Course title: Marketing Management

course code: MGT 415

INTRODUCING NEW MARKET

OFFERINGS

Group- o9
 Credit goes to

Md. Jahid Hasan

Lecturer,
Department of Management Studies
Comilla University.
 Squad Members
NAME ID No.

Md Golam Kibria 11705014

Md. Mehadi Hasan 11705029
Md. Sohel Howladwer 11705031
Eshita Talukder 11705048
Shahnewaz Tamim 11705056
Mahedi Hasan (Group leader) 11705058
 Eshita Talukder
Id. 11705048

Topic
 NEW PRODUCT DEVELOPMENT
SHAPES THE COMPANY’S FUTURE
 NEW PRODUCT OPTIONS
 TYPES OF NEW PRODUCTS
 Factors that hinder new-product
development:
 NEW PRODUCT DEVELOPMENT
SHAPES THE COMPANY’S FUTURE

Improved or replacement products and services can maintain

or build sales; new-to-the-world products and services can
transform industries and companies and change lives. But the
low success rate of new products and services points to the
many challenges they face.
Wii Fit U is an exercise video game developed
by Nintendo for the Wii U console, and is the
successor to the Wii games Wii Fit and Wii
Fit Plus. Wii Fit U utilizes both the Wii
Balance Board and the Wii U GamePad in
gameplay, and is bundled with the newly
introduced Fit Meter, an activity meter
accessory. It was released in Japan on
October 31, 2013, followed by the North
America and Europe one day later.
 NEW PRODUCT OPTIONS
There are a variety of types of new products and ways to create them.
MAKE OR BUY
A company can add new products through acquisition or development. When
acquiring , the company can buy other companies, patents from other
companies, or a license or franchise from another company.
 TYPES OF NEW PRODUCTS
New products range from new-to-the-world products that create an entirely new
market to minor improvements or revisions of existing products. Most new-
product activity is devoted to improving existing products.
Some of the most successful recent new consumer products have been brand
extensions.
Examples: Cola meet coffee, IPhone 12, Always Infinity, and Secret Flawless
Deodorant.
 New to the world:

New products limit from new to the world products that

makes a completely new market at one end. It allows
the firm to enter in the existing market. For example,
the iPod and iPad, Polaroid Camera etc.

 Improvement and revision of existing product

Recent products made better.
For example, Wheel power white have been
revised numerous times throughout their history

 Repositioning
That is the product are retargeted for a
new use or application. It is becoming
quite difficult to identify products that
will transform a market.
 Factors that hinder new-product
development:
 Shortage of important ideas in certain areas.
 Fragmented markets.
 Social, economic and governmental constraints.
 Cost of development.
 Capital shortages.
 Shorter required development time.
 Poor launch timing.
 Shorter product life cycles.
 Organizational support.
 Shahnewaz Tamim
Id: 11705056

Topic
BUDGETING FOR A NEW-
PRODUCT DEVELOPMENT
ORGANIZING NEW PRODUCT
DEVELOPMENT:
BUDGETING FOR A
NEW-PRODUCT
DEVELOPMENT:

Project the Provide the Plan the

demand specification development

Produce the Promote the Provide the

product product product
 ORGANIZING NEW PRODUCT
DEVELOPMENT
5.1 New product Committees  5.2 New product Development

 most common arrangement for new  Encourage innovation as a full-time

product development. activity.

 primarily review and evaluate others  Department head typically has

new product plans rather than develop substantial authority.

their own.
 Tend to move slowly and
conservatively in large companies.
Md. Mehadi Hasan
Id:11705029

Topic
 Managing New Product Development
Process (Idea)
 Managing New Product
Development Process (Idea)
 Generating Ideas

The fact only few ideas are good enough to be commercially successful. New product
ideas can come from several sources. They may come from internal sources marketing
managers, researchers, sales personnel. Inventors and other ''creators'' represent a key
source of technological innovation and product ideas from outside the company.
Correcting ideas according to internal and external sources is called idea generation.
Internal source means when company take ideas to cooperate their internal employees.
In this process employee research new product development.
 Idea Screening
In process of screening, the ideas with
the greatest potential are selected for
future review. During screening,
product ideas are analyzed to determine
whether they match organizational
objectives and resources. Compared
with other phases, a largest number of
new product ideas is rejected during the
screening phase.
Mahedi Hasan
Id: 11705058

Topic
 Managing the development process:
concept to strategy
 Marketing strategy development
Managing the development process: concept to strategy

Concept development.
 Concept development means
implementing product idea with
alternative idea.

