MKT 2210 Lecture Notes - Lecture 19: Business Analysis, New Product Development

• School: University of Manitoba
• Department: Marketing
• Course: MKT 2210
• Professor: Malcolm C.Smith

Document Summary

Radical innovaions: new products that involve the introducion of a product that is enirely new and innovaive to the market. Educaion consumers through adverising, product trial, and personal selling, also public relaions plays a major role. Success of these products depends on the educaion of the consumer, usually through adverising and public relaion eforts. Adopion curve: the sequenial difusion and acceptance of a innovaion into the market by consumers. Innovators: venturesome, higher educated, use muliple informaion sources. Early adopters: leaders in social seings, slightly above average educaion. Laggards: fear of debt, neighbors and friends are informaion sources. One in ten new products are successful over ime. It is the journey of new product innovaion that makes new products successful over ime. Insensiivity to criical customer needs: bad iming, limited access to buyers. Developing and launching new products is an expensive with a high risk of failure research costs are high.