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20Introducing New Market Offerings
1
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-2
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
What is a Venture Team?
A venture team is a cross-functional group charged with developing a specific product or business.
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-3
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-4
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
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-5
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-6
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
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-7
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
Consumer Goods Market Testing
Sales-Wave Research Simulated Test Marketing Controlled Test Marketing Test Markets
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-8
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-9
Test Market Decisions
How many test cities? Which cities? Length of test? What information to collect? What action to take?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-10
What is Adoption?
Adoption is an individual’s decision to become a regular user of a product.
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-11
Stages in the Adoption Process
Awareness
Interest
Evaluation
Trial
Adoption
Figure 20.7 Adopter Categorization on the Basis of Relative time of Adoption
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 20-12