Marketing Chapter 9 New Product Development

Disruptive Innovation

A fundamental change in the market place.
Sustaining Innovation

A product that expands and improves on an existing product
Repositioning

Setting up a product to go after a different market segment.
Cost Reduction

Offering a product at lower cost than before to attract price sensitive customers
Three major activities in new product development
- Identify Product Opportinities
- Define the Product Opportinity
- Develop the Product Opportunity
Sources to help Identify Product Opportunities
- Internal Sources
- External Sources
- Customers
- Distributors
Steps to Identify Product Opportunities
- Screen and Evaluate Ideas
- Define and Test Product Concept
- Create your Marketing Strategy (The 5 P's)
- Conduct Business Case Analysis
- Develop the product (testing the product)
Define Innovation Diffusion Process

How long it take a product to move from first purchase to last purchase (the last set of users adopt the product)
Five stages of the consumer adoption process
- Awareness
- Interest
- Evaluation
- Trial
- Adoption
Characteristics of Services
- Intangibility
- Inseperability
- Variability
- Parishability
Internal Marketing

Treating employees as customers, and developing systems and benefits that satisfy their needs

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Marketing Chapter 9 New Product Development

Description

This is the main points of chapter 9 in the marketing class

Updated

2013-10-17T22:49:54Z

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