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Developing Market Offerings NEN Advanced Courses Getting to Market: Commercializing your Idea
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Marketing Myopia Customer Oriented vs. Product Oriented Shadow of Obsolescence Population Myth Production Pressures Expansion of Demand vs. importance of marketing and customer needs Danger of R&D Marketing is a step child Organization as a customer creating and Customer Satisfying Organism
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Innovation vs. Imitation Totally new to the world product idea through experience and research Minor modifications, Enhancements, Extensions
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Integrating technology and market strategy Invention vs. innovation Process vs. product innovation Product vs. business model innovation Product-market vs. resource-based views Lifecycle, S-curve and value chain The role of the ecosystem in success today – Channels, third party developers, suppliers
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Capturing the fruits of innovation Appropriability – Strong and weak Dominant design – Innovation in product/process over lifecycle Complementary/specialized assets – Generic, specialized, co-specialized Integration, disintegration, contracting – The hollow corporation? Ref: Teece, “Profiting from technological innovation”
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Developing Market Offerings The market need The offering and its value to customers – First to market or fast-follower? Advantages and disadvantages Developing the offering (product + service) – Special challenges with services Revenue generation Follow-on offering
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The New Product Development Process Idea Generation Idea Screening Concept Development & Testing Marketing Strategy Development & Business Analysis Product Development Test Marketing Commercialization Fig 4.2: The New Product Development Process; Chapter 4; Marketing Management by Rajiv Lal
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Nature of Product/Service Creates Customer Goal Nature of Customer Needs Nature of Market Research Market-Driven StrategyMarket-Driving Strategy Incremental InnovationBreakthrough Innovation New Product, Line Extension Truly New Product Platform, New Category Satisfy/Delight Current Customers Create Customers LatentExpressed Quantitative Research Methods (e.g., customer surveys, test markets) Qualitative Research Methods (e.g., lead-user observations, focus groups) Fig 4.3; Chapter 4; Marketing Management by Rajiv Lal Serve expressed customer needsCreate Customers
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Crossing the chasm with a new offering Discontinuous innovations and disruptive technologies The chasm between early adopters and pragmatists kills many companies The need for the ‘whole product’ = solution How to ensure that you hit the bowling alley, if not the tornado Ref: Geoffrey Moore, ‘Crossing the chasm’
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Case Discussion Case: Free Markets Online Chapter 5,Marketing Management, Text and Cases: Rajiv Lal, John Quelch and Kasturi Rangan, Tata McGraw Hill Publication
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References Marketing Myopia, Theodore Levitt, Harvard Business Review Chapter 4, Creating Value, Marketing Management, Text and Cases: Rajiv Lal, John Quelch and Kasturi Rangan, Tata McGraw Hill Publication
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