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Chapter 1. Classification of
New Products
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Based on Service Development
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*Products that are
really innovative
These are strictly
unique in nature.
These productsmight not have
been in existence
till they wereintroduced.
Based on Service Development
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Based on Service Development
Replacements that
are significantly
differentThese are
changes in existingproducts in terms of
form, functions and
most importantly
benefits provided.
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Based on Booz, Allen Hamilton
Framework
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Based on Booz, Allen Hamilton
Framework
Significant improvements- these
products are not born out of a majorinvention but carry significant
improvements over their existing
counterparts. They offer superior
performance and hence replace existing
products.
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Based on Booz, Allen Hamilton
Framework
*Modified Products-these products are
modifications of the existing products.These may include new flavors, new
perfume, new package, a revised size etc.
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Based on Booz, Allen Hamilton
Framework
Products new to companythese
products are new to the company but notto the market.
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Based on Booz, Allen Hamilton
Framework
*Repositioning-these products are
existing products, but targeted at newsegments or new markets for the reasonlike increasing market share, fighting localbrands etc.
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Based on Booz, Allen Hamilton
Framework
*Repositioning-these products are
existing products, but targeted at newsegments or new markets for the reasonlike increasing market share, fighting localbrands etc.
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Based on Booz, Allen Hamilton
Framework *Cost Reductions- these products are
functionally similar to the existing product
but launched at a reduced price.
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Based on Opportunities
Desirable products
are those that have
high long term benefit
and also give highshort term
satisfaction.
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Based on Opportunities
Pleasing Products-
are those that give
high short term
satisfaction but whichmay hurt the
consumer interests in
the long term.
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Based on Opportunities
Salutary products
are those that give
high long term benefit
and give low shortterms satisfaction.
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Based on Recent Launches
Marketing Innovations
these are improved or
altered versions of
existing products. These
improvements includeminor modifications like
packaging, branding and
easy availability rather
than a change in thesubstance of the product
itself.
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Based on Recent Launches
Product
Improvements
these products are
more than just slightimprovements and
may carry innovations
on the technology
front or considerablechange in the design
of existing products.
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Based on Recent Launches
*Technological Innovations-these areproducts that are really innovative and has
the highest degree of innovation.
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Based on the State of
Purchasers Need
-this is a new product
classification based on the state ofthe purchasers want or need.
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Based on the State of Purchasers
Need Eagerly wanted
products-is offered
to the market to
satisfy an eager want
or need. It depends
on the initial value of
the new product tothe adopter
(consumer)
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High Value-Products
that are ready to be
obtained immediately
when becomes
available.
Based on the State of Purchasers
Need
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Intensive informative
searchconsumer
are willing to takegreat efforts to spend
time to search for
information about its
content, availabletime and date etc.
Based on the State of Purchasers
Need
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*Reasonable Price-
consumers will
tolerate it in case of
unsatisfactory
performace
Based on the State of Purchasers
Need
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Based with Regard of the
Corporate Strategy
Remerchandising is a modification of
name, promotion, price, packaging and /
or distribution while maintaining the
features of the basic product
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Based on Service Development
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Based on Service Development
Major
innovations
are new services
for markets that
are but yet
defined.
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Based on Service Development
*Start up business consist of new
services for a market that is already
served by existing products and meet the
same generic needs.
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Based on Service Development
New services for the currently served marketrepresent attempts to offer existing customersthe organization a service that was notpreviously available from the company, although
it may be available in other companies
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Based on Service Development
Service lineextensions
represent
augmentations ofthe existing
service line.
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Based on Service Development
*Serviceimprovements
are perhaps the
most commontype of service
innovation.
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New Product Strategy
New Product Strategy- is a statement that
identifies the role of a new product and
what is expected to play in achieving
corporate and marketing goals.