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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-1
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-2 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 9 Developing New Products and Services
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-3 After studying this chapter you should be able to: Recognize the different types of new products. Discuss the different sources of new products. Understand the stages in the new-product development process. Describe the way marketing research is used in the new-product development process. Appreciate the keys to new-product success.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-4 New-Product Overview New products drive sales and profit growth. New products may gain market share from competitors. New Product Failure Rate May Be 80%
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-5 Types of New Products New to the World Products New Category Entries Additions to Product Lines Product Improvements Repositionings
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-6 Sources of New Products External Sourcing Collaborative Venture Internal Development
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-7 New-Product Development Process Idea Generation Idea Screening Concept Development & Testing Business Analysis Prototype Development Test Marketing Commercialization
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-8 New-Product Development Approaches
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-9 Idea Generation Idea Generation: The initial stage for the new-product development process. Idea Generation: The initial stage for the new-product development process.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-10 Idea Screening Idea Screening: Evaluate the idea pool and reduce it to a smaller and more attractive set of potential new products.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-11 Concept Development and Testing Concept Development: The process of shaping and refining the idea into a more complete product concept. Concept Development: The process of shaping and refining the idea into a more complete product concept.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-12 Business Analysis Business Analysis: Stage of the new-development process that calls for preparing initial marketing plans for the product. Business Analysis: Stage of the new-development process that calls for preparing initial marketing plans for the product.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-13 Prototype Development Prototype Development: Converting the concept into an actual product. Prototype Development: Converting the concept into an actual product.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-14 Test Marketing Test Marketing: Testing the product prototype and marketing strategy in simulated or actual market situations. Test Marketing: Testing the product prototype and marketing strategy in simulated or actual market situations. Simulated Test Marketing: Evaluating a new product in situations contrived to be similar to how consumers would purchase and use it. Simulated Test Marketing: Evaluating a new product in situations contrived to be similar to how consumers would purchase and use it.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-15 Test Marketing Standard Test Marketing: Testing a new product and its marketing strategy in actual market situations. Standard Test Marketing: Testing a new product and its marketing strategy in actual market situations.
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-16 Commercialization Commercialization: The firm introduces the product on a full-scale basis, involving: Understanding Consumer Adoption Timing Coordination Commercialization: The firm introduces the product on a full-scale basis, involving: Understanding Consumer Adoption Timing Coordination
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-17 The Consumer Adoption Process Consumer Marketing Strategy Adoption StageObjective AwarenessCommunicate Availability InterestCommunicate Product Benefits EvaluationEmphasize Advantages TrialMotivate Customers to Try AdoptionEnsure Customer Satisfaction
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-18 Keys to New-Product Success
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-19 Organizational Approaches to New Product Development Balanced Matrix Organization Project Matrix Organization Project Team Organization
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-20 Marketing-Research Support Focus Groups Market Definition Studies Target Segment Identification Concept Tests Name & Package Evaluation Product Tests Copy Tests Simulated Test Markets Test Markets Prelaunch
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-21 Market-Research Support Awareness & Attitude Studies Usage Studies Tracking Studies Product Refinement Tests New Advertising Strategy Tests Rollout
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Irwin/McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 1-22 “The Best Products for 2001” Harmony low-fat cereal from General Mills The Samsung 1300 from Sprint PCS Microsoft’s Xbox Credit Watch Hitachi’s DZ-MV100A Camcorder Apple’s I Pod Listerine’s PocketPaks Harmony low-fat cereal from General Mills The Samsung 1300 from Sprint PCS Microsoft’s Xbox Credit Watch Hitachi’s DZ-MV100A Camcorder Apple’s I Pod Listerine’s PocketPaks
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