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New Product Development and Product Life-Cycle Strategies

New Product Development and Product Life-Cycle Strategies. Amount of investment. Idea generation. -. Stages in New Product Development. Idea screening. Concept development & testing. Marketing strategy. Business analysis. Product development. +. Test marketing. Commercialization.

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New Product Development and Product Life-Cycle Strategies

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  1. New Product Development and Product Life-Cycle Strategies

  2. Amount of investment Idea generation - Stages inNew Product Development Idea screening Concept development & testing Marketing strategy Business analysis Product development + Test marketing Commercialization Figure 9-1

  3. Product life cycle (PLC): the course of a product’s sales and profits over its lifetime Product Life-Cycle Strategies The 5 stages of the PLC are: • Product development • Introduction • Growth • Maturity • Decline

  4. Sales Profit ($) Sales Profits Loss ($) Development Introduction Growth Maturity Decline Product Life-Cycle Strategies Figure 9-2

  5. Summary of PLC/Marketing Mix

  6. Maturity Stage Strategy • Modify the market. • Increase the consumption of the current product (eg. Baking soda, Bounce) • Modify the product • Changing characteristics such as quality, features or style to attract new users and to inspire more usage (eg. Tide, Crayola) • Modify the marketing mix • Improving sales by changing one or more marketing mix elements.

  7. Alternative PLC Curves Examples of fads?

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