MKTG1001 Lecture Notes - Lecture 7: Wii, Deodorant, Sodium Bicarbonate
Document Summary
Mktg1001 lecture 7 new product development (npd) New-product development development of original products, product improvements, produ(cid:272)t (cid:373)odifi(cid:272)atio(cid:374)s & (cid:374)ew (cid:271)ra(cid:374)ds through (cid:272)o(cid:373)pa(cid:374)y"s ow(cid:374) r&d efforts. Rapid changes in consumer tastes, tech & competition company cannot rely solely on existing products. Customers want & expect new & improved products that competition will do its best to provide. Company can obtain new products in 2 ways: Acquisition buying a whole company, a patent or a licence to produce someone else"s produ(cid:272)t. Keeping up with trends, changing consumer preferences, consumption pattern. Neutralise new forms of competition / substitute products. A variety of products that business develops through its own r&d efforts, including original products, product improvements, product modifications, new brands. Inventions that create a whole new market (not available in market before) Using capabilities (skills, tech, resources) to leapfrog competition or create (cid:862)(cid:373)o(cid:374)opoly(cid:863) Polaroid camera, contact lenses, touch-tone telephone, x-rays, 3d, internet, fax machine, photocopier.
