptx
Presentation Activity 2. Unit 3 transv.pptx
 
Measures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped dataMeasures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped data
 
Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17Field Attribute Index Feature in Odoo 17
Field Attribute Index Feature in Odoo 17
 
INCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptx
INCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptxINCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptx
INCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptx
 
Millenials and Fillennials (Ethical Challenge and Responses).pptx
Millenials and Fillennials (Ethical Challenge and Responses).pptxMillenials and Fillennials (Ethical Challenge and Responses).pptx
Millenials and Fillennials (Ethical Challenge and Responses).pptx
 
Oppenheimer Film Discussion for Philosophy and Film
Oppenheimer Film Discussion for Philosophy and FilmOppenheimer Film Discussion for Philosophy and Film
Oppenheimer Film Discussion for Philosophy and Film
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
 
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx
 
Integumentary System SMP B. Pharm Sem I.ppt
Integumentary System SMP B. Pharm Sem I.pptIntegumentary System SMP B. Pharm Sem I.ppt
Integumentary System SMP B. Pharm Sem I.ppt
 
Activity 2-unit 2-update 2024. English translation
Activity 2-unit 2-update 2024. English translationActivity 2-unit 2-update 2024. English translation
Activity 2-unit 2-update 2024. English translation
 
ROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptx
 
The Contemporary World: The Globalization of World Politics
The Contemporary World: The Globalization of World PoliticsThe Contemporary World: The Globalization of World Politics
The Contemporary World: The Globalization of World Politics
 

Current issues in manangement

  • 1.
  • 2.
  • 3. Five different categories of new products. 1. New to the world Products 2. New Category entries 3. Addition to products lines 4. Product improvements 5. Repositioning
  • 4. 1. Product superiority/quality 2. Economic advantage to user 3. Overall company/project fit 4. Technological compatibility 5. Familiarity to the company 6. Market need, growth and size 7. Competitive situation 8. Define opportunity 9. Market-driven process 10. Customer service
  • 5.  As emphasized by a top executives at Pillsbury, “In the end, the company with the most new products wins”  The head of P&G stated “The core business is innovation. If we innovate well, we will ultimately win”
  • 6. The largest manufacturer in Minnesota, the 110th largest U.S. company overall, and a member of the Dow Jones "30," 3M Company (known officially as Minnesota Mining and Manufacturing Company from its founding in 1902 until 2002) is Wall Street's epitome of high-tech/low-tech business and solid blue-chip performance. In the years since their successful introduction of the world's first waterproof sandpaper, they evolved into a diversified technology company with leading positions in a broad range of important markets. Today, they produce thousands of innovative products and have companies in more than 60 countries. In extending their market reach, 3M's formula for success has remained the same: first, identify customer needs, and second, use 3M technology to pioneer innovative solutions to meet these needs. The company also practices social responsibility by supporting community efforts to improve education as well as to further economic and social development.
  • 7. Is a statement identifying the role a new product is expected to play in achieving corporate and marketing goals. This strategy can be used to determine which prospective products should receive special attention, which should go on the “back burner,” and which should be scrapped.
  • 8. A new product is best developed through a series of seven stages that provides benefits such as improved teamwork, less rework, earlier failure detection, shorter development times, and – most important – higher success rates.
  • 9. First “KNOW THY CUSTOMER,” and the Second is “KNOW THY PRODUCT”
  • 10. Idea screening Idea Concept generation development & testing Prototype Test marketing development Business analysis Commercialization
  • 11. Is the initial stage of the new-product- development. In one study, 80% of companies pointed to customers as their best source for new-product ideas.
  • 12. 1. CUSTOMERS a. Customers requests b. Customer complaints/compliments c. Market surveys d. Focus groups 2. COMPETITORS a. Monitoring competitor’s developments b. Monitoring testing of competitors’ products c. Monitoring of industry movements
  • 13. 3. DISTRIBUTION CHANNELS a. Suppliers b. Distributors c. Retailers d. Trade shows 4. RESEARCH AND ENGINEERING a. Product testing b. Product endorsement c. Brainstorming meetings d. Accidental discovery
  • 14. 5. OTHER INTERNAL SOURCES a. Management b. Sales force c. Employee suggestions d. Innovation group meeting e. Stockholders 6. OTHER EXTERNAL SOURCES a. Consultants b. Academic journals c. Periodicals and other press
  • 15. L.A. Mitchell, Account Executive for large Business Accounts, Lucent Technologies, discusses sources for new product ideas: “New-product ideas come from just about anywhere. Lucent has entire organizations whose sole functions is to continually explore and develop new-products ideas. Some of the best ideas come from needing to solve a significant customer problem. For example, the increase in automobile accidents due to people talking on cell phones while driving has generated many ideas for new products and features. Some of these include products that allow cell phones to be used “hands free” and new features that make it possible to dial number by simply speaking the name of the person or business you wish to call.”
  • 16. At this stage, new product ideas are evaluated to determine which ones warrant further study. Typically, a management team relies on experience and judgment, rather than on market or competitive data, to screen the pool of ideas.
  • 17. 1. Develop Product Ideas into Is the process of Alternative shaping and refining Product Concepts the idea into a more complete product concept. 2. Concept Testing - Test the Product Concepts with Groups of Target Customers 3. Choose the Best One
  • 18. Business Analysis Review of Product Sales, Costs, and Profits Projections to See if They Meet Company Objectives If No, Eliminate Product Concept If Yes, Move to Product Development
  • 19. Means converting the concept into an actual product. The objective is to use the information obtained from the concepts tests to design an actual product that can be further tested.
  • 20. Involves testing the product prototype Standard and marketing Test Market strategy in Full marketing campaign in a small number of simulated or actual representative cities. Controlled market situations. Test Market Test and marketing A few stores that have can be both Simulated agreed to carry new products for a fee. expensive and Test Market risky. Test in a simulated shopping environment to a sample of consumers.
  • 21. 1. PSEUDO SALES potential buyers are asked to answer survey questions or pick items off a shelf in a make believe store. 2. CONTROLLED SALES here the buyer must make a purchase 3. FULL SALE the firm has decided to fully market the product, but on a limited basis first, to see if everything is working right 4. NATIONAL LAUNCH the firm launches the product on a national scale and make adjustments as needed.
  • 22. This is the launching step. During this stage, heavy emphasis is place on the organization structure and management talent needed to implement the marketing strategy.
  • 23. 1. No competitive point of difference, unexpected reactions from the competitors or both. 2. Poor positioning 3. Poor quality of the product 4. Non delivery of promised benefits of product 5. Too little marketing support 6. Poor perceived price/ quality relationship 7. Faulty estimates of market potential and other marketing research mistakes 8. Faulty estimates of production and marketing costs 9. Improper channels of distribution selected 10. Rapid change in the market(economy) after the product was introduced