New Product Development
MARKETING MATTERS Companies need to introduce new products from time to time in order to ensure that customers are satisfied with their offering and keep up with their competitors
Think about the last time that you purchased or used a product that you considered to be “new”. Why did you identify it as being “new”? What role do you think marketing played in your percept
New Products
What other new devices have been invented since the personal computer was introduced in the 1970s?
Products or services are often new in different markets at different times
Why might a product be new in different places at different times
What might a company do to an existing product so that it becomes a "new" product
When is a product considered to be new
Steps in the Development of a New Product
What strategies. tools, or other factors would help you to think of new ideas 'if you worked in product development
Idea Development
Product Development and Testing
Product Marketing
What does product marketing involve
What are two ways that a company can test a product before they start full-scale production of it
Where do companies get ideas and inspiration for new products from
MARKETING SCENARIO Creating a prototype for a more customizable coffee machine
What will the company base its decision on about whether to go ahead with the full-scale production of the new product
What strategy does the company decide to use to find out if their new product idea is worth investing resources in
What market need is the coffee machine manufacturer responding to
Name three tools that marketers could use to identify ideas for new products
How and where might an existing product be considered a "new" product
Make Academic Connections Science
Connect to the Real World You have been hired as the vice president of marketing for a company that has a history of new product failure