MKT101 - Chapter 9 - TKR PDF
MKT101 - Chapter 9 - TKR PDF
MKT101 - Chapter 9 - TKR PDF
(MKT101)
Tanveer Kabir
Lecturer: East West University
MBA, IBA, University of Dhaka
BBA, IBA, University of Dhaka
CHAPTER 9
NEW SOLUTIONS
&
VARIETY
to customers’ lives
Why Are New Products Important?
GROWTH
Drawbacks
Innovation can be very expensive and very risky
Concept Marketing
Idea Generation Idea Screening Development Strategy
and Testing Development
Business Product
Test Marketing Commercialization
Analysis Development
Step 1: Idea Generation
• Idea Generation is the
Systematic Search for new
product ideas
• Idea Sources can be classified
into:
– Internal Sources
– External Sources
Step 1: Idea Generation
INTERNAL IDEA SOURCES
– Internal R&D
– Encourage employees to
develop new product ideas
example: Twitter Hack Week
FIGURE 9.2
Product Life-Cycle
Not all products follow all five stages of the PLC
Some enter the decline stage and are then cycled back into
the growth stage
Product Life-Cycle
A well-managed brand could live FOREVER
Product Life-Cycle