19 Introducing New Market Offerings

19 Introducing New
Market Offerings
Chapter Questions
What challenges does a company face in developing new products and services? What organizational structures and processes do managers use to oversee new-product development? What are the main stages in developing new products and services?
Copyright 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e.
19-2
Chapter Questions
What is the best way to manage the newproduct development process? What factors affect the rate of diffusion and consumer adoption of newly launched products and services?
19-3
Categories of New Products

New to the World Additions
Improvements
Repositionings Cost reductions
19-4
The Innovation of Chotukool
19-5
Factors That Limit New Product Development
Shortage of ideas Fragmented markets Social and governmental constraints Cost of development Capital shortages Faster required development time Shorter product life cycles
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Table 19.1 Finding One Successful Product
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What is a Venture Team?
A venture team is a cross-functional group charged with developing a specific product or business.
19-8
Criteria for Staffing Venture Teams
Desired team leadership style Desired level of leader expertise Team member skills and expertise Level of interest in concept Potential for personal reward Diversity of team members
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Figure 19.1 New-Product Development Decision Process
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Ways to Find Great New Ideas
Run informal sessions with customers Allow time off for technical people to putter on pet projects (leisurely) Make customer brainstorming a part of plant tours Survey your customers Undertake fly on the wall research to customers (unseen observer)
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More Ways to Find Great Ideas
Use iterative rounds with customers Set up a keyword search to scan trade publications Treat trade shows as intelligence missions Have employees visit supplier labs Set up an idea vault
19-12
Drawing Ideas from Customers
Observe customers using product Ask customers about problems with products Ask customers about their dream products Use a customer advisory board or a brand community of enthusiasts to discuss product
19-13
Demand-First Innovation and Growth (DIG) Framework

Demand Landscape Map articulated and latent needs Opportunity Space Getting market perspectives from different angles Strategic Blueprint How can the NP fit into customers lives and be distinguished from competitors
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Idea Generation: Creativity Techniques
Attribute listing Forced relationships Morphological analysis Reverse assumption analysis New contexts Mind mapping
19-15
Lateral Mapping
Gas stations + food Cafeteria + Internet Cereal + snacking Candy + toy Audio + portable
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Table 19.2 Product Idea Rating Device
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Figure 19.2 Forces Fighting New Ideas
Source: With permission of Jerold Panas, Young & Partners Inc.
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Figure 19.3 Product and Brand Positioning
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Concept Testing
Communicability and believability Need level Gap level Perceived value Purchase intention User targets, purchase occasions, purchasing frequency
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Figure 19.4 Conjoint Analysis
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Figure 19.5 Utility Functions Based on Conjoint Analysis
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Figure 19.6 Product Life-Cycle Sales for Three Types of Products
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Table 19.3 Projected Five-Year Cash Flow Statement (in Rupees Million)
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Prototype Testing
Alpha testing Beta testing Rank-order method Paired-comparison method Monadic-rating method Market testing
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Consumer Goods Market Testing
Sales-Wave Research Simulated Test Marketing Controlled Test Marketing Test Markets
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Test Market Decisions
How many test cities? Which cities? Length of test? What information to collect? What action to take?
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Timing of Market Entry
First entry Parallel entry Late entry
19-28
What is Adoption?
Adoption is an individuals decision to become a regular user of a product.
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Stages in the Adoption Process

Awareness Interest
Evaluation
Trial Adoption
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Figure 19.7 Adopter Categorization on the Basis of Relative time of Adoption
Source: Tungsten, http://en.wikipedia.ord/wiki/Everett_Rogers. Based on Rogers, E. (1962) Diffusion of Innovations. Free Press, London, NY, USA.
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Characteristics of an Innovation
Relative advantage Compatibility Complexity Divisibility Communicability
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For Review
What challenges does a company face in developing new products and services? What organizational structures and processes do managers use to oversee new-product development? What are the main stages in developing new products and services?
19-33
For Review
What is the best way to manage the newproduct development process? What factors affect the rate of diffusion and consumer adoption of newly launched products and services?
19-34

19 Introducing New Market Offerings

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19 Introducing New Market Offerings

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19 Introducing New

Categories of New Products

The Innovation of Chotukool

Factors That Limit New Product Development

Table 19.1 Finding One Successful Product

What is a Venture Team?

Criteria for Staffing Venture Teams

Figure 19.1 New-Product Development Decision Process

Ways to Find Great New Ideas

More Ways to Find Great Ideas

Drawing Ideas from Customers

Demand-First Innovation and Growth (DIG) Framework

Idea Generation: Creativity Techniques

Table 19.2 Product Idea Rating Device

Figure 19.2 Forces Fighting New Ideas

Source: With permission of Jerold Panas, Young & Partners Inc.

Figure 19.3 Product and Brand Positioning

Figure 19.4 Conjoint Analysis

Figure 19.5 Utility Functions Based on Conjoint Analysis

Figure 19.6 Product Life-Cycle Sales for Three Types of Products

Consumer Goods Market Testing

Test Market Decisions

Timing of Market Entry

First entry Parallel entry Late entry

Stages in the Adoption Process

Figure 19.7 Adopter Categorization on the Basis of Relative time of Adoption

Relative advantage Compatibility Complexity Divisibility Communicability

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