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1、1,New-Product Development and Product Life-Cycle Strategies,Chapter 10,Objectives,Understand how companies find and develop new-product ideas. Learn the steps in the new-product development process. Know the stages of the product life cycle. Understand how marketing strategies change during the prod
2、ucts life cycle.,$50 billion in profits over 27 years Early new-product development relied heavily on copying the competition $4.2 billion annually invested in R & D,Innovation is critical to Microsofts future success Much of R & D efforts are Internet related Many new products and services are in d
3、evelopment,Microsoft,Case Study,Definition,New Product Development Development of original products, product improvements, product modifications, and new brands through the firms own R & D efforts.,New products can be obtained via acquisition or development. New products suffer from high failure rat
4、es. Several reasons account for failure.,New Product Development Strategy,New Product Development Process: Stage 1: Idea GenerationInternal idea sources: R & DExternal idea sources: Customers, competitors, distributors, suppliers,New Product Development Strategy,New Product Development Process: Stag
5、e 2: Idea ScreeningProduct development costs increase substantially in later stages.Ideas are evaluated against criteria; most are eliminated.,New Product Development Strategy,New Product Development Process: Stage 3: Concept Development and TestingProduct concepts provide detailed versions of new p
6、roduct ideas.Concept tests ask target consumers to evaluate product concepts.,New Product Development Strategy,New Product Development Process: Stage 4: Marketing Strategy DevelopmentStrategy statements describe: The target market, product positioning, and sales, share, and profit goals for the firs
7、t few years. Product price, distribution, and marketing budget for the first year. Long-run sales and profit goals and the marketing mix strategy.,New Product Development Strategy,New Product Development Process: Stage 5: Business AnalysisSales, cost, and profit projections Stage 6: Product Developm
8、entPrototype development and testing,New Product Development Strategy,New Product Development Process: Stage 7: Test MarketingStandard test marketsControlled test marketsSimulated test markets Stage 8: Commercialization,New Product Development Strategy,The Typical Product Life Cycle (PLC) Has Five S
9、tages Product Development, Introduction, Growth, Maturity, Decline Not all products follow this cycle: FadsStylesFashions,Product Life-Cycle Strategies,The product life cycle concept can be applied to a: Product class (soft drinks) Product form (diet colas) Brand (Diet Dr. Pepper)Using the PLC to fo
10、recast brand performance or to develop marketing strategies is problematic,Product Life-Cycle Strategies,Product Life-Cycle Strategies,Product development Introduction Growth Maturity Decline,Begins when the company develops a new-product idea Sales are zero Investment costs are high Profits are neg
11、ative,PLC Stages,Product Life-Cycle Strategies,Product development Introduction Growth Maturity Decline,Low sales High cost per customer acquired Negative profits Innovators are targeted Little competition,PLC Stages,Product Offer a basic product Price Use cost-plus basis to set Distribution Build s
12、elective distribution Advertising Build awareness among early adopters and dealers/resellers Sales Promotion Heavy expenditures to create trial,Marketing Strategies: Introduction Stage,Product Life-Cycle Strategies,Product development Introduction Growth Maturity Decline,Rapidly rising sales Average
13、 cost per customer Rising profits Early adopters are targeted Growing competition,PLC Stages,Product Offer product extensions, service, warranty Price Penetration pricing Distribution Build intensive distribution Advertising Build awareness and interest in the mass market Sales Promotion Reduce expe
14、nditures to take advantage of consumer demand,Marketing Strategies: Growth Stage,Product Life-Cycle Strategies,Product development Introduction Growth Maturity Decline,Sales peak Low cost per customer High profits Middle majority are targeted Competition begins to decline,PLC Stages,Product Diversif
15、y brand and models Price Set to match or beat competition Distribution Build more intensive distribution Advertising Stress brand differences and benefits Sales Promotion Increase to encourage brand switching,Marketing Strategies: Maturity Stage,Product Life-Cycle Strategies,Product development Intr
16、oduction Growth Maturity Decline,Declining sales Low cost per customer Declining profits Laggards are targeted Declining competition,PLC Stages,Product Phase out weak items Price Cut price Distribution Use selective distribution: phase out unprofitable outlets Advertising Reduce to level needed to retain hard-core loyalists Sales Promotion Reduce to minimal level,Marketing Strategies: Decline Stage,23,Pricing Considerations and Approaches,
