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New product development rev 12
- 1. MKTG8125.046 Explain the functions of marketing and their relationship to Internet Marketing MKTG8125.048 Describe the importance of positioning in marketing MKTG8125.049 Describe the importance of developing new products/services MKTG8125.050 Describe the importance of branding in marketing Marketing Basics - How can I satisfy customers? 1 New Product Development
- 2. Product Basics Marketing Basics - How can I satisfy customers? 2 Product item A specific good service or idea ex. Rockband3 Product line A group of products closely related ex. Video Games & Gadgets Product mix All product lines in a company ex. Best Buy electronic products & services SKU Stock keeping unit ex. Nintendo Wii Rockband3
- 3. PRODUCT MIX & LINES Marketing Basics - How can I satisfy customers? 3
- 4. Product Lines Marketing Basics - How can I satisfy customers? 4
- 5. Product Items and SKUs Marketing Basics - How can I satisfy customers? 5
- 6. Types of Goods Marketing Basics - How can I satisfy customers? 6 Durable goods Last more than 1 use ex. Clothing, cars Non-durable goods Last one or very few uses ex. Gum, food
- 7. Consumer goodsUsed by the ultimate consumer ex. laptop Marketing Basics - How can I satisfy customers? 7 Convenience goods Purchase frequently w/ little effort ex. Milk, toilet paper Shopping goods Compare several alternatives ex. Clothing, shoes Specialty goods Make a special effort to research ex. House, car, furniture Unsought goods Doesn’t know about or initially want ex. Disability insurance, burial plot, new
- 8. Industrial goodsUsed in production of products ex. Harddrive Marketing Basics - How can I satisfy customers? 8 Production goods Items used to make final product ex. memory chips Support goods Items used in support of production ex. Office supplies, building, equip, tools
- 9. Product life cycleSales over time in a product lifecycle Marketing Basics - How can I satisfy customers? 9 Introduction Slow sales, high prices, few choices ex. Hybrid cars Growth Sales increase, price lowers, more choices ex. Portable DVD players Maturity Sales level off, price levels off, generic choices ex. Cell phones Decline Sales drop off, price decreases, limited choices ex. VCR’s
- 10. Product Life Cycle Marketing Basics - How can I satisfy customers? 10
- 11. Product development process Marketing Basics - How can I satisfy customers? 11 1. Idea generation 2. Analysis 3. Create Prototype 4. Test Market 5. Sell
- 12. Reasons new products fail Marketing Basics - How can I satisfy customers? 12 1. no significant point of difference 2. poor craftsmanship 3. small market
- 13. Failed Products – What We Can Learn Marketing Basics - How can I satisfy customers? 13 http://www.history.com/shows/modern-marvels/videos/failed-products#future-visions http://www.history.com/shows/modern-marvels/videos/failed-products#failed-products
- 14. Consumer Electronics Show Marketing Basics - How can I satisfy customers? 14 http://www.huffingtonpost.com/2010/01/09/best-ces-2010-products-th_n_416878.html http://www.businesspundit.com/25-most-promising-new-products-for-2010/ http://www.youtube.com/watch?v=NbnN_y-_0V0&feature=related
- 15. Marketing Basics - How can I satisfy customers? 15
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