Summary
Summary (Chpt.9) Developing New Products and Managing The Product Life Cycle
- Module
- Institution
- Book
(Chpt.9) Developing New Products and Managing The Product Life Cycle
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Marketing summary Principles of Marketing 18th edition
-
Marketing Management summary of the entire course
-
Summary: Principles of Marketing 18e Global Edition - Marketing (MAN-BCU2008)
Seller
Follow
ProfBurgerQueen
Content preview
Principles of Marketing by ProfessorBurgerQueenDeveloping New Products and Managing
The Product Life Cycle
- New product development refers to original products, product improvements, product
modifications, and new brands developed form the firm’s own R&D
- New products bring new solutions and variety to customer’s lives, and they are a key
source of growth for companies
- Yet, innovation can be very expensive and very risky. Estimates say that 66% of all
new products fail within 2 years
- There are many reasons why, these include incorrect timing, pricing, positioning or
advertising, poor product design, and overestimated market size
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
8. Commercialisation
- Idea generation is the systematic search for new product ideas, using internal
sources like company R&D, or external sources such as distributors
- Distributors are close to the market and can pass along information about
customer problems and new product possibilities
- Idea screening identifies good ideas and rops poor ones using the RWW screening
framework
- Is it Real?
- Can we Win?
- Is it Worth doing
- Product development costs rise greatly in the later stages, so the company wants to
only pursue those product ideas that will turn into profitable products
- New product idea write-ups describe the product, proposed customer value
proposition, target market, and competition. It makes rough estimates of market size,
product price, development time and costs, manufacturing costs, and rate of return
- The committee then evaluates the idea against a set of general criteria. The
company should be able to answer yes to all three RWW questions before
developing the new product idea further
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProfBurgerQueen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.74. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
57727 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now