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22 Cards in this Set
- Front
- Back
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what are some categories of new products |
1) new to the world products 2) new product lines 3) additional to existing product lines 4) improvements/ revisions of existing prod. 5) repositioned product 6)lower-priced products |
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1) new to the world products |
create and entirly new market ex. completly transparent smartphone prototype |
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2) new product line |
products firms has not previously offered ex. Moleskines started with black notebooks and now has pens, travel bags, etc. |
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3) additional to existing product lines |
new products that supplement a firms established line ex: taco bells and frito-lay relationship has resulted in addition to several product lines |
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4) improvements/ revisions of existing prod. |
slight changes as new and improved ex: MillerCoors adding new Miller Light |
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5) repositioned product |
existing products targeting at new marketing or market segments >ford repositioning Mustangs to appeal to the younger groups by restyling the car |
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6)lower-priced products |
products providing performance similar to competing brands at a lower price > HP printer at a lower cost |
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Steps in the new product development process? |
1) new product strategy 2) idea generation 3) idea screening 4) business analysis 5) development 6) test marketing 7) Commercialization 8) New Product |
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Where do the best new products ideas come from? |
customers, employees, distributors, competitors, research and development, consultants |
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what techniques are used to come up with new product ideas? |
specific the roles that new product must play in the organization overall plan and describes the characteristics of products and organization want to offer an the markets it wants to serve |
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what is the concept of diffusion of innovation? |
a product perveived as new by a potential adopter the process by which the adoption of an innovation spreads |
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The 5 categories of adopters in the diffusion of innovation process? |
1) innovators 2) early adopters 3) early majority 4) late majority 5) laggards |
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1) innovators |
first 2.5 % of those who adopt the product eager to try new products |
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2) early adopters |
next 13.5% to adopt the product rely much more on group norms and values |
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3) early majority |
next 34% to adopt weigh pro/cons before adopting |
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4) late majority |
next 34 % to adopt adopt because of their friends who have already adopted |
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5) laggards |
final 16% do not rely on the norm independent is rooted in their ties to traditions |
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Concept of product life cycle |
a concept that provides a way to trace the stages of a prodcut's acceptance, from its intro (birth) to its decline (death) |
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Intro stage |
>marketing cost is high > sales increase slowly during into stage >focuse on developing product awareness/inofrming customer |
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growth stage |
surviving into stage > distribution becomes a major key to sucess >market direct to consumers using electric media |
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maturity stage |
>sales increase at a decreasing rate > this stage can lead to price wars |
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decline stage
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>a long run drop in sales >convinence products lose their market overnight >firms elimante all nonessential marketing expenses |
