Product planning is the ongoing process of identifying market requirements and defining a product's feature set. There are 7 phases to new product planning: idea generation, screening ideas, concept testing, business analysis, product development, test marketing, and commercialization. There are 4 alternative product development strategies: market penetration, market development, product development, and diversification. Cannibalization refers to a reduction in sales as a result of introducing a new product.
PRODUCT DEVELOPMENT - Product development means making changes in the size, design, color, shape, characteristics, packing etc. of the product.
NEW PRODUCT DEVELOPMENT PROCESS
New product development, types of new product, new product line, product line extensions, improvements and revision to existing products, re-positioning, cost reductions.
PRODUCT DEVELOPMENT - Product development means making changes in the size, design, color, shape, characteristics, packing etc. of the product.
NEW PRODUCT DEVELOPMENT PROCESS
New product development, types of new product, new product line, product line extensions, improvements and revision to existing products, re-positioning, cost reductions.
This presentation was made by us. This presentation topic is new product development. our university name is Eastern University. If you are benefited by this slide please share this slide.
Thank you
meaning of product, process of development new product in market.
test marketing meaning, test marketing of consumer and industrial goods, process of test marketing
This presentation was made by us. This presentation topic is new product development. our university name is Eastern University. If you are benefited by this slide please share this slide.
Thank you
meaning of product, process of development new product in market.
test marketing meaning, test marketing of consumer and industrial goods, process of test marketing
Managing New Product Process & Diffusion of innovationShruti Kulkarni
This video explores the 8 stages of product development. As well, it helps identify what we mean by 'product process' and where the development process fits into the Marketing Mix and also explains about diffusion process.
Product Framing: Positioning Your Product.pdfJulia Erhart
The journey through this presentation on product framing has been illuminating. We began by understanding the significance of mastering product framing, recognizing it as a pivotal strategy in influencing consumer perception and behavior. Exploring the stages in the adoption process shed light on how consumers move from awareness to adoption, emphasizing the importance of strategic product positioning and communication.
The New Product Development ProcessBecause introdu.docxcherry686017
The New Product Development Process
Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions often follow set procedures for bringing products to market. In the scientific area that may mean the establishment of ongoing laboratory research programs for discovering new products (e.g., medicines) while less scientific companies may pull together resources for product development on a less structured timetable.
In this PowerPoint slide show, we present a process comprising the key elements of new product development. While some companies may not follow a deliberate step-by-step approach, the steps are useful in showing the information input and decision making that must be done in order to successfully develop new products. The process also shows the importance market research plays in developing products. We should note that while this process works for most industries, it is less effective in developing radically new products. The main reason lies in the inability of the target market to provide sufficient feedback on advanced product concepts since they often find it difficult to understand radically different ideas. So while many of these steps are used to research breakthrough ideas, the marketer should exercise caution when interpreting the results.
*
New Products are vital
As the cartoon highlights, in this era of rapid changes in our external environment, innovation is imperative. A firm cannot rest on their laurels (and current products). Furthermore, the time it takes firms to bring new products to market has accelerated. Firms that fail to develop new products put themselves at risk as their existing products are vulnerable to changing customer needs and tastes, new technologies, shortened product-life-cycles, and increased competition. In this PowerPoint slideshow, we highlight the 8 step new product development process as described by Kotler and Keller (2016).
*
8 Step New-Product Development Process1. Idea Generation2. Idea Screening3. Concept Development and Testing4. Marketing Strategy Development5. Business Analysis6. Product Development7. Market Testing8. Commercialization
How Kotler and Keller (2016) describes the New Product Development Process is as an eight stage process in which the new product can be dropped at any time. Other sources will condense some of the steps so you may see others refer to fewer steps. If you look at these closely though, they are not deleting any of the activities, but instead are combining some of them.
*
Step 1: Idea GenerationAt this stage marketers need to ask: Is the idea worth considering?If yes, proceed to idea screening.If no, drop.Ideas for new products can come from:Customers and channel membersScientists and engineersBy examining competitorsTop management
The first step of new product development requires gathering ideas to be evaluated as potential product ...
International Marketing Management - Product & Pricing DecisionsSOMASUNDARAM T
Products for consumers in global markets: product development; product adaptation; analyzing product components for adaptation; product standardization; marketing of services; product development; quality; products and culture; marketing consumer services globally; brands in international markets; Products and services for businesses: demand in global business to business markets; quality and global standards; business services; trade shows' crucial part of business to business marketing; relationship markets in business to business context
Global pricing framework; pricing basics; marginal cost pricing and its importance; transfer pricing; counter trade; systems pricing; pricing and positioning; price quotation; INCO terms; preparation of quotations.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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!
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
3. What is Product Planning?
Product Planning is the ongoing
process of identifying and articulating market
requirements that define a product's feature
set. Product planning is the process of
creating a product idea and following through
on it until the product is introduced to the
market.
3
4. 7 Phases of New Product Planning
Process
1. Idea Generation
The focus in this first stage is on
searching for new product ideas. New product
ideas come from a variety of sources. An
important source of new product ideas are
customers. Fundamentally, customer needs
and wants seem to be the most fertile and
logical place to start looking for new product
ideas. 4
5. 7 Phases of New Product Planning
Process
2. Screening the Ideas
It means critical evaluation of product
ideas generated. After collecting the product
ideas, the next stage is screening of these
ideas. The main object of screening is to
abandon further consideration of those ideas
which are inconsistent with the product
policy of the firm.
5
6. 7 Phases of New Product Planning
Process
3. Concept Testing
What is tested at this stage is the
‘product concept’ itself-whether the
prospective consumers understand the
product idea, whether they are receptive
towards the idea, whether they actually need
such a product and whether they will try out
such a product if it is made available to
them. 6
7. 7 Phases of New Product Planning
Process
4. Business Analysis
This stage is of special importance in
the new product development process.
Estimates of sales, costs and profits are
important components of business analysis
and forecasts of market penetration and
market potential are essential.
7
8. 7 Phases of New Product Planning
Process
5. Product Development
The idea on paper is converted into
product. Product development is the
introduction of new products in the present
markets. New or improved products are
offered by the firm to the market so as to
give better satisfaction to the present
customers.
8
9. 7 Phases of New Product Planning
Process
6. Test Marketing
By test marketing, we mean, what is
likely to happen, by trial and error method
when a product is introduced commercially
into the market. These tests are planned
and conducted in selected geographical
areas, by marketing the new products. The
reactions of consumers are watched.
9
10. 7 Phases of New Product Planning
Process
7. Commercialization
At this stage, production starts,
marketing programme begins to operate and
products flow to the market for sale. It has to
compete with the existing products to secure
maximum share in the market-sales and
profits.
10
13. Alternative Product Development Strategies
1. Market Penetration
It refers to concentrating on the current
business and directing resources and efforts
to the profitable growth of a single product,
in a single market, and with a single
technology.
13
14. Alternative Product Development Strategies
2. Market Development
It consists of selling existing products,
to new customers in related market areas by
adding different channels of distribution or
by changing the content of advertising or the
promotional media.
14
15. Alternative Product Development Strategies
3. Product Development:
It involves substantial modification of
existing products or creation of new but
related items that can be marketed to
current customers through established
channels.
15
16. Alternative Product Development Strategies
4. Diversification
Is generally considered the most risky
alternative, because it involves both creating
new products and seeking new customers.
Marketers must carefully study the
competition as well as the needs and wants
of people they have not previously served.
16
17. Product Positioning
Product positioning is the process
marketers use to determine how to best
communicate their products' attributes to
their target customers based on customer
needs, competitive pressures, available
communication channels and carefully
crafted key messages.
17
18. Cannibalization
refers to a reduction in sales volume,
sales revenue, or market share of one
product as a result of the introduction of a
new product by the same producer.
18
To be continue…
19. Mid Review
1. It is the process of identifying and
articulating market requirements?
2. There are 4 alternative strategies in
product development, what are they?
3. It refers to reduction of sales revenue or
market share as a result of the
introduction of new product?
19
Click me for
answers
20. Consumer Adoption Process
1. Awareness Stage
Individual consumer becomes aware of
the innovation. He is aware of either by
discussion with friends, relatives, salesmen,
or dealers. He gets idea about a new
product from various means of advertising
like newspapers, magazines, Internet,
television, outdoor media, etc.
21
21. Consumer Adoption Process
2. Interest Stage
The consumer becomes interested in
innovation and tries to collect more information.
