GMS 401 Lecture Notes - Lecture 4: Mcrib, Cash Flow, Poutine

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Omid Jadidi

Document Summary

Week 4- gms: developing new product or modifying existing products so they appear new, and offering those products to current or new markets. Effective product development strategy: an effective product strategy links product decisions with, cash flow, market dynamics, product life cycle, and the organization"s capabilities, also, it requires a creative marketing and communications plan. Product development diversification strategy: a new product is developed for a new market when, a company"s existing market is saturated, and/or revenues and profits are stagnant or falling, there is little or no opportunity for growth. It is generally aimed at existing markets, although a side benefit may be the capturing of new users for the new product. Revolutionary product development: revolutionary products are those for which there was no real prior need. Before these products appeared on the market, consumers did not know they needed them.