The document discusses new product development and the product lifecycle. It outlines the 7 steps of new product development as idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing. It then describes the 4 stages of the product lifecycle as introduction, growth, maturity, and decline. Finally, it shows how a firm's marketing objectives and mix should relate to the different product lifecycle stages.
Principles of Marketing, by Kotler, Philip; Armstrong, Gary. This chapters focuses on developing new products and managing products through their life cycles.
Principles of Marketing, by Kotler, Philip; Armstrong, Gary. This chapters focuses on developing new products and managing products through their life cycles.
new product development and product life-cycle strategies sabaAkhan47
In this presentation i have explained the following:
1) definition of NPD (new product development)
2) NPD process
3) MANAGING NEW PRODUCT DEVELOPMENT
a) Customer-centered NPD.
b) Team based NPD.
c) Systematic NPD
4) Product life cycle and its stages.
5) Additional product and service considerations
6) Product decision and social responsibility
7) International product and services marketing.
PPT includes stages in new product development, risk associated with product development and types of product development. It also includes product life cycle and factors to be kept in mind while developing a new product. Appropriate examples are also provided.
new product development and product life-cycle strategies sabaAkhan47
In this presentation i have explained the following:
1) definition of NPD (new product development)
2) NPD process
3) MANAGING NEW PRODUCT DEVELOPMENT
a) Customer-centered NPD.
b) Team based NPD.
c) Systematic NPD
4) Product life cycle and its stages.
5) Additional product and service considerations
6) Product decision and social responsibility
7) International product and services marketing.
PPT includes stages in new product development, risk associated with product development and types of product development. It also includes product life cycle and factors to be kept in mind while developing a new product. Appropriate examples are also provided.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2. New Product Development
A New Product Development is the entire set
of activities required to bring a new concept
to a state of market readiness.
3. New Product Development Process
Idea Generation and Screening
Concept Development and Testing
Marketing Strategy
Business Analysis
Product Development
Test Marketing
Commercialization
4. Step 1. Idea Generation
Systematic Search for New Product Ideas
Internal sources
Customers
Competitors
Distributors
Suppliers
5. Step 2. Idea Screening
Process to spot good ideas and drop
poor ones.
Criteria
• Market Size
• Product Price
• Development Time & Costs
• Manufacturing Costs
• Rate of Return
6. Step 3.Concept Development &
Testing
1. Develop Product Ideas into
Alternative
Product Concepts.
2. Concept Testing - Test the
Product Concepts with Groups
of Target Customers.
3. Choose the Best One
7. Step 4. Marketing Strategy
Development
Marketing Strategy Statement Formulation
Part One - Overall:
Target Market
Planned Product Positioning
Sales & Profit Goals
Market Share
Part One - Overall:
Target Market
Planned Product Positioning
Sales & Profit Goals
Market Share
Part Two - Short-Term:
Product’s Planned Price
Distribution
Marketing Budget
Part Two - Short-Term:
Product’s Planned Price
Distribution
Marketing Budget
Part Three - Long-Term:
Sales & Profit Goals
Part Three - Long-Term:
Sales & Profit Goals
Marketing Mix Strategy
8. Step 5. Business Analysis
Step 6. Product Development
Business Analysis
Review of Product Sales, Costs,
and Profits Projections to See if
They Meet Company Objectives
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
9. Step 7. Test Marketing
Standard
Test Market
Full marketing campaign
in a small number of
representative cities.
Standard
Test Market
Full marketing campaign
in a small number of
representative cities.
Controlled
Test Market
A few stores that have
agreed to carry new
products for a fee.
Controlled
Test Market
A few stores that have
agreed to carry new
products for a fee.
Simulated
Test Market
Test in a simulated
shopping environment
to a sample of
consumers.
Simulated
Test Market
Test in a simulated
shopping environment
to a sample of
consumers.
10. Product Life Cycle
The product life cycle describes the
stages a new product goes through in the
marketplace: introduction, growth,
maturity, and decline.
The product life cycle describes the
stages a new product goes through in the
marketplace: introduction, growth,
maturity, and decline.
12. Introductory Stage
High failure rates
Limited distribution
High marketing and
production costs
Negative profits
Promotion focuses on
awareness and information
Intensive personal selling to
channels
Full-Scale Launch
of New Products
Full-Scale Launch
of New Products
13. Increasing rate of sales
Entrance of competitors
Market consolidation
Initial healthy profits
Promotion emphasizes brand ads
Goal is wider distribution
Prices normally fall
Development costs are recovered
Offered in more
sizes,
flavors, options
Offered in more
sizes,
flavors, options
Growth stage
14. Declining sales growth
Saturated markets
Extending product line
Stylistic product changes
Heavy promotions to dealers and consumers
Marginal competitors drop out
Prices and profits fall
Niche marketers emerge
Many consumer
products are in
Maturity Stage
Many consumer
products are in
Maturity Stage
Maturity Stage
15. Long-run drop in sales
Large inventories of
unsold items
Elimination of all nonessential
marketing expenses
Rate of decline depends on
change in tastes or
adoption of substitute products
Rate of decline depends on
change in tastes or
adoption of substitute products
Decline Stage
16. How stages of the product life cycle relate to firm’s
marketing objectives & marketing mix actions
INTRODUCTION GROWTH MATURITY DECLINE
Product
Strategy
Distribution
Strategy
Promotion
Strategy
Pricing
Strategy
Limited models
Frequent
changes
More models
Frequent
changes.
Large number
of models.
Eliminate
unprofitable
models
Limited
Wholesale/
retail distributors
Expanded
dealers. Long-
term relations
Extensive.
Margins drop.
Shelf space
Phase out
unprofitable
outlets
Awareness.
Stimulate
demand.Sampling
Aggressive ads.
Stimulate
demand
Advertise.
Promote
heavily
Phase out
promotion
Higher/recoup
development
costs
Fall as result of
competition &
efficient produc-
tion.
Prices fall
(usually).
Prices
stabilize at
low level.
Notes:
During the introductory stage, sales normally increase slowly. Marketing costs are high due to higher dealer margins required to obtain adequate distribution and the cost of consumer incentives to try a product.
Production costs are high.
Promotion strategy focuses on developing product awareness and informing consumers about the product’s potential benefits. Intensive personal selling is often required.
Promotion of convenience products may require heavy consumer sampling and couponing. Shopping and specialty products demand educational advertising and personal selling to the final consumer.
Notes:
In the growth stage, sales grow at an increasing rate, many competitors enter the market, and larger companies may acquire small pioneering firms.
Profits rise rapidly, peak, and begin declining as competition increases.
Aggressive brand advertising and communication of the differences between brands is the preferred promotion strategy.
Adequate distribution is a major key to establish a strong market position and product success.
On Line: McDonald’s
What is McDonald’s doing to successfully compete in the maturity stage?
Notes:
The maturity stage begins when sales increase at a decreasing rate, and the market approaches saturation. This is normally the longest stage of the PLC.
Annual models may appear during the maturity stage for shopping and specialty products. Product lines are lengthened to appeal to additional market segments.
Service and repair help manufacturers distinguish their products from others.
Heavy promotion is required to maintain market share. For example, consider the competitive “wars” between Coke and Pepsi, Budweiser and Miller, and McDonalds against Burger King and Wendy’s.
As prices and profits continue to fall, marginal competitors drop out of the market.
Niche marketers that target narrow, well-defined segments of a market emerge.
Notes:
The rate of decline depends on how rapidly consumer tastes change or substitute products are adopted.
A strategy for declining products includes elimination of nonessential marketing expenses, and the eventual product withdrawal as sales decline.