20 introducing new market offerings 1. 20-2 chapter questions what challenges does a company face in...
TRANSCRIPT
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20Introducing New Market Offerings
1
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Chapter Questions
What challenges does a company face in developing new products?
What organizational structures are used to manage new-product development?
What are the main stages in developing new products?
What is the best way to set up the new-product development process?
What factors affect the rate of diffusion and consumer adoption of newly launched products?
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The World’s Most Innovative Companies
(@ Business Week & BCG)
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2010 Rank 2009 Rank Company HQ Country
1 1 Apple US
2 2 Google US
3 4 Microsoft US
4 6 IBM US
5 3 Toyota Motor Japan
6 11 Amazon.com US
7 27 LG Electronics South Korea
8 NR BYD China
9 17 General Electrics US
10 14 Sony Japan
11 16 Samsung Electronics South Korea
12 33 Intel US
13 31 Ford Motor US
14 8 Research In Motion Canada
15 18 Volkswagen Germany
16 7 Hewlett-Packard US
17 13 Tata Group India
18 20 BMW Germany
19 24 Coca Cola US
20 5 Nintendo Japan
21 10 Wal Mart Stores US
22 NR Hyundai Motor South Korea
23 9 Nokia Finland
24 34 Virgin Group Britain
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Having New Products
Acquisition
- Buy other companies
- Acquire patents from other companies
Development
- Develop new products in its own laboratories
- Contact with independent researchers or new-product development firms to develop specific new
products.
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Categories of New Products
New-to-the-world New product lines Additions to product lines Improvements to products Repositionings Cost reductions
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The early mobile phones
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Principles to guide new-product
development
1. Work with potential customers
2. Let employees choose projects
3. Give employees “dabble” time
4. Know when to let go
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Continuous InnovationBrand extensions: broadening brand meaning into related product categories
Positive attitude towards continuous innovation
Established companies – incremental innovation
Newer companies – disruptive technologies
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Demand Media’s Value Proposition: Identifying and Filling a big lack in human being’s collective knowledge
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Bryon Reese from Demand Media
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New Product Development
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Demand Media’s New Product
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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
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Table 20.4 Finding One Successful New Product
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New-product Failure (-+ 95%)
Ignoring or misinterpreting market research Overestimating market size High development costs Poor design Incorrect positioning Ineffective advertising Wrong price Insufficient distribution support Competitors who fight back hard
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New-product Success Factors
Unique, superior product Well-defined product concept Technological & marketing
synergy, quality execution in all stages, & market attractiveness.
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Cross-functional group charged withdeveloping a specific product or business; Intrapreneurs are relieved of other dutiesand provided a budget and time frame.
Venture Team
Organizing New-Product Development
Product managers
New product managers
High-level management committee
New product department
Venture team
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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
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Managing the Development Process
Idea generation:
- from interacting with various groups.
- from using creativity-generating techniques.
Idea screening
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Figure 20.2 The New Product Development Decision Process
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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
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Idea Generation: Creativity Techniques
Attribute listing Forced relationships Morphological analysis Reverse assumption analysis New contexts Mind mapping
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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
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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
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Idea Generation: Creativity Techniques
Attribute listing Forced relationships Morphological analysis Reverse assumption
analysis New contexts Mind mapping
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Lateral Marketing for new product ideas: Combining two product concepts
Gas station stores = gas station + food Cyber cafés = cafetaria + internet Cereal bars = cereal + snacking Kinder surprise = candy + toy Sony walkman = audio + portable
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Figure 20.2 The New Product Development Decision Process
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Variations on Failure
Absolute product failure Partial product failure Relative product failure
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Concepts in Concept Development
Product idea Product concept Category concept Brand concept Concept testing
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Concept Testing
Communicability and believability Need level Gap level Perceived value Purchase intention User targets,
purchase occasions,
purchasing frequency.
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Marketing Strategy
Target market’s size, structure, and behavior, product positioning, the sales, market share, and profit goals sought in the first ten years.
Planned price, distribution, and promotion for Year 1
Long-run sales and profit goals and marketing-mix strategy over time
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Business Analysis
Estimating total sales Estimating Costs & Profits
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Product Development
Quality function deployment (QFD)Customer attributesEngineering attributes
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Prototype Testing
Alpha testing Best testing
Rank-order methodPaired-comparison methodMonadic-rating method
Market testing
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Consumer Goods Market Testing
Sales-Wave Research Simulated Test Marketing Controlled Test Marketing Test Markets
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Test Market Decisions
How many test cities? Which cities? Length of test? What information? What action to take?
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Timing of Market Entry
First entry Parallel entry Late entry
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Criteria for Choosing Rollout Markets
Market potential Company’s local reputation Cost of filling pipeline Cost of communication media The influence of the area on other areas Competitive penetration
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Consumer-Adoption Process
Adoption is an individual’s decision
to become a regular user
of a product.
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Innovation & Diffusion: Stages in the Adoption Process
Awareness
Interest
Evaluation
Trial
Adoption
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Adopter Categorization
Innovators Early adopters Early majority Late majority Laggards
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Characteristics of an Innovation
Relative advantage Compatibility Complexity Divisibility Communicability
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Marketing Debate
Who should you target with new products?
Take a position:1. Consumer research is critical to new-productdevelopment.or2. Consumer research may not be all that helpful in new-product development.
