New Product Creation Chapter Five Overview.

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Presentation transcript:

New Product Creation Chapter Five Overview

The sexiest job in the marketing world. Let’s you use your creativity and consumer understanding to create life from the vast nothingness of space. Is FUN ! Creating!

Eighty Percent Failure Rate High-risk Flying without a net Hero or Goat Career catapult or career changer!

Common Problems Talk about features, not benefits Me-Too Fail to communicate in Kitchen Logic Paste a brand name over the top

Common Factors for Success NEW & DIFFERENT! Address a consumer need BETTER than anything else out there. Communicate it clearly. GREAT NAME! Demonstrate the benefit with a sound reason why.

The New Product Development Process 1. Brainstorm Ideas 2. Develop an idea 3. Write a concept 4. Test the concept on real, live consumers

Developing A Concept 1. Create a product name 2. Determine its key benefits & reason why. 3. Write a one-paragraph “ad” for the product (concept statement).

Photo ID Credit Cards The perfect way to protect your account if lost or stolen.

Brand Positioning Target: Adults who use credit cards. Benefit: Protects you against credit-card fraud if your card is ever lost or stolen. Reason Why: Your picture and signature are embedded on the front of your card, making it virtually impossible for someone other than you to use.

Introducing Photo-ID Credit Cards The perfect way to protect your account if your card is ever lost or stolen. Introducing Photo-ID credit cards from Citibank, the safest credit card ever made against fraudulent use. That’s because YOUR photo and signature are actually embedded on the front of the card, STOPPING thieves from even thinking about using it! In fact, Photo-ID cards have been proven in testing to reduce credit-card fraud by 68% versus a normal card. Sign up for your Photo-ID card today and protect your credit!

Integrated Exercise #1 1. We are going to develop new products that can be offered to consumers through your local bank. 2. Assets: Offices, people, convenient locations, teller windows, internet, money, etc. 3. Fold, spin and mutilate! Your only limitation is your own imagination!