1. Chapter 13: “Conceiving, Developing, and Managing Products” Joel R. Evans & Barry Berman Marketing, 10e: Marketing in the 21st Century

5. Selected Product Life Cycles Traditional Boom or Classic Fad Extended Fad Seasonal or Fashion Revival Bust

6. The Traditional Product Life Cycle Typical product: Black and White TVs TIME SALES

7. Stages in Traditional Product Life Cycle Introduction Growth Maturity Decline Profits Sales Profit is negative in Introduction, slowly rises in Growth, peaks and then declines in Maturity stage and in Decline stage . TIME SALES

8. Traditional Product Life Cycle and Advertising ADVERTISING GOALS Inform Persuade Highly competitive Reassess/go back Introduction Growth Maturity Decline

14. New-Product Planning Process 1. Idea Generation 2. Product Screening 3 . Concept Testing 4. Business Analysis 5. Product Development 6. Test Marketing 7. Commercialization

15. 1. Idea Generation Idea Generation Continuous, systematic search for new product opportunities

16. 2. Product Screening Product Screening Poor, unsuitable products weeded out and patentability determined

17. 3. Concept Testing Present consumer with proposed product to measure attitudes and intentions Concept Testing

18. 4. Business Analysis Business Analysis Detailed review of demand, costs, break-even points, investments, and potential profits for each new product

19. 5. Product Development Product Development Converts product idea into tangible form and identifies basic marketing strategy

20. 6. Test Marketing Involves placing a fully developed product into one or more selected areas to observe it under a proposed marketing plan Test Marketing

21. 7. Commercialization Commercialization The product’s introduction to its full target market, corresponding to the introduction stage of the product life cycle

25. The Diffusion Process Curve Innovators Early Adopters Laggards This curve shows the manner in which different members of the target market often accept and purchase a product. Early Majority Late Majority (68%)