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Product Life Cycle Stages
Market Introduction
Market Growth
Market Maturity
Sales Decline
PCL-Introduction
1 or 2 competitors-small companies bring new products.
There are bugs in the products.
Shortest Stage.
High Price.
Pioneering marketing, primary demand.
PCL-Introduction-Pioneering marketing
Brand new Market.
Product Life Cycle Stages
Market Introduction
Market Growth
Market Maturity
Sales Decline
PCL-Introduction
1 or 2 competitors-small companies bring new products.
There are bugs in the products.
Shortest Stage.
High Price.
Pioneering marketing, primary demand.
PCL-Introduction-Pioneering marketing
Brand new Market.
PLC-Growth
More Competitors enter the market.
Heterogeneous products-variety of products.
Prices Drop.
Industry profits max out drawing in competitors.
Shakeout-some competitors leave.
Brand marketing.
PLC-Growth-Brand Marketing
Selective Demand-Build brand name.
Make consumers demand your brand.
PLC-Maturity
Few Large Competitors.
Prices stabilize.
Homogeneous products-they start to look alike because consumers know what they want.
Longest period.
Brand Marketing-Selective demand.
Ways to Extend Length of Maturity
Increasing the frequency of use (Campbell's)
Increasing the number of users (Johnson's)
New uses of Product (Arm and Hammer)
Changing package size, label, quality, or modifying the product (Spam)
PLC-Decline
Obsolescence vs. Social Change.
Competitors leave.
Reduce promotional activites.
Price?-high if there is demand, low if there isnt and need consumers.
Reminder Marketing.
Fads
Short lived, idea/concept that comes to market and becomes hot until it fades out.
Fashion
The style that is instyle, longer period of time.
Fashion Cycle Stages:
Distinctiveness stage-first introduced only few have.
Emulation stage-if it catches on more people adopt it.
Economic emulation stage-Price drops even more and more people adopt.
New Products-Firms perspective
Anything that comes out that is different would be considered new.
New Products-FTC's Perspective
Entirely new or changed in a functionally significant way.
Can only be called new for 6 months.
Ethical Issues in new product development
Holding back on release until patents run out.
Planned obsolescence.
Refusal to supply service or replacement parts.
Releasing minor variations.
New Product Development process
1. Idea generation.
2. Screening.
3. Idea Evaluation.
4. Development.
5. Commercialization.
New Product Development process: Idea Generation
Comes from different sources.
Evaluate the ideas.
New Product Development process: Screening
Does it meet your criteria:
-Compatibility with resources and objectives.
-Product Liability.
-ROI.
-Overhead.
New Product Development process: Idea Evaluation
Concept Testing-Start talking to potential consumers.
Cost Estimate.
Market and profit potential