The document discusses new product development and its life cycle. It describes the 7 stages of new product development: 1) idea generation, 2) idea screening, 3) product concept development, 4) marketing strategy development, 5) business analysis, 6) product development, and 7) commercialization. It then explains the 4 stages of a product life cycle: introduction, growth, maturity, and decline. Each stage is characterized by different sales patterns and challenges for the business.
1. The document discusses various aspects of product planning and management, including product classification, product life cycles, and strategies for different stages of the life cycle.
2. It describes core and augmented product features, and different types of products including generic, expected, potential, consumer, and industrial products.
3. The document also covers product mix strategies, managing product lines, and discusses whether companies should focus more on designing long-lasting products that meet consistent human needs rather than frequent new launches.
The document outlines the new product development process, which includes idea generation, screening, concept testing, market strategy development, business analysis, test marketing, and commercialization. The goal is to develop, test, and evaluate new product ideas to ensure growth and survival. Key steps involve assessing opportunities, determining the product type, developing the concept, evaluating market potential and profitability, testing the product and marketing plan, and commercializing the new product. Following this process helps reduce risks and avoid costly mistakes when bringing new products to market.
The document proposes launching a new flavored bread product called Pretzel Bread. It will come in three flavors - chocolate, mango, and strawberry. The target market is children and mothers. Advertising will promote the product's unique flavors and variety to attract children and address mothers' preferences for healthy options. A SWOT analysis identifies strengths in offering an innovative product with no direct competitors, but weaknesses in lack of brand recognition and separate retail outlets.
The document discusses the process of new product development, which includes market research, concept testing, prototype development, market testing, and product launch. It emphasizes the importance of market research to understand customer needs and identify opportunities. The development process then progresses through building prototypes, testing concepts with customers, and launching the new product in the market.
The document outlines the new product development process, which consists of 8 main steps: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, 7) market testing, and 8) commercialization. It describes each step in the process, from generating initial product ideas to testing concepts with customers to ultimately launching the new product commercially. The goal of the new product development process is to successfully introduce innovative products to the market that satisfy customer needs.
STP: segmentation, targeting and positioningsavi maha
The STP process involves segmentation, targeting, and positioning. Segmentation involves dividing the market into subgroups with distinct characteristics. Targeting involves selecting which market segments to focus on. Positioning involves managing consumer perception of a brand relative to competitors. The goal of STP is to guide development of an appropriate marketing mix. Common segmentation bases include geographic, demographic, psychographic, and behavioral characteristics.
The document discusses new product development and its life cycle. It describes the 7 stages of new product development: 1) idea generation, 2) idea screening, 3) product concept development, 4) marketing strategy development, 5) business analysis, 6) product development, and 7) commercialization. It then explains the 4 stages of a product life cycle: introduction, growth, maturity, and decline. Each stage is characterized by different sales patterns and challenges for the business.
1. The document discusses various aspects of product planning and management, including product classification, product life cycles, and strategies for different stages of the life cycle.
2. It describes core and augmented product features, and different types of products including generic, expected, potential, consumer, and industrial products.
3. The document also covers product mix strategies, managing product lines, and discusses whether companies should focus more on designing long-lasting products that meet consistent human needs rather than frequent new launches.
The document outlines the new product development process, which includes idea generation, screening, concept testing, market strategy development, business analysis, test marketing, and commercialization. The goal is to develop, test, and evaluate new product ideas to ensure growth and survival. Key steps involve assessing opportunities, determining the product type, developing the concept, evaluating market potential and profitability, testing the product and marketing plan, and commercializing the new product. Following this process helps reduce risks and avoid costly mistakes when bringing new products to market.
The document proposes launching a new flavored bread product called Pretzel Bread. It will come in three flavors - chocolate, mango, and strawberry. The target market is children and mothers. Advertising will promote the product's unique flavors and variety to attract children and address mothers' preferences for healthy options. A SWOT analysis identifies strengths in offering an innovative product with no direct competitors, but weaknesses in lack of brand recognition and separate retail outlets.
The document discusses the process of new product development, which includes market research, concept testing, prototype development, market testing, and product launch. It emphasizes the importance of market research to understand customer needs and identify opportunities. The development process then progresses through building prototypes, testing concepts with customers, and launching the new product in the market.
The document outlines the new product development process, which consists of 8 main steps: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, 7) market testing, and 8) commercialization. It describes each step in the process, from generating initial product ideas to testing concepts with customers to ultimately launching the new product commercially. The goal of the new product development process is to successfully introduce innovative products to the market that satisfy customer needs.
STP: segmentation, targeting and positioningsavi maha
The STP process involves segmentation, targeting, and positioning. Segmentation involves dividing the market into subgroups with distinct characteristics. Targeting involves selecting which market segments to focus on. Positioning involves managing consumer perception of a brand relative to competitors. The goal of STP is to guide development of an appropriate marketing mix. Common segmentation bases include geographic, demographic, psychographic, and behavioral characteristics.
