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Product Development and Management Guide

Learn about the importance of new product development, the steps involved, and the diffusion process. Understand product life cycles and different categories of new products.

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Product Development and Management Guide

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  1. 9 Developing andManaging Products Prepared by Deborah Baker Texas Christian University

  2. Learning Objectives • Explain the importance of developing new products and describe the six categories of new products • 2. Explain the steps in the new-product development process • 3. Explain the diffusion process through which new products are adopted

  3. Learning Objectives (continued) 4. Explain the concept of product life cycles

  4. New-To-The-World New Product Lines Product Line Additions Improvements/Revisions Repositioned Products Lower-Priced Products Categories of New Products On Line http://www.newproductworks.com 1

  5. New-Product Strategy Idea Generation Idea Screening Business Analysis Development Test Marketing Commercialization New Product New-Product Development Process 2

  6. Sources ofNew-ProductIdeas Customers Employees Distributors Competitors R & D Consultants Creative Thinking Idea Generation On Line http://www.ideo.com 2

  7. Demand Considerations in Business Analysis Stage Cost Sales Profitability Business Analysis 2

  8. Development • Creation of prototype • Marketing strategy • Packaging, branding, labeling • Manufacturing feasibility • Final government approvals if needed 2

  9. Alternatives to Test Marketing • Single-source research using supermarket scanner data • Simulated (laboratory) market testing • Online test marketing On Line http://www.bandaid.com 2

  10. Production Steps in Marketing a New Product Inventory Buildup Distribution Shipments Sales Training Trade Announcements Customer Advertising Commercialization 2

  11. Innovators Early Adopters Early Majority Late Majority Laggards Categories of Adopters 5

  12. Complexity Compatibility Relative Advantage Observability Trialability Product Characteristics and the Rate of Adoption On Line http://www.electronicgadgetdepot.com 5

  13. PLC Has Implications for Sales and Profits At Each Stage Introduction Growth Maturity Decline Product Life Cycle 6

  14. Diffusion Process and PLC Curve Introduction Growth Decline Maturity Product life cycle curve Sales Early majority Late majority Early adopters Innovators Laggards Diffusion curve 6

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