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Ancient Indian Medical SystemDuration 1 Week / 2 Weeks / 1 MonthVenue "Prashanthi Kutiram" (S-VYASA University Campus), Bangalore. Skill Level Beginner / ModerateGroup Size Min-02 / Max-12
OverviewIndia, the land of ancient culture, tradition and customs, has made innumerable contributions to the world in the fields of medicine and wellness. The ancient and popular practice of yoga, the physical and mental disciplines, has its deepest roots in our very own country. Ayurveda, a system of traditional medicine is a native to India. Learn the history and fundamentals of these forms of medicine, wellness and upkeep of the body and mind from our Ancient Indian Medical System. Relax your body, mind and soul with our programs designed for you. Absorb yourself in the Indian philosophy of satsang, release your apprehensions with melodious bhajans sounding in the milieu and self induce a mode of consciousness through meditation. Ranging from one week to one month, you can select a deal that best suits your requirements and interest
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Airport weddings
• New at Amsterdam Airport Schiphol: weddings to go. Whether a couple met on a flight to Bangkok or just wants to be able to go straight from ceremony to runway for their honeymoon, Schiphol offers travellers the opportunity to get married at the airport.
• Brides and grooms to be can pick from several packages, from the all-out ‘Ticket to Paradise’: get hitched and leave for a tropical destination together with your wedding guests; to ‘Say Yes & Go’, the budget alternative for couples who want a quick and simple ceremony before flying off together. Schiphol Weddings works with a dedicated wedding planner, who can also help couples plan and arrange their honeymoons.
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Funky kiwi campers
• In keeping with today’s mobile theme, Escape Rental is a New Zealand camper rental company that sets itself apart by letting artists turn camper vans into art on wheels.
• Taking something slightly dull – a camper – and turning it into something fresh, Escape Rentals is attracting travellers who are tired of mass tourism and looking for a more unique experience.
• Each of their nearly 100 campers is given an aerosol overhaul by a New Zealand artist. Paint jobs draw from the whole spectrum of visual art and pop culture, from kiwiana to Far Side comics and Maurice Sendak to Pablo Picasso. Rental rates are competitive, at around NZD 59 (USD 37/EUR 29) per day, with optional extras like mobile phones and solar showers charged separately.
• Another delightful example of innovation through design. Find something run-of-the-mill, and make it special!
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Digital fuel for travel
Fuel for Travel lets consumers download travel guides, music, audio books, tv shows and movies to their MP3 players and other digital devices.Located in Schiphol’s Departure Lounges 1 and 2, the Fuel for Travel features listening and viewing stations for travellers to browse digital content. Once they’ve found what they want, they can dock their device, pay by credit or debit card, and download the material. Pricing is similar to that of online music and video downloads.
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Checking into another dimension | aloft in Second Life
• The hotel’s virtual developers, Electric Sheep, started off with 64 acres of raw virtual land, and are working their way up to a beautifully landscaped island featuring a full-fledged aloft hotel. Each step of the design and building process can be followed, both in Second Life, and via a dedicated blog: virtualaloft.com.
• Aloft is the world’s first hotel brand to place a replica inside a virtual world, and will open its virtual doors this September. If well-executed, a three-dimensional metaverse outpost can be valuable in conveying the feel of a new product or concept, in this case the transformation of the mid-scale, business hotel segment from drab to delightful. At least that’s what aloft is aiming for
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• Launched by two young British entrepreneurs, TRIBEWANTED is creating a global tribe that will develop a sustainable eco-community on an island in Fiji.
• In what seems like a hippie dream crossed with an episode of Survivor, tribewanted is looking for 5000 people from around the world to become part of a tribe that will not only exist online, but will also settle, 100 at a time, on ‘Adventure Island’. On the map, Adventure Island is known as Vorovoro, and is being leased to tribewanted by the local tribal chief.
• There are three types of membership to choose from: Nomads get 1 years membership and 7 nights on the island for GBP 120 / USD 210; Hunters are members for 2 years and can stay for 14 nights (GBP 240 / USD 420); and Warriors are member for 3 years and can stay for 21 nights (GBP 360 / USD 630). When the 5000th member joins, the tribe will be formed and will start to make tribal decisions by voting through the online community at tribewanted.com, on issues such as the name of the tribe, type of infrastructure that will be required, and how to build an island community in an environmentally friendly way.
Tribewanted
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Minipreneur travel agents
• Joining the customer made revolution, Belgium tour operator Wasteels has set up a division called CLUB TOUR, which allows amateurs to create travel packages that are sold to the company’s customers.
• Every demographic group has its own needs and wants when it comes to travel, and travel agents have long catered to the demand for specialized tours for everyone from senior citizens and rock climbers to military buffs and amateur biologists. Club Tours takes it one step further by allowing non-professionals to create vacation packages for their own niche market. So far, that includes gays, seniors, singles and art lovers.
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Tripadvisor for gay travellers
Pink Choice is a review website for gay and lesbian travellers. The company was founded by the owners of two successful gay guesthouses in Massachusetts, who were frustrated by the lack of relevant information when planning their own holidays. While Trip Advisor and other online travel review communities feature a wealth of user-generated information about hotels and holiday destinations, no such website exists specifically for a non-straight audience.
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Pilih Sendiri Petualanganmu!
History Community (1-day tour for each theme)1. Trail of the Lost Kingdom of Mataram . 2. Trail of the Kingdom of Mataram Islam. 3. Colonial Legacy.
Friends of Museum (1-day tour for each theme)1. Museum Seni dan Budaya (Museum Ullen Sentalu, Museum Sonobudoyo, & Museum Affandi) 2. Museum Sejarah dan Perjuangan Bangsa Indonesia (Museum Sejarah Perjuangan Bangsa, Monumen Jogja Kembali, & Benteng
Vredeburg).3. Museum Ilmu Pengetahuan (Museum Biologi dan Museum Geothermal)
Additional: Kaliurang (dikombinasikan dengan kunjungan ke Museum Seni & Budaya)Malioboro (bisa dikombinasikan dengan semua paket)
Seri Wisata Sejarah dan Museum di Yogyakarta