launching a new product dr. carol gwin baylor university july 14, 2005
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Launching a New ProductLaunching a New Product
Dr. Carol GwinDr. Carol Gwin
Baylor UniversityBaylor University
July 14, 2005July 14, 2005
Slide 10-43
Handspring Treo Brand VideoWhat is involved developing a new product?
Slide 10-31
What Separates New-Product Winners From What Separates New-Product Winners From Losers?Losers?
Slide 10-42
Stages in the New-Product ProcessStages in the New-Product Process
SETTING STRATEGIC DIRECTIONS
Where are we now?Where are we now?– Internal (your company)Internal (your company)
Core CompetenciesCore CompetenciesOther strengthsOther strengthsWeaknessesWeaknesses
– External (outside of the company)External (outside of the company)Trends changing customer needs and wants Trends changing customer needs and wants (sociocultural, demographics, technology)(sociocultural, demographics, technology)Industry and competitive strengths and weaknessesIndustry and competitive strengths and weaknessesTechnological developmentsTechnological developmentsThe economyThe economyPolitical, legal and regulatory restrictions and Political, legal and regulatory restrictions and changeschanges
Where are the greatest opportunities?Where are the greatest opportunities?
1. Create a Sustainable 1. Create a Sustainable Competitive AdvantageCompetitive Advantage
Different from competition in a way Different from competition in a way that is meaningful to the customer.that is meaningful to the customer.– Product/service, image, priceProduct/service, image, price
Difficult to copy (sustainable).Difficult to copy (sustainable).
Profitable.Profitable.
Potential Sources for Potential Sources for Product/Service DifferentiationProduct/Service Differentiation
Patents
Brand equity
Exclusive supplier agreements
Exclusive distribution agreements
Product reliability & quality
Unique processes
Obtain lower prices from suppliers.
Create efficient operations.
Control overhead costs.
Move down the experience curve.
Achieve economies of scale.
Obtain lower prices from suppliers.
Create efficient operations.
Control overhead costs.
Move down the experience curve.
Achieve economies of scale.
Potential Sources for Cost Potential Sources for Cost Competitive AdvantageCompetitive Advantage
Identifying the Target MarketIdentifying the Target Market
Who is most likely to buy your product?Why is it important to precisely define the target market?– Efficiencies
Marketing - Focused on specific target.Operations – Focused on specific features/attributes.
– Price premiumGreater value to customer since deliver to specific target market’s needs.
Customer ValueCustomer Value
Costs Benefits
Consumer Segmentation VariablesConsumer Segmentation Variables
FIGURE 7.3
Slide 2-43
Elements of the Marketing MixElements of the Marketing Mix
Slide 10-42
Information is Key to Developing a Information is Key to Developing a Successful New ProductSuccessful New Product
Slide 18-10
Growth of the Internet and E-CommerceGrowth of the Internet and E-Commerce
Slide 18-23
Online Consumer Sales by Category: Online Consumer Sales by Category: 2001 and 20052001 and 2005
Slide 18-25
Why Consumers Shop and Buy OnlineWhy Consumers Shop and Buy Online
Why Do Some Consumers Not Why Do Some Consumers Not Shop Online?Shop Online?
Slide 18-18
Creating the Customer Experience OnlineCreating the Customer Experience Online
Country Selector Amazon.com: Online shopping for electronics, apparel, music, books, DVDs & more
Online Marketing ToolsOnline Marketing Tools
Search enginesSearch enginesOnline adsOnline adsViral marketingViral marketingAffiliation programsAffiliation programsCommunity/relationshipsCommunity/relationshipsInteractive sitesInteractive sites– Personalization, customization, gamesPersonalization, customization, games
Personalized e-mailPersonalized e-mail
What is the biggest barrier to What is the biggest barrier to creating a successful online creating a successful online
business?business?
ProfitabilityProfitability– Attracting consumers to your web site.Attracting consumers to your web site.– Getting consumers to buy (or Getting consumers to buy (or
advertisers).advertisers).– The infrastructure for product The infrastructure for product
availability, packing and shipping.availability, packing and shipping.– Keeping competitors from copying real-Keeping competitors from copying real-
time.time.– Price sensitivity.Price sensitivity.
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