LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO:
Recognize the various terms that pertain to products and services.
Identify the ways in which consumer and business products can be classified.
Explain the significance of “newness” in new products and services as it relates to the degree of consumer learning involved.
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McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.Recognize the various terms that pertain to products and services.LO1Identify the ways in which consumer and business products can be classified.LO3LO2LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO:Explain the significance of “newness” in new products and services as it relates to the degree of consumer learning involved.Describe the factors contributing tothe success or failure of a new product or service.Explain the purposes of each step of the new-product process.LO5LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO:LO4APPLE’S NEW-PRODUCTINNOVATION MACHINEApple’s Innovation MachineiCloud: Where the Digital Lifestyle is HeadingAPPLE’S NEW PRODUCTSWHAT ARE PRODUCTS AND SERVICES?A LOOK AT GOODS, SERVICES, AND IDEASLO1GoodsServicesNondurableGoodsDurableGoodsProductsIdeasWHAT ARE PRODUCTS AND SERVICES?CLASSIFYING PRODUCTSLO2Business ProductsConsumer ProductsWHAT ARE PRODUCTS AND SERVICES?CLASSIFYING PRODUCTSLO2Consumer ProductsConvenience ProductsShopping ProductsSpecialty ProductsUnsought ProductsFIGURE 10-1 How a consumer product is classified affects which products consumers buy and the marketing strategies usedWHAT ARE PRODUCTS AND SERVICES?CLASSIFYING PRODUCTSLO2Business ProductsComponentsSupport ProductsDerived DemandSuppliesIndustrialServicesInstallationsAccessoryEquipmentProduct ItemProduct LineProduct MixStock Keeping Unit (SKU)WHAT ARE PRODUCTS AND SERVICES?PRODUCT ITEMS, LINES, AND MIXESLO2Little RemediesHow does a broad product line benefitboth consumers and retailers?LO2USING MARKETING DASHBOARDSWhich States are Underperforming?Annual Percent Change in Unit Volume by State> 10%0 to 10%< 0%Change in GrowthLO2NEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHAT IS A NEW PRODUCT?LO3Newness: Compared to Existing ProductsMARKETING MATTERSFeature Bloat: Geek Squad to the Rescue!LO3Newness: The Consumer’s PerspectiveContinuous InnovationDynamically Continuous InnovationDiscontinuous InnovationNewness in Legal TermsNEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHAT IS A NEW PRODUCT?LO3FIGURE 10-2 The degree of “newness” in a new product affects the amount of learning effort consumers exert to use the productProduct Line ExtensionJump in InnovationNewness: The Organization’s PerspectiveNEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHAT IS A NEW PRODUCT?LO3Brand ExtensionTrue InnovationNewness: The Organization’s PerspectiveNEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHAT IS A NEW PRODUCT?LO3Purina Elegant MedleysWhat are the potential benefits and dangersof product line extensions?LO3MARKETING MATTERS When a National Brand Doesn’t Workin an Unfamiliar Market LO3Frito-Lay LemonadeBen-Gay AspirinBic Disposable UnderwearCosmopolitan YogurtLife Savers SodaHarley-Davidson PerfumeFIGURE 10-A What it takes to launch one commercially successful new productMarketing Reasons for New-Product FailuresInsignificant Points of DifferenceNo Economical Access to BuyersNot Satisfying Customer Needs onCritical FactorsIncomplete Market and Product ProtocolBefore Product Development StartsNEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHY PRODUCTS & SERVICES SUCCEED OR FAILLO4Marketing Reasons for New-Product FailuresBad TimingPoor Product QualityPoor Execution of the Marketing MixToo Little Market AttractivenessNEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHY PRODUCTS & SERVICES SUCCEED OR FAILLO4Fingos & Thirsty Dog/Thirsty CatWhy did these products fail?LO4Avert and Hey! There’s a Monster in My RoomWhy did these products fail?LO4FIGURE 10-B What separates new-product winners and losersNot Listening to the “Voice” of the ConsumerSkipping Stages in the New-Product ProcessWhat Were They Thinking? Organizational Problems in New-Product FailureMarketing a Poorly Conceived Product Too QuicklyEncountering “Groupthink” in MeetingsNot Learning Lessons From Past FailuresAvoiding the “NIH Problem”NEW PRODUCTS AND WHYTHEY SUCCEED OR FAILWHY PRODUCTS & SERVICES SUCCEED OR FAILLO4FIGURE 10-3 Seven stages in the new-product process leading to successTHE NEW-PRODUCT PROCESSSTAGE 1: NEW-PRODUCT STRATEGY DEVELOPMENTLO5New-Product ProcessSWOT Analysis/Scanning ConductedNew-Product Strategy DevelopmentStrategic Role DefinedProtocol DefinedStage Gate ProcessService Development DifficultFIGURE 10-C Strategic roles of most successful new productsTHE NEW-PRODUCT PROCESSSTAGE 2: IDEA GENERATIONLO5Employee and Co-Worker