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20Introducing New Market Offerings

1

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 © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-2


Chapter Questions What is the best way to manage the new-

product development process? What factors affect the rate of diffusion and

consumer adoption of newly launched products and services?


Categories of New Products

New to the World

Additions

Improvements

Repositionings

Cost reductions

The Innovation of Wii



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

Table 201. Finding One Successful Product


What is a Venture Team?

A venture team is a cross-functional group charged with developing a specific product or business.



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

Figure 20.1 New-Product Development Decision Process



Ways to Find Great New Ideas

Run informal sessions with customers Allow time off for technical people to putter on

pet projects Make customer brainstorming a part of plant

tours Survey your customers Undertake “fly on the wall” research to

customers


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


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

Demand-First Innovation and Growth (DIG) Framework


Demand Landscape

Opportunity Space

Strategic Blueprint


Idea Generation: Creativity Techniques

Attribute listing Forced relationships Morphological analysis Reverse assumption analysis New contexts Mind mapping


Lateral Mapping

Gas stations + food Cafeteria + Internet Cereal + snacking Candy + toy Audio + portable

Table 20.2 Product Idea Rating Device


Figure 20.2 Forces Fighting New Ideas


Figure 20.3 Product and Brand Positioning



Concept Testing

Communicability and believability Need level Gap level Perceived value Purchase intention User targets, purchase occasions,

purchasing frequency

Figure 20.4 Conjoint Analysis


Figure 20.5 Utility Functions Based on Conjoint Analysis


Figure 20.6 Product Life-Cycle Sales for Three Types of Products


Table 20.3 Projected Five-Year Cash Flow Statement



Prototype Testing

Alpha testing Beta testing

Rank-order method Paired-comparison method Monadic-rating method

Market testing

Consumer Goods Market Testing

Sales-Wave Research Simulated Test Marketing Controlled Test Marketing Test Markets



Test Market Decisions

How many test cities? Which cities? Length of test? What information to collect? What action to take?

Timing of Market Entry

First entry Parallel entry Late entry



What is Adoption?

Adoption is an individual’s decision to become a regular user of a product.


Stages in the Adoption Process

Awareness

Interest

Evaluation

Trial

Adoption

Figure 20.7 Adopter Categorization on the Basis of Relative time of Adoption


Characteristics of an Innovation

Relative advantage Compatibility Complexity Divisibility Communicability


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?


For Review

What is the best way to manage the new-product development process?

What factors affect the rate of diffusion and consumer adoption of newly launched products and services?


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