Summary Marketing Chapter 9 - Principles of marketing; Kotler
172 views 0 purchase
Course
Marketing
Institution
Hogeschool Utrecht (HU)
Book
Principles of Marketing
Summary of Chapter 9 Principles of Marketing (Kotler, Philip, Armstrong Gary,Harris Lloyd, Piercy Nigel) 7TH Edition. All the matters that are described in the chapter are summed up and where needed explained. course: MPEN-MKG-
Complete summary of book and lectures slides of Marketing I and II
Summary Principles of Marketing IB Y2Q2
Samenvatting marketing IBS jaar 1
All for this textbook (28)
Written for
Hogeschool Utrecht (HU)
International Business and Management Studies / IB
Marketing
All documents for this subject (12)
Seller
Follow
desiree_3110
Reviews received
Content preview
Marketing
Chapter 9 – developing new products and managing the product life cycle
New product development strategy
new products important for customers (new solutions and variety) and for companies (key source of
growth).
The new product development process
Eight major steps in the process:
1. Idea generation
- Internal idea sources, finding new ideas through formal R&D
- External idea sources, distributors, suppliers and competitors
- Crowdsourcing
2. Idea screening, R-W-W (real, win, worth doing?)
3. Concept development and testing
Product idea, an idea for possible product that the company can see itself offering to the market.
Product image, is the way consumers perceive an actual or potential product.
- Concept development
- Concept testing
4. Marketing strategy development
Consists of three parts:
1. Describes target market; the planned value proposition, and the sales, market share and
profit goals for the first few years
2. Outlines the product’s planned price, distribution and marketing budget for first year
3. Describes the long-term sales, profit, goals and marketing mix strategy
5. Business analysis
6. Product development
7. Test marketing
- Controlled test markets, new products and tactics are tested among controlled groups of
customers and stores
- Simulated test markets, in which researches measure consumer responses to new products
and marketing tactics in laboratory
8. Commercialisation
Managing new product development
Successful new product development requires:
- Customer-centred new product development
- Team-based new product development
- Systematic new product development, the new product development process should be
holistic and systematic rather than compartmentalised and haphazard
Innovation management system: to avoid problems like few new ideas will surface, and many
good ideas will die. The company will collect, review, evaluate and manage new product
ideas. Two outcomes:
It helps create an innovation-oriented company culture.
It will yield a larger number of new product ideas, turning them into products and
finding customers for them.
New product development in turbulent times
When a company faces financial difficulties, management may be tempted to reduce spending on
new product development.
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 EFT, credit card or Stuvia-credit 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller desiree_3110. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R58,29. You're not tied to anything after your purchase.
