19 Introducing New Market Offerings

19
Introducing New
Market Offerings
Chapter Questions
 What challenges does a company face in

developing new products and services?
 What organizational structures and processes
do managers use to oversee new-product
development?
 What are the main stages in developing new
products and services?
19-2
Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from
the United States edition of Marketing Management, 14e.
Chapter Questions
 What is the best way to manage the new-
product development process?
 What factors affect the rate of diffusion and
consumer adoption of newly launched
19-3
Categories of New Products
New to the World
Additions
Improvements
Repositionings
Cost reductions
19-4
The Innovation of Chotukool
19-5
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
19-6
Table 19.1 Finding One Successful
Product
19-7
What is a Venture Team?
 A venture team is a cross-functional group

charged with developing a specific product or
business.
19-8
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
19-9
Figure 19.1 New-Product
Development Decision Process
19-10
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
19-11
More Ways to Find Great Ideas
 Use iterative rounds with customers

 Set up a keyword search to scan trade
publications
 Treat trade shows as intelligence missions
 Have employees visit supplier labs
 Set up an idea vault
19-12
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
19-13
Demand-First Innovation and
Growth (DIG) Framework
Demand Landscape
Opportunity Space
Strategic Blueprint
19-14
Idea Generation:
Creativity Techniques
 Attribute listing
 Forced relationships
 Morphological analysis
 Reverse assumption analysis
 New contexts
 Mind mapping
19-15
Lateral Mapping
 Gas stations + food

 Cafeteria + Internet
 Cereal + snacking
 Candy + toy
 Audio + portable
19-16
Table 19.2 Product Idea
Rating Device
19-17
Figure 19.2 Forces Fighting
New Ideas
Source: With permission of Jerold Panas, Young &

Partners Inc.
19-18
Figure 19.3 Product and
Brand Positioning
19-19
Concept Testing
 Communicability and believability

 Need level
 Gap level
 Perceived value
 Purchase intention
 User targets, purchase occasions,
purchasing frequency
19-20
Figure 19.4 Conjoint Analysis
19-21
Figure 19.5 Utility Functions
Based on Conjoint Analysis
19-22
Figure 19.6 Product Life-Cycle
Sales for Three Types of Products
19-23
Table 19.3 Projected Five-Year
Cash Flow Statement (in Rupees
Million)
19-24
Prototype Testing
 Alpha testing
 Beta testing
 Rank-order method
 Paired-comparison method
 Monadic-rating method
 Market testing
19-25
Consumer Goods Market Testing
 Sales-Wave Research
 Simulated Test Marketing
 Controlled Test Marketing
 Test Markets
19-26
Test Market Decisions
 How many test cities?

 Which cities?
 Length of test?
 What information to collect?
 What action to take?
19-27
Timing of Market Entry
 First entry
 Parallel entry
 Late entry
19-28
What is Adoption?
Adoption is an individual’s decision to

become a regular user of a product.
19-29
Stages in the Adoption Process
Awareness
Interest
Evaluation
Trial
Adoption
19-30
Figure 19.7 Adopter
Categorization on the Basis of
Relative time of Adoption
Source: Tungsten, http://en.wikipedia.ord/wiki/Everett_Rogers. Based on Rogers, E. (1962) Diffusion of

Innovations. Free Press, London, NY, USA.
19-31
Characteristics of an Innovation
 Relative advantage
 Compatibility
 Complexity
 Divisibility
 Communicability
19-32
For Review
 What challenges does a company face in

developing new products and services?
 What organizational structures and processes
do managers use to oversee new-product
development?
 What are the main stages in developing new
19-33
For Review
 What is the best way to manage the new-

product development process?
 What factors affect the rate of diffusion and
consumer adoption of newly launched
19-34

19 Introducing New Market Offerings

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 What challenges does a company face in

 A venture team is a cross-functional group

 Desired team leadership style

 Run informal sessions with customers

 Use iterative rounds with customers

 Observe customers using product

 Gas stations + food

Source: With permission of Jerold Panas, Young &

 Communicability and believability

 How many test cities?

Adoption is an individual’s decision to

Source: Tungsten, http://en.wikipedia.ord/wiki/Everett_Rogers. Based on Rogers, E. (1962) Diffusion of

 What challenges does a company face in

 What is the best way to manage the new-

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