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Part I: THE WORLD OF MARKETING. 1. An Overview of Marketing. 2. Strategic Planning for Competitive Advantage. 3. Ethics and Social Responsibility. 4. The Marketing Environment. 5. Developing a Global Vision. Part II: ANALYZING MARKET OPPORTUNITIES. 6. Consumer Decision Making. 7. Business Marketing. 8. Segmenting and Targeting Markets. 9. Marketing Research. Part III: PRODUCT DECISIONS. 10. Product Concepts. 11. Developing and Managing Products. 12. Services and Nonprofit Organization Marketing. Part IV: DISTRIBUTION DECISIONS. 13. Supply Chain Management. 14. Marketing Channels and Retailing. Part V: PROMOTION AND COMMUNICATION STRATEGIES. 15. Marketing Communications. 16. Advertising, Public Relations, and Sales Promotion. 17. Personal Selling and Sales Management. 18. Social Media and Marketing. Part VI: PRICING DECISIONS. 19. Pricing Concepts. 20. Setting the Right Price.
Developing and Managing Products Chapter 11 2014-2015 © Cengage Learning 2015 All Rights Reserved © Jasper White/Stone/Getty Images Lamb, Hair, McDaniel Explain the importance of developing new products and describe the six categories of new products Explain the steps in the new-product development process Understand why some products succeed and others fail © 2015 by Cengage Learning Inc All Rights Reserved Discuss global issues in new-product development Explain the diffusion process through which new products are adopted Explain the concept of product life cycles © 2015 by Cengage Learning Inc All Rights Reserved The Importance of New Products Explain the importance of developing new products and describe the six categories of new products © 2015 by Cengage Learning Inc All Rights Reserved Categories of New Products New-to-the-World New-to-the-World New New Product Product Lines Lines Product Product Line Line Additions Additions Improvements Improvements or or Revisions Revisions Repositioned Repositioned Products Products Lower-Priced Lower-Priced Products Products © 2015 by Cengage Learning Inc All Rights Reserved The New-Product Development Process Explain the steps in the new-product development process © 2015 by Cengage Learning Inc All Rights Reserved New Product Success Factors Long-term Long-term commitment commitment Company-specific Company-specific approach approach Capitalize Capitalize on on experience experience Establish Establish an an environment environment © 2015 by Cengage Learning Inc All Rights Reserved Exhibit 11.1 New-Product Development Process © 2015 by Cengage Learning Inc All Rights Reserved New-Product Strategy A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation © 2015 by Cengage Learning Inc All Rights Reserved Idea Generation Customers Employees Distributors Competitors Sources of New-Product Ideas R&D Consultants Other Experts © 2015 by Cengage Learning Inc All Rights Reserved 10 The Spread of New Products Explain the diffusion process through which new products are adopted 25 © 2015 by Cengage Learning Inc All Rights Reserved Diffusion The process by which the adoption of an innovation spreads © 2015 by Cengage Learning Inc All Rights Reserved 26 Categories Adopters Categories of of Adopters Innovators Innovators Early Early Adopters Adopters Early Early Majority Majority Late Late Majority Majority Laggards Laggards © 2015 by Cengage Learning Inc All Rights Reserved 27 Product Characteristics and the Rate of Adoption Complexity Complexity Compatibility Compatibility Relative Relative Advantage Advantage Observability Observability Trialability Trialability © 2015 by Cengage Learning Inc All Rights Reserved 28 Marketing Implications of the Adoption Process Word Word of ofMouth Mouth Communication Communication Aids Aidsthe the Diffusion DiffusionProcess Process Direct Direct from from Marketer Marketer © 2015 by Cengage Learning Inc All Rights Reserved 29 Product Life Cycles Explain the concept of product life cycles 30 © 2015 by Cengage Learning Inc All Rights Reserved Product Life Cycle A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death) © 2015 by Cengage Learning Inc All Rights Reserved 31 Exhibit 11.2 Four Stages of the Product Life Cycle © 2015 by Cengage Learning Inc All Rights Reserved 32 Exhibit 11.3 Product Life Cycles for Styles, Fashion, and Fads © 2015 by Cengage Learning Inc All Rights Reserved 33 Introductory Stage High failure rates Little competition Frequent product modification Limited distribution High marketing and production costs Negative profits with slow sales increases Promotion focuses on awareness and information Communication challenge is to stimulate primary demand © 2015 by Cengage Learning Inc All Rights Reserved 34 Growth Stage Increasing rate of sales Entrance of competitors Market consolidation Initial healthy profits Aggressive advertising of the differences between brands Wider distribution © 2015 by Cengage Learning Inc All Rights Reserved 35 Maturity Stage Sales increase at a decreasing rate Saturated markets Annual models appear Lengthened product lines Service and repair assume important roles Heavy promotions to consumers and dealers Marginal competitors drop out Niche marketers emerge © 2015 by Cengage Learning Inc