product and new product strategy
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TRANSCRIPT
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PRODUCT AND NEW PRODUCT STRATEGY
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PRODUCT
“It is anything that can be offered to the market for attention, acquisition, use or consumption that might satisfy a want or need”
A product can be in goods or in service.
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Classification of products
1. Consumer product.2. Industrial product
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Consumer products
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Convienence ProductThese are the products which
consumer frequently buys.
Shopping Products These are those products that a
customer buys less frequently.
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Specialty productThese are the products with unique
characteristics or brand identification for which a significant group of buyers is willing to make a special effort.
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Industrial ProductThese are those goods/services that are bought by
organizations or individuals for further processing or for use in conducting a business.
These are classified in 3 types.1. Materials and parts2. Capital items3. Supplies and services.
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LEVELS OF PRODUCT
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New product Development
The development of original products, product improvement, product modifications and new brand through the firms own R & D efforts.
A company obtains new products in 2 ways.1. By acquisition by buying a whole company, patent, license2. By coming out with new product.
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Reasons for bad response to a product
Idea could be good but company might have over looked the market size.The product may be poorly designed.It might not be properly positioned.It could have been launched at a wrong time.It might have been highly priced.It might be poorly advertised.The competitors might fight back harder.
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New Product Development Process
Idea Screening
Concept Development & testing
Marketing Strategy
Product Development
Idea Generation
Business analysis
Test marketing
Commercialization
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Idea GenerationIt is a systematic search for new product ideas.
Sources of idea generating are:1.Internal source2.External Source
Idea screeningCompanies ask executives to write new product
ideas on a form. It should describe the product, the proposed customer value preposition, the target market and the competition.
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Concept Development & TestingA detail Version of new product idea stated in
meaningful consumer terms.
Marketing Strategy DevelopmentIt involves 3 things
1.Description of target market.2.Product positioning.3.Expected sales, Market shares& profit goals.
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• Business AnalysisIt is a review of sales, costs, and profit
projections for a new product to find out whether these factors satisfy the company objectives.
• Product DevelopmentEngg Dept& R&D develops this concept into
physical product.
• Test Market1.Standard Test Markets.2.Controlled Test Markets.3.Simulated Test Markets.
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Commercialization-Introduction of a new product into market-When to launch-Where to introduced
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Presented By:Ankit Porwal
Guided By:Prof. A. A. Patil Sir