This document provides an overview of Maggi noodles and Nestle's marketing strategies in India. It begins with an introduction to Maggi's history in India and how Nestle shifted its target market from working women to children and mothers. The document then provides details on Maggi's product profile, extensions, branding, advertising campaigns, market segmentation, and consumer decision-making process. It analyzes how Nestle positioned Maggi as a fast, convenient and fun snack and gained popularity through aggressive promotions, emotional advertising, and understanding Indian consumers' needs and buying behaviors.
This document discusses product decisions, including the three levels of product classification. It defines products and services, and describes how consumer and industrial products are classified. Consumer products are further broken down into convenience products, shopping products, specialty products, and unsought products. The document also discusses quality dimensions for goods and services, branding decisions, packaging decisions, managing product lines, new product development strategies and processes, and the product life cycle model.
The document provides an overview of retail management. It discusses how retail management involves all activities related to selling goods and services to final consumers. The various processes of retail management help customers procure desired merchandise from retail stores for personal use. An effective retail management system saves time for customers and avoids chaos in stores. Retail management in India has evolved from traditional formats like village markets to emerging formats like malls and specialty stores. Key factors influencing retail management include social, legal, economic, political, and technological factors.
This document provides an overview of promotion mix strategies. It defines promotion as communicating with customers to inform them about a product and persuade them to purchase it. The document then discusses various promotion techniques including advertising, sales promotion, personal selling, publicity, direct marketing, and public relations. It provides details on each technique, such as the objectives and examples. The factors that influence a company's promotion mix are also reviewed.
The document discusses product mix in detail, beginning with definitions of a product and the key components of a product mix. It then provides examples of ITC's diverse product portfolio across various business segments including FMCG (foods, cigarettes, lifestyle retail, stationery, personal care, safety matches, agarbathis), paper and packaging, and agriculture. Within FMCG, it delves into the various brands and product varieties offered by ITC in food products (Aashirvaad, Sunfeast, Candyman, Bingo), cigarettes, lifestyle retail, stationery, personal care, and kitchen foods.
This document defines and describes different types of products. It discusses that a product can satisfy wants or needs and consists of a bundle of attributes. There are 5 levels of a product: core benefit, basic product, expected product, augmented product, and potential product. Each level adds more customer value. The document also describes consumer products like convenience products, shopping products, and specialty products. It outlines industrial products categories like materials and parts, capital items, and supplies and services.
This document outlines the new product development process. It defines new product development and identifies six categories of new products based on newness. The new product development process involves idea generation, screening, concept development and testing, marketing strategy, business analysis, product development, test marketing, and commercialization. Each stage is described in one to two sentences. The goal is to develop successful new products by systematically evaluating ideas and obtaining customer feedback before full commercialization.
This document discusses product mix and product lines. It defines a product mix as the set of all products offered for sale and explains how analyzing product mix dimensions can help businesses expand. It also discusses how product line analysis can help companies develop platforms to meet customer needs while lowering production costs. Key aspects of product line analysis are product length lines, which are influenced by company objectives, and product mix pricing, which involves finding a price mix that maximizes total profits.
This document outlines the key stages in the new product development (NPD) process. It begins with idea generation which can come from internal or external sources. Ideas are then screened using criteria like market size and costs. Selected ideas are developed into product concepts and prototypes which undergo customer concept testing and business analysis to assess economic viability. Successful concepts then proceed to product development, test marketing in small markets, and commercialization through broader launches if testing is positive. The systematic NPD process helps businesses focus investment on promising projects and shorten the time to revenue.
This document discusses product hierarchy and product mix. It defines the 6 levels of product hierarchy from basic needs to specific items. It then discusses the concepts of product systems, product mix, product line, and the width, length, depth and consistency of a product mix. It provides examples of line stretching, line filling, and line pruning as strategies to manage a product line. Finally, it outlines 5 product mix strategies including expansion, contraction, alteration, new uses, and trading up/down.
International Marketing Management - IntroductionSOMASUNDARAM T
The document provides an overview of international marketing, defining it as marketing goods and services across national borders. It discusses the reasons companies engage in international business, the differences between domestic and international marketing, and challenges such as cultural and legal differences in foreign markets. Finally, it examines factors that have influenced the dynamic environment of international trade over time, such as globalization, trade agreements, and the shift towards more open trade policies.
The document discusses the product life cycle, which describes the stages a product goes through from introduction to decline. It identifies the key stages as introduction, growth, maturity, and decline. For each stage, it provides characteristics about sales, profits, competition, and pricing. The document also discusses factors that affect the product life cycle and various marketing strategies that can be used at each stage, such as pricing, promotion, distribution, and product development.
