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GLOBAL MARKETING

GLOBAL MARKETING. New Product Strategy Product Management. Understanding the Product. Augmented product. Generic product. Core benefit. Expected product. Potential product. Durability & tangibility classification Nondurable goods Durable goods Consumer goods classification

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GLOBAL MARKETING

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  1. GLOBAL MARKETING New Product Strategy Product Management

  2. Understanding the Product Augmented product Generic product Core benefit Expected product Potential product

  3. Durability & tangibility classification Nondurable goods Durable goods Consumer goods classification Convenience goods Shopping goods Specialty goods Industrial goods classification Material and parts Capital items Supplies and business services Distribution classification Local/regional products National products International/global products Product Classifications

  4. Product Mix (Product Assortment) • The set of all products and items that a particular marketer offers for sale. • Width—number of different product lines • Length—total number of items in the mix • Depth—how many variants of each product are offered • Consistency—how closely related the product lines are with respect to end use, production requirements, distribution channels, etc.

  5. Product Line Management • Product line analysis • Product line length • Line modernization • Line featuring • Line pruning

  6. New Product Development • There are thousands of new product launches every year: ≈ 25,000 • Expensive to launch new product • High failure rate: only about 56% of new products will still be around five years after introduction • Recent studies put the failure rate of US consumer products at 95% and European consumer products at 90% • Long-term survival of firm is tied into new product development

  7. What is an innovation? • An idea, process, or invention that is new or different. Continuous Innovation Dynamically Continuous Innovation Discontinuous Innovation Product-Oriented Definition of Innovation

  8. Types of New Products • New-to-the-world products • New product lines • Additions to existing product lines • Improvements and revisions of existing products • Re-positionings • Cost reductions

  9. New Product Development Process • Lengthy • Multidisciplinary • Market-oriented

  10. Stages in Development Process • Idea generation • Idea screening • Concept development • Concept testing • Marketing strategy development • Business analysis

  11. Managing New Products • Product development • Quality function deployment • Preferences • Cost • Laws & regulations • Compatibility • Labeling & instructions • Alpha testing • Beta testing • Market testing • Estimate trial, first repeat purchase, adoption, and purchase frequency • Commercialization • Product launch

  12. Country-of-origin issues • Is the country image favorable or unfavorable to potential customers?

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