Monday, September 16, 2019
Industrial Marketing Research PHASE 2 1) What are the strategy components of the NPD Ã¢â¬Å" New product DevelopmentÃ¢â¬ ch 7 * The expected life cycle of the product ( 2 years Ã¢â¬â 5 years ) before we develop it or 10 years. e. g. Peugot 504 Model 1968 was expected to stay in the market undeveloped for 5 years, it stayed for 17 years and there is still demand which affected the demand of other Peugot Models * How are you going to approach the market? * Why are people going to accept your product? Attributes of new products which affect their acceptability Relative advantage: the perception that the idea is better than the one it supercedes * Compatibility. Consistency with existing values, past experience, and needs of a firmÃ¢â¬â¢s buyers and influencers * Complexity: more complex ideas are adopted more slowly. * Trialability: if a firm can try out a small aspect for a new idea it will be accepted more quickly than a firm has to make a major switch * Observability: if the effects of an innovation can be easily observed this innovation maybe adopted more quickly. NPD Process Opportunity identification and selection: where new product opportunities are identified and selected. * Concept generation: research with customers and preliminary analysis take place. * Concept evaluation: careful review of new product concepts on technical, marketing and financial variables. Choose the most promising concepts to move forward to the next phase. * Development: both technical and marketing development takes place. Prototypes are designed and tested and the production pro * Launch: how are you going to launch this product and for which prospects? ) Description of services offered (Pure Services/ Pure tangible goods) as well as pricing strategies of services. Ch 8 Combinations of service and physical product * Pure tangible good: products no service * Tangible good with accompanying services: this is a tangible product with services added, highly technical products usually are more dependent upon services such as planning, installation, training, and maintenance. * Hybrid: equal offering of goods and services, so the service portion of the offering is equal importance to the tangible product offering * Major service with supporting goods and services.The most important part is the service but some goods and supporting services are required e,g, business travellers on air line they need food. * Pure service: the offering is primarily a service, such as consulting or advertising, very little tangible goods are required. * Phase 2 is an application of chapter 7 & 8 * Each member of the group should participate * A presentation is required next week in the tutorial * All members of the group should be present * You will be graded individually upon your presentation not how correct your research is * We will explain in the tutorial this week how this phase will be done.