Retail management involves overseeing the business activities involved in selling goods and services to consumers. Key issues retailers must address include serving customers profitably while standing out competitively. Retailers act as an intermediary between manufacturers, wholesalers, and consumers by sorting products and facilitating transactions. Developing a retail strategy that focuses on customers, coordinates efforts, is value-driven and goal-oriented is important for success. Retail institutions can be classified as either store-based using a mix of strategies or nonstore-based using nontraditional approaches like direct marketing.
The document discusses the stages of a product life cycle, including product development, introduction, growth, maturity, and decline. It provides details about each stage, such as high costs and limited competition in the introduction stage, increasing profits in the growth stage, and falling sales and profits in the decline stage. As an example, it lists holographic projection in the introduction stage, laptops in the growth stage, typewriters in the decline stage, and tablets and PCs transitioning from introduction to growth.
The document provides an overview of the product launch plan for "Assorted", a new deodorant product under the hypothetical startup Redolence Pvt. Ltd. The plan involves launching the dual-scent deodorant nationally in India, targeting urban working professionals aged 20-50. Key aspects of the marketing mix include positioning the product as a 2-in-1 deodorant, pricing it at Rs. 180 per 180ml bottle, distributing it through retailers and supermarkets, and promoting it through various advertising channels.
The document discusses the new product development process. It involves 7 key steps: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, and 7) test marketing. The goal is to create new products that offer benefits to customers and satisfy market needs. Various techniques are used to evaluate ideas and concepts at each step to select the most viable new product options.
This document defines and describes various retail store formats and non-store retail formats. Store retail formats include department stores, specialist stores, category killers, convenience stores, supermarkets/superstores/hypermarkets, catalogue shops, discount stores, and factory outlets. Non-store retail formats consist of mail order, direct selling, personal retailing, telesales, and internet retailing. Each format is briefly characterized, such as department stores offering a wide product range across multiple floors and specialist stores focusing on a narrow customer segment.
This document discusses the three levels of decisions that companies must make regarding their products and services: individual product decisions, product line decisions, and product mix decisions. Individual product decisions include determining product attributes, branding, packaging, labeling, and product support services. Product line decisions involve decisions about a company's various product lines, including line filling and line stretching. Product mix decisions refer to a company's entire portfolio of product lines and items, considering the width, length, depth, and consistency of the mix.
This document discusses channels of distribution and types of distribution channels. It defines channels of distribution as the path through which products move from production to consumption, connecting producers and consumers. There are direct and indirect channels. Indirect channels involve intermediaries and can be one, two, or three levels depending on how many intermediaries are involved. The choice of channel depends on factors like the product, market, company capabilities, competitors, and the business environment.
A study on customer satisfaction and customer service at pantaloonsAniket Mishra
To demonstrate the attributes essential for the satisfaction of the customers and their degree of satisfaction from the existing services provided to them in addition to scopes of improvement.
The document outlines the 7 step new product development process: [1] idea generation through techniques like brainstorming, [2] idea screening to evaluate ideas, [3] concept development and testing consumer reception, [4] business analysis of financial viability, [5] prototyping and market testing, [6] technological implementation, and [7] commercialization through marketing strategies. New product development is important for meeting changing consumer needs, making new profits, and combating threats while providing benefits like quality products, customer satisfaction, market expansion, and stable demand.
The document outlines the new product development process, which consists of 8 steps: 1) Idea Generation, 2) Idea Screening, 3) Concept Development & Testing, 4) Marketing Strategy Development, 5) Business Analysis, 6) Product Development, 7) Market Testing, and 8) Commercialization. The process begins with generating product ideas, screening them, developing the top concepts, creating marketing strategies, analyzing business feasibility, developing prototypes, testing products in markets, and finally commercializing successful products. New product development provides advantages like satisfying customers, replacing declining products, maintaining market share through innovation, and filling gaps in the market.
This document provides an overview of Maggi noodles and Nestle's marketing strategies in India. It begins with an introduction to Maggi's history in India and how Nestle shifted its target market from working women to children and mothers. The document then provides details on Maggi's product profile, extensions, branding, advertising campaigns, market segmentation, and consumer decision-making process. It analyzes how Nestle positioned Maggi as a fast, convenient and fun snack and gained popularity through aggressive promotions, emotional advertising, and understanding Indian consumers' needs and buying behaviors.
This document discusses product decisions, including the three levels of product classification. It defines products and services, and describes how consumer and industrial products are classified. Consumer products are further broken down into convenience products, shopping products, specialty products, and unsought products. The document also discusses quality dimensions for goods and services, branding decisions, packaging decisions, managing product lines, new product development strategies and processes, and the product life cycle model.
