V47 Ch20 New Market Offerings Ralph Woo Tanco

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V47 Ch20 New Market Offerings Ralph Woo Tanco

  1. 1. Ralph Tanco Ch20 Introducing New Market Offerings 1. There are several ways in introducing new products. One is making them, second is buying them and third is improving the features of an existing product. 2. Several Challenges in a new-product development a. innovation imperative – constant improvement and innovations b. incremental innovation – tweaking existing products for new customers 3. Number one success factor is a unique, superior product. 4. Reasons for New Product Failure: a. shortage of important ideas in certain areas b. fragmented markets c. social and governmental constraints d. cost of development e. capital shortages f. shorter required development time g. shorter product life cycles 4. Organizational arrangements – most use customer-driver engineering to design new products. 5. Budgeting for New-Product Development is very critical. 6. Organizing New-Product Development a. Product managers are used a lot in companies nowadays to promote new product idea growth. b. stage gate system – a system used to check new product ideas at particular points. Kind of like a checkpoint. 7. Managing the development process. a. Idea Generation – customer needs and wants are the logical place to start of from. – Companies co-create products with customers – Employees throughout the company can be a source of ideas for improving production, products and services. – Companies can find good ideas by researching the products and services of competitors. – Top management can be a major source of idea. b. Idea screening - Drop Error – a good idea is dismissed - Go-error – a poor idea is permitted to move into development - absolute failure, partial product failure, relative product failure c. concept development and testing d. marketing strategy development e. business analysis f. product development g. market testing h. commercialization 8. Creativity Techniques. - attribute listing - forced relationships
  2. 2. - morphological analysis - reverse assumption analysis - new contexts - mind mapping - lateral marketing (i.e. cyber cafes – cafeteria + internet) 9. Consumer Adoption – process by which customers learn about new products, try them and adapt or reject them. a. awareness b. interest c. evaluation d. trial e. adoption 10. Characteristics of the innovation - relative advantage - compatibility - complexity - divisibility - communicability

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