new product & categories anitta clarance
TRANSCRIPT
NEW PRODUCT & CATEGORIES
Presented by,
Anitta Clarance
NEW PRODUCT
A new product that opens entirely new market
A product that adopts 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
TYPES OR CATEGORIES OF NEW PRODUCT
Innovative products - really new to the market
New product lines – to allow the firm to enter an existing product. The product is not
new to the world, but new to the market.
Addition to product line – to supplement the firm’s existing product line or simple
line extensions
Improvements and revisions of existing product – current product made better
Repositioned products – existing product target at new market
Cost reduction new product that provide similar performance at lower cost
EXAMPLES
Innovative product - polaroid camera, iPod and iPad, Laser printer, selfie stick
New product lines – P&G’s first shampoo or coffee, Hallmark gift items, AT&T’s Universal credit card
Adding to existing product lines – P&G’s Tide Liquid detergent, Special line extensions (drinks, snack bars, and cereals), Bud Light
Improvements and revisions to existing products - ivory soap and Tide laundry detergents
Repositioning – Arm & Hammer baking soda repositioned as a drain or refrigerator deodorant
NEW PRODUCT CAN BE USED
TO
Increase/defend market share by offering more choice or updating older products
Appeal to new segments
Diversify into new markets
Improve relationship with distributers
Make better use of the organization’s resources
WHY DEVELOP NEW
PRODUCT
To create stars and cash cows for the future
To take advantage of new technology to replace declining product
To maintain or increase the market share of the organisation
To defeat rivals or to keep up with rivals
To fill gap in the market
Thank youAny questions?.......................................