The document provides an overview of retail management. It discusses how retail management involves all activities related to selling goods and services to final consumers. The various processes of retail management help customers procure desired merchandise from retail stores for personal use. An effective retail management system saves time for customers and avoids chaos in stores. Retail management in India has evolved from traditional formats like village markets to emerging formats like malls and specialty stores. Key factors influencing retail management include social, legal, economic, political, and technological factors.
This document provides an overview of promotion mix strategies. It defines promotion as communicating with customers to inform them about a product and persuade them to purchase it. The document then discusses various promotion techniques including advertising, sales promotion, personal selling, publicity, direct marketing, and public relations. It provides details on each technique, such as the objectives and examples. The factors that influence a company's promotion mix are also reviewed.
The document discusses product mix in detail, beginning with definitions of a product and the key components of a product mix. It then provides examples of ITC's diverse product portfolio across various business segments including FMCG (foods, cigarettes, lifestyle retail, stationery, personal care, safety matches, agarbathis), paper and packaging, and agriculture. Within FMCG, it delves into the various brands and product varieties offered by ITC in food products (Aashirvaad, Sunfeast, Candyman, Bingo), cigarettes, lifestyle retail, stationery, personal care, and kitchen foods.
This document defines and describes different types of products. It discusses that a product can satisfy wants or needs and consists of a bundle of attributes. There are 5 levels of a product: core benefit, basic product, expected product, augmented product, and potential product. Each level adds more customer value. The document also describes consumer products like convenience products, shopping products, and specialty products. It outlines industrial products categories like materials and parts, capital items, and supplies and services.
This document outlines the new product development process. It defines new product development and identifies six categories of new products based on newness. The new product development process involves idea generation, screening, concept development and testing, marketing strategy, business analysis, product development, test marketing, and commercialization. Each stage is described in one to two sentences. The goal is to develop successful new products by systematically evaluating ideas and obtaining customer feedback before full commercialization.
This document discusses product mix and product lines. It defines a product mix as the set of all products offered for sale and explains how analyzing product mix dimensions can help businesses expand. It also discusses how product line analysis can help companies develop platforms to meet customer needs while lowering production costs. Key aspects of product line analysis are product length lines, which are influenced by company objectives, and product mix pricing, which involves finding a price mix that maximizes total profits.
This document outlines the key stages in the new product development (NPD) process. It begins with idea generation which can come from internal or external sources. Ideas are then screened using criteria like market size and costs. Selected ideas are developed into product concepts and prototypes which undergo customer concept testing and business analysis to assess economic viability. Successful concepts then proceed to product development, test marketing in small markets, and commercialization through broader launches if testing is positive. The systematic NPD process helps businesses focus investment on promising projects and shorten the time to revenue.
This document discusses product hierarchy and product mix. It defines the 6 levels of product hierarchy from basic needs to specific items. It then discusses the concepts of product systems, product mix, product line, and the width, length, depth and consistency of a product mix. It provides examples of line stretching, line filling, and line pruning as strategies to manage a product line. Finally, it outlines 5 product mix strategies including expansion, contraction, alteration, new uses, and trading up/down.
International Marketing Management - IntroductionSOMASUNDARAM T
The document provides an overview of international marketing, defining it as marketing goods and services across national borders. It discusses the reasons companies engage in international business, the differences between domestic and international marketing, and challenges such as cultural and legal differences in foreign markets. Finally, it examines factors that have influenced the dynamic environment of international trade over time, such as globalization, trade agreements, and the shift towards more open trade policies.
The document discusses the product life cycle, which describes the stages a product goes through from introduction to decline. It identifies the key stages as introduction, growth, maturity, and decline. For each stage, it provides characteristics about sales, profits, competition, and pricing. The document also discusses factors that affect the product life cycle and various marketing strategies that can be used at each stage, such as pricing, promotion, distribution, and product development.
Retail management involves overseeing the business activities involved in selling goods and services to consumers. Key issues retailers must address include serving customers profitably while standing out competitively. Retailers act as an intermediary between manufacturers, wholesalers, and consumers by sorting products and facilitating transactions. Developing a retail strategy that focuses on customers, coordinates efforts, is value-driven and goal-oriented is important for success. Retail institutions can be classified as either store-based using a mix of strategies or nonstore-based using nontraditional approaches like direct marketing.
The document discusses the stages of a product life cycle, including product development, introduction, growth, maturity, and decline. It provides details about each stage, such as high costs and limited competition in the introduction stage, increasing profits in the growth stage, and falling sales and profits in the decline stage. As an example, it lists holographic projection in the introduction stage, laptops in the growth stage, typewriters in the decline stage, and tablets and PCs transitioning from introduction to growth.
The document provides an overview of the product launch plan for "Assorted", a new deodorant product under the hypothetical startup Redolence Pvt. Ltd. The plan involves launching the dual-scent deodorant nationally in India, targeting urban working professionals aged 20-50. Key aspects of the marketing mix include positioning the product as a 2-in-1 deodorant, pricing it at Rs. 180 per 180ml bottle, distributing it through retailers and supermarkets, and promoting it through various advertising channels.
The document discusses the new product development process. It involves 7 key steps: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, and 7) test marketing. The goal is to create new products that offer benefits to customers and satisfy market needs. Various techniques are used to evaluate ideas and concepts at each step to select the most viable new product options.
This document defines and describes various retail store formats and non-store retail formats. Store retail formats include department stores, specialist stores, category killers, convenience stores, supermarkets/superstores/hypermarkets, catalogue shops, discount stores, and factory outlets. Non-store retail formats consist of mail order, direct selling, personal retailing, telesales, and internet retailing. Each format is briefly characterized, such as department stores offering a wide product range across multiple floors and specialist stores focusing on a narrow customer segment.
This document discusses the three levels of decisions that companies must make regarding their products and services: individual product decisions, product line decisions, and product mix decisions. Individual product decisions include determining product attributes, branding, packaging, labeling, and product support services. Product line decisions involve decisions about a company's various product lines, including line filling and line stretching. Product mix decisions refer to a company's entire portfolio of product lines and items, considering the width, length, depth, and consistency of the mix.
This document discusses channels of distribution and types of distribution channels. It defines channels of distribution as the path through which products move from production to consumption, connecting producers and consumers. There are direct and indirect channels. Indirect channels involve intermediaries and can be one, two, or three levels depending on how many intermediaries are involved. The choice of channel depends on factors like the product, market, company capabilities, competitors, and the business environment.
A study on customer satisfaction and customer service at pantaloonsAniket Mishra
To demonstrate the attributes essential for the satisfaction of the customers and their degree of satisfaction from the existing services provided to them in addition to scopes of improvement.
The document outlines the 7 step new product development process: [1] idea generation through techniques like brainstorming, [2] idea screening to evaluate ideas, [3] concept development and testing consumer reception, [4] business analysis of financial viability, [5] prototyping and market testing, [6] technological implementation, and [7] commercialization through marketing strategies. New product development is important for meeting changing consumer needs, making new profits, and combating threats while providing benefits like quality products, customer satisfaction, market expansion, and stable demand.
The document outlines the new product development process, which consists of 8 steps: 1) Idea Generation, 2) Idea Screening, 3) Concept Development & Testing, 4) Marketing Strategy Development, 5) Business Analysis, 6) Product Development, 7) Market Testing, and 8) Commercialization. The process begins with generating product ideas, screening them, developing the top concepts, creating marketing strategies, analyzing business feasibility, developing prototypes, testing products in markets, and finally commercializing successful products. New product development provides advantages like satisfying customers, replacing declining products, maintaining market share through innovation, and filling gaps in the market.
This document outlines the new product development process. It discusses 7 steps: idea generation, idea screening, concept development and testing, business analysis, prototyping and market testing, technological implementation, and commercialization. Idea generation involves finding new product ideas from consumers or creativity techniques. Ideas are then screened and evaluated. Concepts are developed and tested with consumers. Business analysis assesses financial viability. Prototypes are tested and market testing is conducted before full commercialization. The process aims to successfully develop new products that meet market needs.
The document discusses several topics related to product management:
1. It describes the 5 stages of a product's life cycle: development, introduction, growth, maturity, and decline. Marketing strategy changes at each stage.
2. It outlines the major steps in new product development: generating ideas, research, development, testing, analysis, and introduction to market.
3. It defines the role and responsibilities of a brand executive in a pharmaceutical company, which includes marketing brand strategies, analyzing sales data, and ensuring brand messaging resonates with prescribers.
4. It classifies products as either consumer products (convenience, shopping, specialty) or industrial products (materials/parts, capital items, supplies/
The document outlines the business plan for a new popcorn product line. It proposes developing popcorn flavors including tomato, chicken, mushroom, butter, and caramel. It describes the 8 steps of the new product development process: 1) idea generation, 2) screening, 3) concept development and testing, 4) marketing strategy design, 5) product development, 6) test marketing, 7) commercialization, and 8) expected profit margins increasing over 5 years. The first concept of popcorn as a "funny thirst quenching item" is proposed to be the most attractive. The business plan expects high returns on investment in new product development.
The document discusses the key stages of new product development (NPD) including idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing. It provides details on each stage, highlighting important activities like systematically searching for new product ideas, evaluating concepts against criteria, designing marketing strategies, analyzing costs and profits, developing physical prototypes, and testing products and marketing programs in target markets before full launch. The overall NPD process aims to develop new products and bring successful concepts to market in order to drive company growth and sustainability.
