Marketing management Essay Example for Free

selling management Essay sailplaning 9.1its good andgood for youChapter 9aDeveloping bracing harvest-times andmanaging the mathematical convergence bearing cycleKotler et al., Principles of Marketing, sixth variate Pearson genteelness contain 2013Slide 9.2 young growth learning and yield life-cycle strategiesTopic out disembowel young yield tuition dodging advanced crossing reading mathematical operationManaging brand-new product emergence return life-cycle strategiesAdditional product and helpingconsiderationsKotler et al., Principles of Marketing, sixth stochastic variable Pearson breeding express 2013Slide 9.3 cutting product cultivation strategyTwo ways to obtain new productsAcquisition appoints to the buying of a whole bon ton, a patent or a license to producesomeone elses product. late product exploitation refers to thedevelopment of original products, productimprovements, product modifications andnew brands through the firms own productdevelop ment efforts.Kotler et al., Principles of Marketing, sixth form Pearson raising special 2013Slide 9.4New product developmentprocessMajor stages in new product developmentFigure 9.1Major stages in new-product developmentKotler et al., Principles of Marketing, 6th variance Pearson Education bound 2013Slide 9.5New product developmentprocess (Continued)Idea generationIdea generation is the positive search fornew product ideas.Sources of new product ideas Internal ExternalKotler et al., Principles of Marketing, 6th translation Pearson Education Limited 2013Slide 9.6New product developmentprocess (Continued)Idea generationInternal sources refer to the companysown formal research anddevelopment, management and staff,and intrapreneurial programs.External sources refer to sources outsidethe company such as customers,competitors, distri hardlyors, suppliersand outside design firms.Kotler et al., Principles of Marketing, 6th pas seul Pearson Education Limited 2013Slide 9.7New produ ct development process(Continued)CrowdsourcingInviting broad communities of peoplecustomers, employees, independentscientists and researchers and even thepublic at banginginto the new productinnovation process.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.8New product development process(Continued)Idea screening Identify good ideas and drop poor ideas. R-W-W screening example Is it real? Can we win? Is it worth doing?Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.9New product development process(Continued)Concept development and testProduct idea is an idea for a possible productthat the company can see itself offering tothe market.Product concept is a elaborate version of theidea stated in meaningful consumer terms.Product image is the way consumersperceive an actual or potential product.Kotler et al., Principles of Marketing, 6th edition Pearson EducationLimited 2013Slide 9.10New product d evelopment process(Continued)Concept development and testingConcept testing refers to testing new productconcepts with a group of target consumersto retrieve out if the concepts have strongconsumer appeal.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.11New product development process(Continued)Marketing strategy development Marketing strategy development involvesdesigning an initial merchandise strategy for anew product based on the productconcept. Marketing strategy statement includes Description of the target market Value proposition gross revenue and hit goals.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.12New product development process(Continued)Marketing strategy developmentBusiness analysis involves a review of thegross revenue, costs and profit projections to findout whether they satisfy the companysobjectives.Kotler et al., Principles of Marketing, 6th edition Pearson Education Li mited 2013Slide 9.13New product development process(Continued)Marketing strategy developmentProduct developmentInvolves the creation and testing of one ormore physical versions by the RD orengineering departments.Requires an increase in investment.Shows whether the product idea can beturned into a modelable product.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.14New product development process(Continued)Marketing strategy developmentTest marketing is the stage at which theproduct and marketing program areintroduced into more realistic marketingsettings.Provides the vender with experience intesting the product and entire marketingprogram before full introduction.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.15New product development process(Continued)Types of test markets example test marketsControlled test marketsSimulated test marketsKotler et al., Principles of Marketing, 6th edition Pear son Education Limited 2013Slide 9.16New product development process(Continued)Marketing strategy development Advantages of simulated test markets Less expensive than other test methods Faster Restricts access by competitors. Disadvantages Not considered as reliable and accurate overdueto the controlled setting.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.17New product development process(Continued)Marketing strategy developmentWhen firms testmarket New productwith largeinvestment Uncertainty some productor marketingprogramWhen firms maynot test market Simple lineextension Copy ofcompetitorproduct Low costs ManagementconfidenceKotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.18New product development process(Continued)Marketing strategy developmentCommercialisation is the introduction of thenew product When to launch Where to launch Planned market rolloutKotler et al., Principles of Marketing, 6t h edition Pearson Education Limited 2013Slide 9.19Managing new productdevelopmentSuccessful new product development shouldbe customer-centred team-based systematic.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.20Managing new productdevelopment (Continued)New product development strategiesCustomer-centred new product developmentnew ways to solve customer problems and induce more customer satisfying experiences.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.21Managing new productdevelopment (Continued)New product development strategiesSequential new product developmentcompany departments work well-nightogether individually to complete eachstage of the process before passing it on to the next department or stage. Increased control in risky or complexprojects but may be slow.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.22Managing new productdevelopment (Continued)New product development strategiesTeam-based new product developmentVarious company departments workclosely together, overlapping the stepsin the product development process tosave time and increase effectiveness.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.23Managing new productdevelopment (Continued)New product development strategiesSystematic new product developmentinnovative development approach that collects,reviews, evaluates and manages new productideas. Creates an innovation-oriented culture. Yields a large number of new product ideas.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.24Product life-cycle strategiesProduct life cycleFigure 9.2Sales and clams over the products life from inception to downfall Kotler etal., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.25Product life-cycle strategies(Continued) Product development Sales are zero and investment costs mount. Introduction Slow sales growth and pay are nonexistent. development Rapid market acceptance and increasing profits. Maturity Slowdown in sales growth and profits level off ordecline. Decline Sales fall off and profits drop.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.26Product life-cycle strategies(Continued)Figure 9.3Styles, fashions and fadsKotler et al., Principles of Marketing, 6th edition Pearson EducationLimited 2013Slide 9.27Product life-cycle strategies(Continued)Fads are temporary periods of unusuallyhigh sales driven by consumerenthusiasm and immediate product orbrand popularity.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.28Product life-cycle strategies(Continued)Introduction stage Slow sales growth Little or no profit High distribution and promotion expense.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.29Produc t life-cycle strategies(Continued)Growth stageSales increaseNew competitors enter the marketPrice stability or decline to increase volumeConsumer educationProfits increasePromotion and manufacturing costs gaineconomies of scale.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.30Product life-cycle strategies(Continued)Maturity stageSlowdown in sales umteen suppliersSubstitute productsOvercapacity leads to competitionIncreased promotion and RD tosupport sales and profits.Kotler et al., Principles of Marketing, 6th edition Pearson EducationLimited 2013Slide 9.31Product life-cycle strategies(Continued)Maturity stage modifying strategies Market modifying Product modifying Marketing mix modifyingKotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.32Product life-cycle strategies(Continued)Decline stage Maintain the product Harvest the product Drop the productKotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.33Additional product and serviceconsiderationsProduct decisions and socialresponsibilityPublic policy and regulations regardingdeveloping and dropping products,patents, quality and safety.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013Slide 9.34Additional product and serviceconsiderations (Continued)International product andservice marketingchallenges Determining what products and services tointroduce in which countries Standardisation versus customisation Packaging and labelling Customs, values and laws.Kotler et al., Principles of Marketing, 6th edition Pearson Education Limited 2013