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Chapter 10 - Developing new products and services. This chapter recognize the terms that pertain to products and services, identify the ways to classify consumer and business products, describe four unique elements of services, explain the significance of “newness” and “consumer learning” to new products and services.
McGrawHill/Irwin Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved 10-1 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO: LO1 Recognize the various terms that pertain to products and services LO2 Identify the ways in which consumer and business products can be classified LO3 Explain the significance of “newness” in new products and services as it relates to the degree of consumer learning involved 10-2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO: LO4 Describe the factors contributing to the success or failure of a new product or service LO5 Explain the purposes of each step of the new-product process 10-3 APPLE’S NEW-PRODUCT INNOVATION MACHINE 10-4 APPLE’S NEW PRODUCTS Apple’s Innovation Machine iCloud: Where the Digital Lifestyle is Heading 10-5 LO1 WHAT ARE PRODUCTS AND SERVICES? A LOOK AT GOODS, SERVICES, AND IDEAS Products Goods • Nondurable Goods Services Ideas • Durable Goods 10-6 LO2 WHAT ARE PRODUCTS AND SERVICES? CLASSIFYING PRODUCTS Consumer Products Business Products 10-7 LO2 WHAT ARE PRODUCTS AND SERVICES? CLASSIFYING PRODUCTS Consumer Products • Convenience Products • Shopping Products • Specialty Products • Unsought Products 10-8 FIGURE 10-1 How a consumer product is classified affects which products consumers buy and the marketing strategies used 10-9 LO2 WHAT ARE PRODUCTS AND SERVICES? CLASSIFYING PRODUCTS Business Products • Derived Demand • Components • Support Products Installations Supplies Accessory Equipment Industrial Services 10-10 Shopping Products Shopping products are items for which the consumer compares several alternatives on criteria, such as price, quality, or style 10-53 Specialty Products Specialty products are items that a consumer makes a special effort to search out and buy 10-54 Unsought Products Unsought products are items that the consumer either does not know about or knows about but does not initially want 10-55 Product Item A product item is a specific product that has a unique brand, size, or price 10-56 Product Line A product line is a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range 10-57 Product Mix A product mix consists of all of the product lines offered by an organization 10-58 Protocol A protocol is a statement that, before product development begins, identifies: (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and to satisfy consumers 10-59 New-Product Process The new-product process consists of the seven stages an organization goes through to identify business opportunities and convert them to salable products or services 10-60 New-Product Strategy Development New-product strategy development is the stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives 10-61 Idea Generation Idea generation is the stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results 10-62 Screening and Evaluation Screening and evaluation is the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort 10-63 Business Analysis Business analysis is the stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections 10-64 Development Development is the stage of the new-product process that turns the idea on paper into a prototype 10-65 Market Testing Market testing is the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy 10-66 Commercialization Commercialization is the stage of the new-product process that positions and launches a new product in full-scale production and sales 10-67 ... consumers and retailers? 10- 12 LO2 USING MARKETING DASHBOARDS Which States are Underperforming? Annual Percent Change in Unit Volume by State Change in Growth < 0% to 10% > 10% 10- 13 LO3 NEW PRODUCTS... the Marketing Mix 10- 24 LO4 Fingos & Thirsty Dog/Thirsty Cat Why did these products fail? 10- 25 LO4 Avert and Hey! There’s a Monster in My Room Why did these products fail? 10- 26 FIGURE 10- B... Savers Soda 10- 21 FIGURE 10- A What it takes to launch one commercially successful new product 10- 22 LO4 NEW PRODUCTS AND WHY THEY SUCCEED OR FAIL WHY PRODUCTS & SERVICES SUCCEED OR FAIL Marketing