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Summary Marketing Chapter 9 of the Kotler book Principles of Marketing
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Marketing Summary of chapter 9 of Principles of Marketing.
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Marketing summary of chapter 9Developing new products and managing the product life cycle
New product development strategy
A firm can obtain new products in two ways.
1. Acquisition buying a whole company, a patent or a licence to produce.
2. New product development the development of original products, product
improvements, product modifications and new brands through the firm’s own
product development efforts.
New products original products, product improvements, prodcuts modifications and
new brands that a firm develops through its own R&D efforts.
Why do new products fail?
- An idea may be good the company may overestimate market size.
- Poorly designed,
- Incorrectly positioned, launched at the wrong time, priced too high or poorly
advertised.
The new product development process
Idea generation
= the systematic search for new-product ideas.
Major sources of new product ideas include internal sources and external sources.
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