New Product Strategy - PowerPoint PPT Presentation

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New Product Strategy

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New Product Strategy Why do new products fail? Inability of the company to match up its offerings to the needs of the customers Common Misconceptions about NPD ... – PowerPoint PPT presentation

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Title: New Product Strategy


1
New Product Strategy
  • Why do new products fail?
  • Inability of the company to match up its
    offerings to the needs of the customers
  • Common Misconceptions about NPD Process
    (Marketing Highlight 7-1, p. 106)

2
Categories of New Product
  • 1. New-to-the-world product
  • Product that are inventions products that
    change consumption behavior
  • 2. New category entries
  • Products that take a firm into a category new to
    it. Products are not new to the world

3
Categories of New Product
  • 3. Additions to product lines (product line
    extension)
  • Products that are line extensions to firms
    current markets
  • 4. Product improvements
  • Improved performance greater perceived value

4
Categories of New Product
  • 5. Repositionings
  • Products retargeted for a new use or application

5
Applications Ensuring Success
  • Factors associated with new product success (p.
    107)
  • 1. Product superiority/quality
  • 2. Overall company/project fit
  • 3. etc.

6
Applications Ensuring Success
  • Product superiority/quality The competitive
    advantage the product has by virtue of features,
    benefits, quality, uniqueness, and so on
  • Make the use easier ask customers why they
    dont use the product as much
  • Packages that can be placed directly in a
    microwave

7
Applications Ensuring Success
  • Overall company/project fit the products
    synergy with the company-marketing, managerial,
    business fit
  • New category entries find commonality in
    distribution, marketing, or brand name
    recognition.
  • Family branding

8
Challenge in Developing New Products
  • Need to shorten products time to market
  • Reduce time between idea generation and product
    availability
  • Reduce market risk and internal risk
  • A short time to market can create a competitive
    advantage

9
Challenge in Developing New Products
  • Research need for timely and accurate
    information tracking competitors and customers
    tracking marketing environment
  • Is new product development consistent with
    organizational mission and objectives?

10
Challenge in Developing New Products
  • Will customers benefit?
  • Are there manufacturing, marketing, or
    distribution cost efficiencies with the new
    product?

11
Challenge in Developing New Products
  • Does the firm have the needed competencies and
    resources in RD, manufacturing, and marketing to
    successfully develop product?
  • Adding wood stains to a line of paints includes
    totally new manufacturing effort, raw materials
    technology, or marketing effort.
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