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Jeremiah Yancy - New Product Development

To study how products are created and managed, with an emphasis on the product life cycle<br>

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Jeremiah Yancy - New Product Development

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  1. Jeremiah Yancy

  2. CONTENT • NEWPRODUCT(IMPORTANCE,CATAGORIES) • SUCCESS & FAILURE OF NEWPRODUCT • PRODUCT DEVELOPMENTPROCESS • PACKAGING &LABELLING • DIFFUSION • MANAGEMENT PUZZLE WITH PRIZE(HANDOUTS FORAUDIENCE)

  3. To study how products are created andmanaged, • with an emphasis on the product lifecycle • To detail the importance of new products and describe why new productsfail • To present the stages in the new-productplanning • process • To analyze the growth and maturity of products, including the adoption process, the diffusion process, and extensionstrategies • To examine product deletion decisions andstrategies

  4. NewProduct NewProduct A product new to the world, the market, the producer, the seller, or some combination of these. https://e27.co/jeremiah.yancy.1/

  5. Importance of New Product Development To assure a firm’s survival, new productsmay: Offer differential advantages Lead to sales growth or stability Increase profits and control Reduce risk throughdiversity Improvedistribution Exploit technology Utilize wastematerials Respond to consumer needs Be a result of a governmentmandate

  6. SuccessFactors Listening tocustomers Strongleadership Producing the best product Commitment to new- productdevelopment Vision of futuremarket Project-based team approach Getting every aspectright

  7. Why New ProductsFail • No discerniblebenefits • Poor match between features and customerdesires • Overestimation of marketsize • Incorrectpositioning • Price too high or toolow • Inadequatedistribution • Poorpromotion • Inferiorproduct

  8. Why Products Succeed and OthersFail

  9. Global Issues in New-Product Development Single productworldwide Modification ofproducts Multiple productsin multiplecountries

  10. FUNCTIONS OFLABELS

  11. BCGMATRIX

  12. Marketing Implications of the AdoptionProcess Word ofMouth Communication Aids the DiffusionProcess Directfrom Marketer https://medium.com/@Jeremiahyancy

  13. Diffusion Process for NewProducts

  14. Jeremiah Yancy

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