MKTG 2201 Lecture Notes - Lecture 2: New Product Development, Marketing Strategy, Innovation Management
14 Dec 2016
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Chapter 8: new product development and product life-cycle strategies. Every product goes through a product life-cycle: it is born, goes through several phases and eventually dies as newer products come along that crate greater or new value for customers. Because all products eventually decline, a firm must be good at developing new products to replace aging ones. A firm must be good at adapting its marketing strategies in the face of changing tastes, technologies and competition as products pass through stages. challenge of product life-cycle strategies. A firm can obtain new product in 2 ways: through acquisition: by buying a whole company, a patent, or a license to p(cid:396)odu(cid:272)e so(cid:373)eo(cid:374)e else"s p(cid:396)odu(cid:272)t, through its own new product development efforts. New product development the development of original products, product improvements, p(cid:396)odu(cid:272)t (cid:373)odifi(cid:272)atio(cid:374)s, a(cid:374)d (cid:374)e(cid:449) (cid:271)(cid:396)a(cid:374)ds th(cid:396)ough the fi(cid:396)(cid:373)"s o(cid:449)(cid:374) product development efforts (research and development r&d efforts). New product original products, product improvement and modifications, and new brands.
