100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary (Chpt.9) Developing New Products and Managing The Product Life Cycle R60,00   Add to cart

Summary

Summary (Chpt.9) Developing New Products and Managing The Product Life Cycle

 4 views  0 purchase

(Chpt.9) Developing New Products and Managing The Product Life Cycle

Preview 1 out of 4  pages

  • No
  • Chapter 9
  • June 9, 2023
  • 4
  • 2022/2023
  • Summary
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
All documents for this subject (10)
avatar-seller
ProfBurgerQueen
Principles of Marketing by ProfessorBurgerQueen



Developing 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

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

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

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 this summary 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 this summary for R60,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83430 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R60,00
  • (0)
  Buy now