Introduction to new product development, Marketing Management

Assignment Help:

New product development: once a company has carefully segmented the market, chosen its target customers, identified their needs, and determined its market positioning, it is better able to develop new products. Marketers play a key role in the new product as compared working with R & D and others in every stage of development.

Meaning and definition: product planning is the first step to be taken by an enterprise. Product development is the next step to product planning. Product development is the process of finding out the possibility of producing a product. It includes the decision as to whether it would be feasible or not to produce the product and whether it would be profitable or not for the enterprise to do so.

According to the William J. Stanton, "product development encompasses the technical activities of product research, engineering and design".

According to the Limpson and Darling, "a product development involves the adding, dripping, and modification of item specifications in the product line for a given period of time, usually one year". A company can add new products through the developments. The route can take three forms. The company can buy other competitions, it can acquire patents from other companies, or it can buy a license from other company. The development route can take two forms. The company can develop new products in its own laboratories. Or it can contract with independent researches or new product development firms to develop specific new products.

Categories of new products:

1.       New to the world products: new products that create an entirely new market.

2.       New product lines: new products that allow a company to enter an established market for the first term.

3.       Additions to existing product lines: new products that products who provide improved performance or greater perceived value and replace existing products.

4.       Repositioning: existing products that are targeted to the new markets or market segments.

5.       Cost reductions: new products that provide similar performance at lower cost.      


Related Discussions:- Introduction to new product development

Consumer mind, consumer mind is a black box discuss

consumer mind is a black box discuss

Market targeting strategies, Targeting strategies:  having segmented the ma...

Targeting strategies:  having segmented the market, the firm now has to choose its marketing strategies. There are three strategies to choose from: 1.       Standardization: i

CONSUMER, CONSUMER MIND IS A BLACK BOX DISCUSS

CONSUMER MIND IS A BLACK BOX DISCUSS

Valuation method, Please perform required valuations in the template provid...

Please perform required valuations in the template provided. What conclusions can you draw from the value range obtained? Could you suggest a change in the template to improv

Market positioning errors, Positioning Errors Kotler says that the firm...

Positioning Errors Kotler says that the firm should avoid four major positioning errors, namely: Under positioning: this occurs when the buyers know much less about the br

7P''S, I WANT TO KNOW THE ORGANIZATION FOLLOWS 7p''s concept

I WANT TO KNOW THE ORGANIZATION FOLLOWS 7p''s concept

Identify and explain how the product life cycle, Question: In the conte...

Question: In the context of a product from the fashion industry: a. Describe the concept of a product as a tangible and intangible "bundle of benefits? that provide

Explain the stages in the adoption process, Probelm 1: (a) Outline the ...

Probelm 1: (a) Outline the ways in which the STEP factors would affect the marketing function of a new brewery in Mauritius. (b) List and show the important elements of a co

Profit/loss, #questioahmed buys a plot of land for Rs.96000.He sells 2/5 of...

#questioahmed buys a plot of land for Rs.96000.He sells 2/5 of it at a loss of 6%. At What gain percentpercent should be sell the remaining part of the plot to gain 10% on the who

Enumerate about the target marketing and research, Enumerate about the Targ...

Enumerate about the Target marketing and research Use of target marketing processes in the consumer market has been more advanced and sophisticated than in organisational ma

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd