Class Intro 9
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|Social Networks (Facebook)||Social Networks (Facebook)|
|-||Encycleopedias (Encycleopedia Brittanica)||+||Encycleopedias ([http://www.britannica.com/ Encycleopedia Brittanica] versus [http://www.wikipedia.org/ Wikipedia])|
|Electric Cars (Volt)||Electric Cars (Volt)|
Revision as of 16:53, 15 March 2012
Product Management and New Product Development
Product Life Cycle
Four phases: Introduction; Growth; Maturity; Decline
The cycle refers to the product market; not individual brands, which can be introduced during any stage of the life cycle.
Each stage of the product life cycle requires different considerations from a marketing mix standpoint. Each stage will also imply different behaviours from competitors.
Also important to distinguish between total industry sales, and total industry profits.
Growth stage: attracts competitors, from one competitor (monopoly) tends towards monopolistic competition. Industry profits peak towards the end of this stage. Why ?
Maturity stage: need for pursuasion, differentiation of product, price competition, length of time is dependant on the type of product
WSJ: Tide Rides Convenience Wave
Decline stage: when to pull out, how to pull out
Different product life cycles for:
Social Networks (Facebook)
Electric Cars (Volt)
Consumer Adoption Process: Innovators; Early Adoptors; Early Majority; Late Majority; Laggards
Products at different stages of the prodoct life cycle are appropriate for different types of consumers based on the adoption process.
Product modifications, and versioning products, during the growth and maturity stages of the product life cycle.
New Product Planning
What is a new product ? New product versus new version of a product.
WSJ: The Anti-Kodak: How a U.S. Firm Innovates and Thrives
New Product Development Process:
1. idea generation
3. idea evaluation
WSJ: Before the Dresses, the Ideas
WSJ: Introducing Iced-Tea Beer
Patenting ideas; Patent protection
WSJ: Yahoo Threatens Suit vs. Facebook
Continuous innovation: Google; Apple; Facebook; Microsoft
New product launch: using Facebook as a platform. Risks versus benefits
Product Managers: manage the product, product line. Focus on development, then largely promotion is ongoing issue.
Importance of quality
WSJ: J&J Recalls Infants' Tylenol