new product

Examples of new product in the following topics:

• Let the fruits of your labor blossom: the new product/service launch event plan

  • We will discuss, by way of example, a new product launch event but it's worth noting that the same general principles apply whether you are planning a new product or new service launch event.
  • Is the new product going to be fully functional in time for the event?
  • Have you determined your budget for the new product launch event?
  • Have you devised the best forum for the new product launch event?
  • Have you invited your targeted press to cover the new product event?

• New Product

  • Penetration and skimming are two strategies employed in pricing new products.
  • With a totally new product, competition does not exist or is minimal.
  • Such a strategy should generate greater sales and establish the new product in the market more quickly.
  • In most cases, the initial high price is gradually reduced to match new competition and allow new customers access to the product.
  • Video game systems, such as the Sony PS3, usually employ the classic new product pricing strategy, known as skimming.

• Developing Products

  • Evidence suggests that there may be as many varieties of new product development systems as there are kinds of companies.
  • When developing products, it is important for management to recognize that a great many new products fail.
  • Asking customers what they would be willing to pay is at best an unreliable way to determine the optimal price for a new product.
  • The two best approaches are to base initial new product prices either on "comparables" or "value."
  • The Nintendo Wii is an example of a recent new product brought to market.

• Screening

  • Idea screening is an early step in the new product development process and is a critical part of the development activity.
  • However, the possibility of screening out a worthwhile idea is even more serious, There are two common techniques for screening new product ideas.
  • Both involve the comparison of a potential product idea against criteria of acceptable new products.
  • For example, new product ideas can be rated on a scale ranging from very good to poor by such criteria as value added, sales volume, patent protection and affect on present products.
  • These scores are then multiplied by their respective weights and added to yield a total score for the new product idea.

• The Need for New Products

  • In dynamic markets companies must constantly introduce new products and services to keep up with changing consumer wants and needs.
  • Continuous decisions must be made about whether new products should be added (and whether old products should be removed).
  • Organizations invest a lot of money to create new products that perform effectively.
  • The ultimate success of new products depends on consumers accepting them.
  • 'Innovation' is used here to describe an idea or product that is new to the company.

• Ansoff Opportunity Matrix

  • Product development (existing markets, new products): McDonald's operates in the fast-food industry, but it frequently markets new types of burgers.
  • Product development - This growth strategy uses new products in the existing market.
  • Diversification - This strategy creates completely new opportunities for the company by creating new products and new markets.
  • Another way is to expand sales through new uses for the product.
  • Will it require the introduction of new or modified products?

• Using a Product Life Cycle Framework

  • A company has to be good at both developing new products and managing them in the face of changing tastes, technologies, and competition.
  • As such, the manager must find new products to replace those that are in the declining stage of the product lifecycle and learn how to manage products optimally as they move from one stage to the next.
  • Product development: the period during which new product ideas are generated, operationalized, and tested prior to commercialization.
  • Introduction: the period during which a new product is introduced.
  • However, almost all new products can expect fewer than 5, 10, or 15 years of market protection.

• When to Modify Products

  • Large companies, in particular food producers, will slightly alter a product to attract new attention to it.
  • Although product manufacturers painstakingly consider numerous details and possibilities of what could go wrong, many new designs ultimately fail or become obsolete.
  • Innovation provides much of the competitive impetus for the development of new products, with new technology often requiring a new design interpretation.
  • It only takes one manufacturer to create a new product paradigm to force the rest of the industry to catch up, fueling further innovation.
  • While some products are completely new innovations, others are simply minor modifications to existing products.

• Organizational Requirements for Product Development and Management

  • Product development combined with product marketing make up the product management function within an organization.
  • Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.
  • Product development – the process of bringing new products to the marketplace – combined with product marketing, make up the product management function that oversees the launch of a company's new products.
  • A product manager investigates, selects, and develops one or more tangible products for an organization.
  • However, product management also deals with intangible products, such as music, information, and services.

• Product Orientation

  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Consumers recognize product quality and differences in the performance of alternative products.
  • Adopting the product orientation can be advantageous to a company, due to the fact that the cost of determining consumer preferences and the development of new products and services are minimized or eliminated because consumers are in some way captive.