MARKETING DECISIONS
1.What is a Product?
A good,
service, or idea consisting of a bundle of tangible and intangible attributes
that satisfies consumers which they receive in exchange for money or some other
unit of value.
• NPD is
a process which designed to develop, test and consider the viability of
products which are new to the market in order to ensure the Growth or survival
of the organisation.
1.
The stages a firm goes through to identify business
opportunities and convert them to a salable good or service.
2.What is a new product?
A product
that opens an entirely new market
A product
that adapts or replaces an existing product
A product
that significantly broadens the market for an existing product An old product introduced
in a new market
An old
product packaged in a different way An old product marketed in a different way
3.Why develop NPD
To add to
product portfolio
To create
stars and cash cows for the future To replace declining product
To take
advantage of new technology To defeat rivals
To
maintain/increase market share To keep up with rivals
To
maintain competitive advantage To full gap in the market
4.New product can be used
Increase/defend
market share by offering more choice or updating older products Appeal to new
segments
Diversify
into new markets
Improve
relationship with distributors
Maintain
the firm‗s reputation a leading edge company Even out peaks and troughs in
demand
Make
better use of the organization's resources
5.New Product Development
Strategy
_
Original products _ Acquisition
_ Product
improvements _ Product modifications
_ New
brands through the firm‗s own R&D efforts
6.Types of new product
New
product the world products – innovative products
New
product lines – to allow the firm to enter an existing market
Additon
to product line – to supplement the firm‗s existing product line Improvements
and revisions of existing product
Repositioned
products – existing products targets at new market
Cost
reduction new product that provide similar performance at lower cost
7.Examples of new products
New to
the world – high definition TV, ipod, flat screen TV New products lines – Mars
ice creams
Additon
to the products line – weetabix launched fruitibix Product improvement &
replacement new car model
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