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Original Products
Product Improvements Product Modifications New Brands
Customers
Competitors
Distributors
Suppliers
Helps spot good ideas and drop poor ones as soon as possible. Many companies have systems for rating and screening ideas which estimate:
Market Size Product Price Development Time & Costs Manufacturing Costs Rate of Return
2. Concept Testing - Test the New-Product Concepts with Groups of Target Customers
3. Choose the One That Has the Strongest Appeal to Target Customers
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Business Analysis
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Step 8. Commercialization
Introducing the New Product into the Market
When is the Right Time to Introduce Product?
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Step 1 Step 3
Step 4
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Sequential
Step 2
Step 3
Step 4
Step 2
Profits
Time
Product Development
Losses/ Investments ($)
Introduction
Growth
Maturity
Decline
Sales and Profits Over the Products Life From Inception to Demise 16
Product class which has the longest life cycles (i.e. gas-powered cars), Product form which tends to have the standard PLC shape (i.e. minivans), Brand which can change quickly because of changing competitive attacks and responses (i.e. Ford Taurus), Style which is a basic and distinctive mode of expression (formal clothing), Fashion which is a popular style in a given field (business casual), Fad which is a fashion that enters quickly, is adopted quickly, and declines fast (pet rocks).
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Costs
Profits Marketing Objectives Product Price Distribution Advertising
Costs
Profits Marketing Objectives Product
Price
Distribution Advertising
May decline
Build more intensive distribution Stress brand differences and benefits
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Company tries to improve sales by changing one or more marketing mix elements
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