He collects information from advertising media,
salesmen, dealers, current users, or directly
from company. He tries to know about qualities,
features, functions, risk, producers, brand,
colour, shape, price, incentives, availability,
services, and other relevant aspects. 22
22. Consumer Adoption Process
3. Evaluation Stage
The consumer considers all the
significant aspects to judge the worth of
innovation. He compares different aspects of
innovation like qualities, features,
performance, price, after-sales services,
etc., with the existing products to arrive at
the decision whether the innovation should
be tried out. 23
23. Consumer Adoption Process
4. Trial Stage
Consumer is ready to try or test the
new product. He tries out the innovation in a
small scale to get self-experience. He can
buy the product, or can use free samples.
This is an important stage as it determines
whether to buy it.
24
24. Consumer Adoption Process
5. Adoption Stage
If trial produces satisfactory results,
finally the consumer decides to adopt/buy
the innovation. He decides on quantity, type,
model, dealer, payment, and other issues.
He purchases the product and consumes
individually or jointly with other members.
25
25. Adopters Categories
Adopters are customers who have
started using or exploring the product
offerings. Now adopter categories can be
defined as dividing these adopters on the
basis of time and level of willingness with
which they tried or will try the
product/service.
26
26. Adopters Categories
1. Innovators
Innovators are risk takers and they seek changes.
They are the first one to buy a new product. They
try the product in its initial introduction phase.
2. Early adopters
Early adopters are prestige oriented opinion
leaders. They have higher social status, financial
liquidity, education. They use the product during its
late introduction phase of its life cycle. 27
27. Adopters Categories
3. Early majority
They are the leading segment of the market, about
one third of the target market. Early Majority have
above average social status and are not opinion
leaders. They come into picture during the growth
phase of the product.
4. Late majority
Followers of the early majority, typically sceptical
about an innovation, have below average social status
and little financial liquidity. They are about 36 percent
of the target market. They try the product in its late
growth and maturity phase. 28
28. Adopters Categories
5. Laggards
Conservative, price conscious segment, aversion
to change-agents. They are oldest and most
traditional. They show their willingness to use the
product in its late maturity phase and diminishing
phase.
29
29. Diffusion
Diffusion is the process by which a
new idea or new product is accepted by
the market. The rate of diffusion is the
speed with which the new idea spreads from
one consumer to the next.
30
30. Rate of Adoption Determinants
In particular, 5 characteristics are
especially important in influencing an
innovation’s rate of adoption:
1. Relative Advantage. The relative
advantage refers to the degree to which an
innovation appears superior to existing
products.
31
31. Rate of Adoption Determinants
2. Compatibility. Compatibility is the degree
to which an innovation fits the values and
experiences of potential consumers.
3. Complexity. The degree to which an
innovation is difficult to understand or to use
is also one of the product characteristics that
influence the adoption rate.
32
1 more page before END
32. Rate of Adoption Determinants
4. Divisibility. Divisibility refers to the
degree to which an innovation may be tried
on a limited basis.
5. Communicability. Communicability can
slow down adoption significantly. It is the
degree to which the results of using an
innovation can be observed or described to
others. END 33
33. Final Review
1. Stage where individual Consumer becomes
aware of the innovation.
2. Stage where consumer decide to adopt the
innovation
3. Stage where consumers considers all the
significant aspects to judge the worth of
innovation
4. What are the 5 adopters categories?
34
Click me for
answers
34. Short Quiz (Identification)
1. It is the process of identifying and articulating
market requirements?
2. It refers to reduction of sales revenue or market
share as a result of the introduction of new
product?
3. What stage where individual Consumer becomes
aware of the innovation?
4. What stage where consumer decide to adopt the
innovation?
5. What stage where consumers considers all the
significant aspects to judge the worth of
innovation? 36
35. Panuto: Isulat ang false kung tama at true naman kung mali.
6. There are 4 alternative strategies in Product development.
7. Diffusion is the process by which a new idea or
new product is accepted by the market.
8. Divisibility refers to the degree to which an innovation may be
tried on a limited basis.
9. Communicability is the degree to which the results of using
an innovation can be observed or described to others.
10. Complexity is the degree to which an innovation is difficult to
understand.
37
Short Quiz (Bawal ang tamang sagot)