This document outlines the 8 steps of the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. The process involves generating new product ideas, screening concepts, testing products with target consumers, developing marketing strategies, analyzing business potential, refining products based on testing, test marketing in small regions, and mass production for full commercial launch. The goal is to successfully develop new products that meet market needs and achieve business objectives.
The document discusses the process of new product development. It begins by defining tangible and intangible products. It then outlines the different stages of new product development: idea generation, idea screening, concept testing and development, marketing strategy, business analysis, product development, test marketing, and commercialization. It also provides an introduction to Tata Motors, describing the company's history and products. It specifically discusses Tata's Nano car project to create an affordable "People's Car" priced at around Rs. 1 lakh.
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
The document discusses Apple's new product development strategies and product life cycle approaches. It outlines the typical 7 stage new product development process including idea generation, screening, concept development, marketing strategy development, business analysis, product development, and test marketing. It then describes the 5 typical stages of a product life cycle - product development, introduction, growth, maturity, and decline. Finally, it discusses how marketing strategies should be adapted to changing stages of the product life cycle.
Meaning
Terms
Invention
Innovation
Examples
New product strategy
Idea generation
Idea screening
Concept development
Marketing strategy
Business analysis
Product development
Test marketing
Commercialization
MCQ
Product and brand management unit-2
Product Market Evolution: Strategy and Planning. New Product Development: Innovation and New Product Development (NPD), Theories of NPD, Models of NPD, Generic Product Development process.
New Product Introduction, Growth Strategies Intensive, Interactive, Diversification Strategies. Product Portfolio analysis BCG, GE, Ad little. Shell International, Risk-Return analysis.
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The General Electric/McKinsey matrix
• Shell directional policy matrix
• Arthur D. Little strategic condition matrix
This document discusses product planning and new product development. It defines what a product is and explains that to create successful new products, companies must understand customers, markets, and competitors. It then outlines the product planning process, from generating ideas to launching the product. This involves determining objectives, research, concept testing, market research, engineering production, and launch. Market research and adapting based on feedback, as Instagram did, are highlighted as important steps. The document provides an overview of an important aspect of business - bringing new products to market through strategic planning.
This document discusses product development strategies and the new product development process. It notes that over 90% of new products fail within 2 years due to issues like overestimating market size, poor design, incorrect positioning, or competitors responding aggressively. The document then outlines the key steps in new product development: generating ideas from internal and external sources, screening ideas to evaluate market potential and technical/financial feasibility, and developing the remaining ideas further. It emphasizes establishing a formal system to manage the idea generation and screening process.
The document provides an overview of key marketing concepts including the marketing mix (4Ps), target markets, product development, advertising, and commercials. It discusses the marketing mix as consisting of product, price, place, and promotion. It also outlines the new product development process and gives guidance on identifying target markets, developing company names/logos, and creating advertisements and commercials. The goal is to teach students the essential steps of marketing a new product from ideation through commercialization.
Businesses conduct market research to understand customer needs and develop new products. Market research involves gathering demographic data through surveys, sales figures, databases and the census. Companies use this information to segment markets and target specific customer groups. The seven steps to develop new products are: generate ideas, screen ideas, create a business plan, develop the product, test-market it, introduce the product, and evaluate customer acceptance. Test-marketing in limited markets helps companies assess if a product will succeed before full introduction.
The document discusses the development of a new 45 degree water bottle product called "Botol" by Vista Visto Sdn Bhd. It describes the process of generating ideas for new products, developing a product concept, evaluating the business case through estimating sales, costs and profits, prototyping, and testing the product. The concept for Botol is that it comes in various designs, colors, and flexible sizes while being eco-friendly. It has unique features not currently offered by competitors to meet consumer demand for attractive bottle designs.
New product development in Marketing MansgementSusmitaGhosh36
The document outlines the 7 major stages of product development: 1) Idea Generation, 2) Idea Screening, 3) Concept Development and Testing, 4) Marketing Strategy and Business Analysis, 5) Product Development, 6) Test Marketing, and 7) Commercialization. It provides details about each stage and uses the example of developing a food delivery app to illustrate the process.
This document outlines the new product development process. It discusses:
1. The different types of new products including those new to the world, new product lines, additions to existing lines, and improvements/revisions.
2. The 8 main steps in new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, market testing, and commercialization.
3. Within idea generation, it discusses techniques for generating ideas internally and externally, and the "4 U's" framework for evaluating ideas.
Unit 5 - Marketing Mix & Pricing Methods
a. Marketing mix
b. Product classification
c. Product lifecycle
d. New product development lifecycle
e. Pricing strategy & steps
f. Pricing methods
Similar to New product development process with example (20)
The document provides 9 examples of different types of advertisements:
1. Print advertisements like Jeep's print ad that engages audiences.
2. Billboard advertisements like one for Dracula that had different designs for day and night.
3. Digital advertisements like an Uber billboard promoting their on-demand ride service.
4. Television advertisements like a Head & Shoulders ad featuring an NFL star to promote the brand's benefits.
5. Poster advertisements like a Whiskas ad that dramatizes the brand's irresistibility through compelling imagery.
assertive and aggressive commuication communication skills assignmentMuhammad Fahad Khan
Assertive communication involves expressing one's thoughts, feelings, and beliefs in a way that respects others and does not compromise one's own rights and boundaries. It allows one to achieve their goals without creating conflict. Aggressive communication, on the other hand, involves expressing oneself without consideration for how it impacts others. It can be harsh, disrespectful, and hurtful. Examples provided contrast how one might assertively decline a request compared to aggressively denying it.
Math of intermediate is very challenging and these small notes provide a thorough preparation material. You can practice these mcqs and clear your concept . All mcqs are very important and answers are also provided
Building Right Relationship with customers and Changing Landscape of MarketingMuhammad Fahad Khan
This cover about how to build good customers relationship and why it is necessary to have good relations. Companies changes their marketing strategies according to that .
while this also covers about the changing landscape of marketing . This include social marketing and other.
The history of South Asia began with evidence of human activity dating back 75,000 years ago. Two early civilizations were the Indus Valley Civilization from around 3300-1300 BCE, and the Vedic period from 1500-500 BCE. During this Vedic period, Indian culture matured and major religions like Hinduism, Buddhism, and Jainism emerged. From 500 BCE to 1200 CE, South Asia was dominated by numerous independent kingdoms, with only two major empires - the Mauryan Empire from 300-200 BCE and the Gupta Empire from 300-500 CE. The early Islamic period from 1200-1500 CE saw the rise of the Delhi Sultanate, which controlled northern India and briefly expanded to cover
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New product development process with example
1. Name: Muhammad Fahad Bashir
Class: BS SE 2A (morning)
Arid#: 20-Arid-790
8th Assignment Marketing BSSE UIIT SP21
Question No. Select any product of your own choice and discuss it according
to the whole “New product development process” step by step.
You need to describe your development process in the class.
Submission Date: 7 June 2021
2. New product development is a complete process in which there are many steps from idea
generation to bring productinto market. So, my productis Aloo TikkiBurger which is productof
Macdonald especially for Indians.
We will explain this product with development process.
Step # 1: Idea generation –
The new product development process starts with idea generation. Idea generation refers to the
systematic search for new-product. Two sources of new ideas can be identified: It can be external
and internal.
External sources which consist of a. Customers b. Competitors c. Distributors d. Suppliers
3. Internal Sources –Brain storming – a. Scientists b. Engineers c. Marketing people d. ideas
from within organization.
So, our product Aloo Tikki burger. Idea was founded when Macdonald was unable to capture the
large market. It expanded itself to Indian market but there was missing of something that company
was unaware of. So, there was need to identify the reason and idea was generated that Macdonald
should launch something that would appeal to Indian market. They were not attracting to the beef
or mutton that was signature burger because in India many people are vegetarian and they do not
like meat at all.
India being a very ancient country with a strong culture and customs McDonald’s had to consider
the cultural, economic and socio-political factors in India. The country has six major religions
namely Hinduism, Buddhism, Sikhism, Islam, Jainism and Christianity with diverse beliefs and
value systems. Religious beliefs, customs and value system plays a significant role in the
customer’s preference for food and dining. The company’s menu customization for India was very
clear that products offered in India will not contain beef and pork. It was in India for the first time
in the world McDonald’s decided to abstain from serving beef and pork products . The company’s
introductory products were burgers, fries, vegetable nuggets, beverages and nuggets. It was in
2001 the company came out with a unique product for India which has the highest sales
among all McDonald’s products the Aloo Tikki burger
Step # 1: Idea Screening -
The next step in the new product development process is idea screening. Idea screening means
nothing else than filtering the ide generated are screened to spotgood ones and drop poor ones as
soon as possible. The reason is that product development costs rise greatly in later stages.
Therefore, productideas that will turn into profitable products. Dropping the poorideas as soonas
possible is, consequently, of failure. In this there are several questions which we try to solve like
Is it real?
Can we win?
It worth doing?
There were different options but main thing was it must introduce the productso that it should not
only capture the customer values but also must have an impact in market. so, there were ideas
whether it should be made with vegetables or something else. Then they found that potatoes are
very popular in India. They are using mainly in all dishes and it is favorite among all type of people
. So such ideas was picked from many that it must include mashed potatoes.
4. Step # 3: Concept Devolping and Testing
Product concept: it is the detailed version of new product idea stated in meaningful consumer
terms. There are few terms
Product idea – idea for possible product that a company can see itself offering to market.
