New Product Development & Product Life Cycle

Strategies
9
 Google
• Write (or type) which Google products you
use?

– Individual
– Table Team
– Class
 Google
• Search “Google Products” on Wikipedia
– Scroll down to Discontinued Products
• What are your thoughts on what you found?
– Individual
– Table
– Class
 Reasons for New Product Failure

• Overestimation of market size

• Poor design
• Incorrect positioning
• Wrong timing
• Priced too high
• Ineffective promotion
• Management influence
• High development costs
• Competition
 Idea Generation & Screening

Idea generation is the

systematic search for new-
product ideas

Sources of new-product ideas

• Internal
• External
 Idea vs. Concept
• Product Idea = is an idea for a possible product that
the company can see itself offering to the market

• Product Concept = Detailed version of an idea stated

in meaningful customer terms

• Class: Think of an idea then convert it into a concept

– Individual
– Table Team Discussion
• How/Why did your idea turn into a concept?
 Test Marketing

The stage at which the product and marketing

program are introduced into more realistic
marketing settings
• Standard
• Controlled
• Simulated
 Test Marketing

• When to test market

• When not to test market
 Marketing Strategy Development

Commercialization
• When to launch
• Where to launch
• Planned market rollout
 Product Life Cycle
• Choose one of these for your table
*Pokemon Go *Facebook
*Tesla Model S *Blackberry
Phone
*PS4 *Uber
*Converse Chuck Taylor’s

• Explain your Product Life Cycle

– Specifically address details in each stage of the
PLC relative to your product
– Refer to PLC on next slide
Product Life Cycle
Product Life-Cycle Strategies