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When you finish this chapter, you should: Understand how product life cycles affect strategic planning, know what is involved in designing new products and what new products really are, understand the new-product development process, see why product liability must be considered in screening new products.
Chapter 10: Product Management and New-Product Development For use only with Shapiro, Wong, Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited The Product Life Cycle Market Introduction Market Growth Market Maturity Sales Decline Total Industry Sales + $0 – Total Industry Profit Tim e Exhibit 101 102 For use only with Shapiro, Wong, Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited Planning for Life Cycle Stages Introducing New Products Focus: Managing Mature Products Focus: Future Adaptation New Markets Dying Products 103 Budget / Rate of Growth Persuasion / Less Profit Focus: New or Improve? Focus: New Strategies Focus: Phase Out For use only with Shapiro, Wong, Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited New-Product Development Process Idea Generation deas from: Customers and users Marketing research Competitors Other markets Company people ntermediaries Screening Strengths and weaknesses Fit with objectives Market trends Rough ROI estimate Idea Evaluation Concept testing Customer reactions Rough estimates of cost, sales, profits Development R&D Develop model or service prototype Test marketing mix Revise plans as needed ROI estimate Commercial -ization Finalize product and marketing plan Start production and marketing “Roll out” in select markets Final ROI estimate Exhibit 105 104 For use only with Shapiro, Wong, Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited Types of New Product Opportunities Immediate Satisfaction High High Long-Run Consumer Welfare Low Low Desirable Products Salutary Products Pleasing Products Deficient Products Exhibit 106 105 For use only with Shapiro, Wong, Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited New-Product Development Management Top Level Support Authority Key Issues Market-Guided R&D Integration & Coordination 106 For use only with Shapiro, Wong, Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited ... Test marketing mix Revise plans as needed ROI estimate Commercial -ization Finalize product and marketing plan Start production and marketing “Roll out” in select markets Final ROI estimate Exhibit 105... Perreault, and McCarthy text Copyright © 2002 McGraw-Hill Ryerson Limited Planning for Life Cycle Stages Introducing New Products Focus: Managing Mature Products Focus: Future Adaptation New Markets... Limited New -Product Development Management Top Level Support Authority Key Issues Market-Guided R&D Integration & Coordination 106 For use only with Shapiro, Wong, Perreault, and McCarthy text