All Rights Reserved 36 Decline Stage Long-run drop in sales Large inventories of unsold items Elimination of all nonessential marketing expenses “Organized abandonment” © 2015 by Cengage Learning Inc All Rights Reserved 37 Exhibit 11.4 Relationships between the Diffusion Process and the Product Life Cycle Product life cycle curve Diffusion curve © 2015 by Cengage Learning Inc All Rights Reserved 38 Chapter 11 Video GaGa’s Inc Jim King and his wife discuss how they decided to create the company GaGa’s Inc using the product Sherbetter The line expanded from just Lemon to several other flavors as well as Sherbetter bars, the struggles of branding, line extension, and other aspects of the frozen dessert market CLICK TO PLAY VIDEO 39 © 2015 by Cengage Learning Inc All Rights Reserved [...]... in the development process 2 © 2015 by Cengage Learning Inc All Rights Reserved 15 Test Marketing The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation 2 © 2015 by Cengage Learning Inc All Rights Reserved 16 Costs of Test Marketing • Often takes one year or more • Can cost over $1 million • Exposes new product to competitors...Approaches for New Product Development The Theprocess processof ofgetting gettingaagroup groupto to Brainstorming thinkof ofunlimited unlimitedways waysto tovary varyaa Brainstorming think product productor orsolve solveaaproblem problem The Theobjective objectiveof offocus focusgroup group interviews interviewsisisto tostimulate stimulateinsightful insightful Focus... Global Marketing Questions • Increasing globalization of markets and of competition provides a reason for multinational firms to consider new-product development from a worldwide perspective • Succeeding in some countries (such as China) often requires companies to develop products that meet the unique needs of these populations 4 © 2015 by Cengage Learning Inc All Rights Reserved 24 The Spread of New... distribution High marketing and production costs Negative profits with slow sales increases Promotion focuses on awareness and information Communication challenge is to stimulate primary demand 6 © 2015 by Cengage Learning Inc All Rights Reserved 34 Growth Stage Increasing rate of sales Entrance of competitors Market consolidation Initial healthy profits Aggressive advertising of the differences... © 2015 by Cengage Learning Inc All Rights Reserved 28 Marketing Implications of the Adoption Process Word Word of ofMouth Mouth Communication Communication Aids Aidsthe the Diffusion DiffusionProcess Process Direct Direct from from Marketer Marketer 5 © 2015 by Cengage Learning Inc All Rights Reserved 29 Product Life Cycles Explain the concept of product life cycles 30 © 2015 by Cengage Learning Inc... new-product idea, usually before any prototype has been created Often successful for line extensions 12 Business Analysis Demand Considerations Considerations in in Business Business Analysis Analysis Stage Stage Cost Sales Profitability 2 © 2015 by Cengage Learning Inc All Rights Reserved 13 Development Create of a prototype Sketch a marketing strategy Decide on packaging, branding, and labeling... process by which the adoption of an innovation spreads 5 © 2015 by Cengage Learning Inc All Rights Reserved 26 Categories Adopters Categories of of Adopters Innovators Innovators Early Early Adopters Adopters Early Early Majority Majority Late Late Majority Majority Laggards Laggards 5 © 2015 by Cengage Learning Inc All Rights Reserved 27 Product Characteristics and the Rate of Adoption Complexity Complexity... amount of time and money spent on developing and testing new products, a large proportion of new product introductions fail The most important factor in successful new-product introduction is a good match between the product and market needs 3 © 2015 by Cengage Learning Inc All Rights Reserved 21 New-Product Success Factors Listening to customers Strong leadership Producing the best product Vision of. .. 2015 by Cengage Learning Inc All Rights Reserved 6 Product Life Cycle A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death) 6 © 2015 by Cengage Learning Inc All Rights Reserved 31 Exhibit 11.2 Four Stages of the Product Life Cycle © 2015 by Cengage Learning Inc All Rights Reserved 32 Exhibit 11.3 Product Life Cycles for Styles,... competitors • Competitors can “jam” testing programs with their own promotions 2 © 2015 by Cengage Learning Inc All Rights Reserved 17 Alternatives to Test Marketing Single-source research using scanner data Simulated (laboratory) market testing Online test marketing 2 © 2015 by Cengage Learning Inc All Rights Reserved 18 Commercialization Ordering Ordering Materials Materials Production Production Inventory ... concept of product life cycles © 2015 by Cengage Learning Inc All Rights Reserved The Importance of New Products Explain the importance of developing new products and describe the six categories of. .. Reserved 10 Approaches for New Product Development The Theprocess processof ofgetting gettingaagroup groupto to Brainstorming thinkof ofunlimited unlimitedways waysto tovary varyaa Brainstorming think... Cengage Learning Inc All Rights Reserved 15 Test Marketing The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation ©