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Marketing

Marketing

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Published by: gohelgohel on Oct 22, 2009
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Session I (November 24,2007)
Evolution of marketing from Production Era to relationship Era,Marketing Concepts, Customer Value and SatisfactionMarketing Environment analysis
Session II (November 24,2007)
Introduction to the Elements of Marketing MixProduct classificationUnderstanding Consumer Behaviour
Session IV (November 25,2007) 
Product Life Cycle Strategy(managing a growing product )Product Life Cycle Strategy(managing a dying brand)
Session V(November25,2007) 
Corporate Planning, Business Planning & Strategies Marketing Planningincluding BCG, GE & Ansoff Models.
 
Case studyNew Product Development Process
Session VI Product Product mix ,line length and widthPricing methods and factorsPromotion and communication mixDistributionSession VIIStudents presentation
 
DEVELOPING A NEW PRODUCT
New product planning has been defined by the American MarketingAssociation as "the act of making out and supervising the search,screening, development and commercialization of new products; themodification of existing lines; and the discontinuance of marginal orunprofitable items". Simply stated, product planning decides thenature and other related aspects of the articles produced and sold.Product development is a more limited term but includes the technicalactivities of product research, engineering and design. Productplanning and development is the result of the co-ordinated efforts of large number of specialists - engineers, scientists, marketers, etc.Product planning is usually described as 'Merchandising' and it coversboth, the existing and potential products. This activity, therefore, mustdeal with the proper balance between the old and the new products.New product planning is a very long and complex process, and it dealswith changes in :1.The kinds of goods or services offered by a marketer for varioussegments.2.The number or kinds of products, or different lines, that thecompany offers in various segments.3.The width of product line offered.4.The quality levels or levels acceptable to various classes of consumers in various target markets.5.The degree of distinctiveness.6.Increased societal and governmental constraints.7.The growing shortage of new product ideas in certain areas.8.Shorter time spans between the emergence of the idea and thephysical launch of the product.9.The costliness of the new product development process. The following decisions are important in new product planning :1.Improving the existing product lines and services,2.Weeding out unprofitable items in the product line (simplification),3.Expansion of the current product line (diversification),4.New product development for the present customers, and5.New product development for new customers (diversified products).
THE ROLE OF NEW PRODUCT DEVELOPMENT
 
Whatever may be the size and nature of operations of a firm, productplanning and development is necessary for its survival and growth inthe long-run. Every product has a life cycle and it becomes obsoleteafter the completion of its life-cycle. Therefore, it is essential todevelop new products and alter or improve the existing ones to meetthe often-changing requirements of customers. The role of newproduct development can be stated in terms of :1.Ensuring that the product mix, matches changing environmentalconditions and that product obsolescence is avoided.2.Enabling the marketer to compete in new and developing segmentsof the market.3.Reducing the marketer's dependence upon particular elements of the product range or vulnerable market segments.4.Filling excess capacity.5.Achieving greater long-term growth and profit.Introducing new product is rather difficult as it involves long-rangeplanning. Customers' need should be identified, competing andsubstitute products should be evaluated and, above all, the strength of the company should be examined before deciding to produce a newproduct. Product failure defeats the very objectives of a firm. In asurvey conducted by Booze, Allen and Hamilton, it was revealed thatfirms with well-organized product planning programmes have only 40-50 percent product failures. When this percentage is compared withthe overall industry product failures (80 percent), one could easily beconvinced of the need for product planning.
STEPS IN NEW PRODUCT DEVELOPMENT
 The following are the usual steps involved in the planning of newproducts :1.Idea generation,2.Screening the ideas,3.Business analysis,4.Developing the product, and5.Testing the product and commercialization of the product.
1.Idea Generation Stage
 The first stage of the new product's evolution begins with an ideafor the product. Hence this stage is also termed as 'IdeaGeneration'. Ideas may originate from the following sources :
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Marketing research,
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Distributors,

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