SuggestionsCustomer and Supplier SuggestionsCrowdsourcingIdea GenerationOpen InnovationTHE NEW-PRODUCT PROCESSSTAGE 2: IDEA GENERATIONLO5Outside LabsIndustrial DesignResearch & Development LaboratoriesAppleiMac AdTHE NEW-PRODUCT PROCESSSTAGE 2: IDEA GENERATIONLO5InventorsSmaller FirmsUniversitiesCompetitive Products and ServicesTHE NEW-PRODUCT PROCESSSTAGE 3: SCREENING AND EVALUATIONLO5Internal ApproachExternal ApproachConcept TestsScreening and EvaluationTHE NEW-PRODUCT PROCESSSTAGE 4: BUSINESS ANALYSISLO5PrototypeBusiness FitCapacity ManagementOff-Peak PricingBusiness AnalysisTHE NEW-PRODUCT PROCESSSTAGE 5: DEVELOPMENTLO5Service EncountersBrainstormingSafety TestsDevelopmentMARKETING MATTERSMarissa Mayer: The Talent BehindGoogle’s Familiar White Home PageLO5THE NEW-PRODUCT PROCESSSTAGE 6: MARKET TESTINGLO5Simulated Test Markets (STMs)Test MarketingWhen Test Markets Don’t WorkMarket TestingStandard Test MarketsControlled Test MarketsTHE NEW-PRODUCT PROCESSSTAGE 7: COMMERCIALIZATIONLO5Burger King’s French FriesRisks with Grocery ProductsSlotting FeeFailure FeeCommercializationRegional RolloutsSpeed as a Factor in New-Product SuccessTime to Market (TtM)Parallel DevelopmentFast PrototypingTHE NEW-PRODUCT PROCESSSTAGE 7: COMMERCIALIZATIONLO5ACTIVEION CLEANING SOLUTIONS:MARKETING A HIGH-TECH CLEANING GADGETVIDEO CASE 10VIDEO CASE 10ACTIVEION1. What are the major points of difference for the Activeion portable handheld cleaning and sanitizing devices for (a) business users and (b) households?VIDEO CASE 10ACTIVEION2. From information in the caseand a visit to the Activeionwebsite, what are the characteristics of the main target markets for the Activeion cleaning tools among (a) business users and (b) households?VIDEO CASE 10ACTIVEION3. Look again at the eight key reasonsfor new product success and failure in the chapter. Using a five-point scale(5 = very favorable, 3 = neutral, 1 = very unfavorable), evaluate (a) the Ionatorfor business users and (b) the consumer version for households on each of the eight reasons. Briefly justify your answers.VIDEO CASE 10ACTIVEION4. When introducing the consumer version for households, (a) identify three key target markets, (b) suggest media you might use to reach them, and (c) create one or two simple messages to communicate the product’s points of difference.VIDEO CASE 10ACTIVEION5. What other handheld applications could Activeion pursue for its technology?ProductA product is a good, service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.ServicesServices are the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange money or something else of value.Consumer ProductsConsumer products are products purchased by the ultimate consumer.Business ProductsBusiness products are products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products.Convenience ProductsConvenience products are items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.Shopping ProductsShopping products are itemsfor which the consumer compares several alternatives on criteria, such as price, quality, or style.Specialty ProductsSpecialty products are itemsthat a consumer makes a special effort to search out and buy.Unsought ProductsUnsought products are items that the consumer either does not know about or knows about but does not initially want.Product ItemA product item is a specific product that has a unique brand, size, or price.Product LineA product line is a group of product or service items that are closely related because they satisfy a classof needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.Product MixA product mix consists of all of the product lines offered by an organization.ProtocolA protocol is a statement that,before product development begins, identifies: (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.New-Product ProcessThe new-product process consists of the seven stages an organization goes through to identify business opportunitiesand convert them to salable products or services.New-Product Strategy DevelopmentNew-product strategy development is the stage ofthe new-product process that defines the role for a newproduct in terms of the firm’s overall objectives.Idea GenerationIdea generation is the stageof the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.Screening and EvaluationScreening and evaluation isthe stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.Business AnalysisBusiness analysis is the stageof the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.DevelopmentDevelopment is the stage of the new-product process that turns the idea on paper into a prototype.Market TestingMarket testing is the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy.CommercializationCommercialization is the stage of the new-product process that positions and launches a new product in full-scale production and sales.