 Concept development refers to develop

the new product into alternative
product concept which introduce a
product with more affordable as well as
creates the mass market version
Product concept development add the extra value on product that increase the product
value for the consumers. When a customer gets their desirable product which fulfill
their demand, they pay money to get this. Concept development involves coming up
with a detailed description of idea, explained from the perspective of your customers.
Concept development usually highlight the following terms of a product. It highly
influenced the customer’s needs. Sometime concept development changes the
customer demands as well as introducing with new product.

usability quality price Values performance

 Concept testing
 Concept testing means testing new product concept with group
of target consumers. The concept may be presented to
consumer symbolically or physically.

 Consumer concept testing identify the final reaction on the

product. Two types of reaction arrived from the customer
when launched a final product in the market. It could be
positive or negative.

 Producer get valuable information about their desire product

from the market. It aids to develop a new product based on the
actual demand of consumers. The more the tested concepts
resemble the final product or experience.
Marketing strategy development

Describe the
target market

The sales,
market share The planned
and profit goal value
for the first proposition
few years
 Md Golam Kibria
Id: 11705014

Topic
 Commercialization
 The functions of
commercialization are to
successfully development of
new product:
 Commercialization

Commercialization is a way in which introducing the new product or production

method into the market. It is the final and most important phase of new product
development process
The functions of commercialization are to
successfully development of new product:

 Physical prototypes
The aim of the company’s Research and development
department is to find out a perfect prototype that
embodies the premier multiplication of new product
concept statement and which performs safely under
normal use and condition. This prototype can have
produced within predetermined budgeted of
manufacturing cost. Research and development
Department must be thinking and decide how the
consumers will be reacting to several colors, size, weights
and other external attributes.
  customer test

It refers the process of gathering feedback directly from

potential customers about all performance of product.
Customer test is also called the acceptance test. When the
physical prototypes are ready the firm must be carry out
customer test before the products enter into the
marketplace.
 Test marketing

Test marketing involves launching the product in small part (usually geographic) part of the
target market in order to gauge the viability of a product or service in the target market prior
to a main launch. The aim of the test marketing is to improve the success of the product
launch. Through test marketing, a marketer may ascertain the success ratio of the new
product and the marketing campaign and can design the marketing mix very well before
launch.
Md. Sohel Howladwer
Id: 11705031

Topic
 The Consumer-Adoption Process
 Influencing Factors
 Characteristics of the Innovation
 ORGANIZATIONS’ READINESS TO ADOPT
INNOVATIONS
The Consumer-Adoption Process
Adoption is making consumer loyal enough to buy the
same product again and again.
STAGES IN THE CONSUMER-ADOPTION PROCESS
 Influencing Factors

• Buyer Readiness
• Personal Influence
• Innovation Characteristics
• Organizations Readiness
 Buyer Readiness

Early Majority
Innovators
Laggards

Late Majority
Early Adopters
 Personal Influence

 It is the effect one person has on another’s attitude or

purchase probability.
 It has greater significance in some situations and for
some individuals than others and it is more important in
evaluation than the other stages.
 It has more power over late than early adopters and in
risky situations.
Characteristics of the Innovation:

1. Relative advantage
2. Compatibility
3. Complexity
4. Divisibility
5. Communicability
 ORGANIZATIONS’ READINESS
TO ADOPT INNOVATIONS
The creator of a new teaching method would want to identify
innovative schools. The producer of a new piece of medical
equipment would want to identify innovative hospitals.
Adoption is associated with variables in the organization’s
environment (community progressiveness, community income),
the organization itself (size, profits, pressure to change), and the
administrators (education level, age, sophistication). Other
forces come into play in trying to get a product adopted into
organizations that receive the bulk of their funding from the
government, such as public schools. A controversial or
innovative product can be squelched by negative public
opinion.
Thank you 