Product image is the way consumers perceive an actual or potential product.
Concept development is development of product concept
ConceptTesting: Testing new productconcepts with a group of target consumers to find out if the
concepts havestrong consumer appeal. Concept can be presented symbolically or physically. Some
people use pictures, words, virtual reality etc. for concept testing
A product can not come to market without concept development or product idea and image. like
for our productcompany have a detailed version of burger. The company describes the productas
a combination of a potato and peas patty with special Indian spices coated with breadcrumbs,
served with sweet tomato mayo, fresh onions, tomatoes in a regular bun. This McAloo Tikki
outsells every other McDonald’s productin India. The company introduced the concept of Family
Dining restaurant especially for India. McDonald’s survival in India is only due to the complete
understanding of the Indian economy.
Step#4: Marketing Strategy Development -
Designing an initial marketing strategy for a new product based on the product concept. The
marketing strategy statement consists of parts –
target market,
the planned product positioning and the sales,
market share
profit goals for the first few years.
The second part of the marketing strategy statement outlines the product’s planned price,
distribution, and marketing budget for the first years.
The third part ofthe marketing strategy statement describes the planned long run sales, profit goals
and marketing mix strategy.
For successful product Macdonald found a different strategy. It found that the current
generation of Indian customers are different from the previous generation of Indian customers. For
5. the previous generation value for a product was related only with the price, but for the current
generation value for a product requires a combination of price and quality. The Indian customers
are most. Even Companies selling luxury goods have to formulate unique pricing strategies for
satisfying an Indian customer.
McDonald’s was perceived as an expensive brand. The company had to go in for price reduction
strategies for each of its products. a major portion of the Indian Consumers belong to the lower-
and middle-income groups and McDonald’s had to formulate a suitable pricing strategy that can
facilitate a high volume of consumers.
In India McDonalds classified products based on two pricing strategies
Branded Affordability (BA)
Branded Core Value products (BCV).
The BCV products consists ofthe high-priced products like the McVeggie and McChicken
burgers that costRs 50 to 60 .
BA products include McAloo tikki and Chicken McGrill burgers which costRs20 to 30. These
strategies were followed to satisfy consumers which different price perceptions
Step # 5: Business Analysis: -
A review of sales, costs and profit projections for a new productto find out whether these factors
satisfy the companies objectives –
It is evaluation of business attractiveness of the propose
The company uses the sales and costs figures to analyses the new products financial
attractiveness
It means that which kind of method they would that was preferrable suit for Macdonald. Before
launching into market, they conducted four years of research to explore supply chain to develop
its cold chain infrastructure for all its restaurants. As the company considers quality as its prime
importance,
Step # 6: Product Development: -
Developing the productconceptinto a physical productin order to assure that the productidea
can be turned into a workable product.
6. i. This stage involves large investments.
ii. The R&D department will develop and test one or more physical versions of the product
concept(prototype).
iii. The prototypemust have the required functional features and also convey the intended
psychological characteristics
So our productwas developed by using different ingredients like chopped curry leaves
chopped potato, turmeric, salt, chopped green chili (optional,) amchur powder, garam masala,
peas ,potato starch . It was also decided how it was served and packed.
Step # 7:Testmarketing:
The last stage before commercialization in the new productdevelopment process is test
marketing. In this stage of the new prod marketing programmed are tested in realistic market
settings. Therefore, test marketing gives the marketer experience with market introduction. In
fact, it allows the company to test the productand its entire marketing programmed, including
targeting and position before the full investment is made. The amount of test marketing necessary
varies with each new product. Especially when introducing a new productrequiring a lar not sure
of the productor its marketing programmed, a lot of test marketing may be carried out.
7. For this Macdonald launched it in areas where there was office workers and college students so
that company can be aware of its product.
.Step#8 Commercialization:
. Commercialization means nothing else than introducing a new productinto the market. At this
point. Large amounts may be spent on advertising, sales promotion and other marketing efforts in
the first Some factors should be considered before the productis commercialize.
In all of these steps of the new productdevelopment process, the most important focus is on
creating superior customer value. Only very few products actually get the chance to becomea
success. Therisks and costs are simply too high to allow every prod process. Introduction timing.
For instance, if the economy is down, it might be wise to wait until the following year to launch
the prod products, the company should push to introduce the new productsooner. Introduction
place. Where to launch the new product?Should it be launched in a single location, a region, the
national mark has the confidence, capital and capacity to launch new products into full national or
international distribution from the start time.
And Finally, the new product-Aloo Tikki Burger was commercialized and it hit the local people
and form 9 out of 10 people like this. Its price was less but its value was great. The families and
middle-class people liked this very much. Company started camping for this and they also
introduced packages for families.
This way a productwas launched into market from start to end.