8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The...

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Page 1: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Page 2: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Product Planning and

Development

Chapter 8Chapter 8Chapter 8Chapter 8

McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

Page 3: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Chapter GoalsChapter GoalsChapter GoalsChapter Goals

McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

• Meaning of product

• New product

• Classification of consumer and business products

• Importance of product innovation

• Stages in new-product development process

• Criteria for adding a product to a company’s lines

• Adoption and diffusion processes for new products

• Organization structures for product planning and development

Page 4: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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ProductProduct

Set of tangible and intangible

attributes

Set of tangible and intangible

attributesMay be a good, service, place, person, or idea

May be a good, service, place, person, or idea

Want-satisfaction in the form of benefits

Want-satisfaction in the form of benefits

Page 5: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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ProductProductMore Than a Set of AttributesMore Than a Set of Attributes

Page 6: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Classification of ProductsClassification of Products

Consumer

Intended forpersonal

consumption orhousehold use

Business

Intended forresale,

producing other products,

providing services

in organization

Page 7: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Categories of Consumer GoodsCategories of Consumer Goods

Page 8: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Categories of Business GoodsCategories of Business Goods

Page 9: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Importance of Product InnovationImportance of Product Innovation

RequirementRequirement for growthfor growth

““Innovate or Die”Innovate or Die”

High failure ratesHigh failure rates

No differentiation,No differentiation,Does not deliver on promise,Does not deliver on promise,

Poor value

Page 10: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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What is a “New” Product?What is a “New” Product?

ReallyReallyinnovativeinnovative

ReallyReallyinnovativeinnovative

SignificantlySignificantlydifferentdifferent

SignificantlySignificantlydifferentdifferent

ImitativeImitativeImitativeImitative

Page 11: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Stages in the Development ProcessStages in the Development Process

Page 12: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Producer’s CriteriaProducer’s Criteria for New Products for New Products

AdequateAdequatemarket market demanddemand

AdequateAdequatemarket market demanddemand

Satisfy keySatisfy keyfinancialfinancialcriteriacriteria

Satisfy keySatisfy keyfinancialfinancialcriteriacriteria

CompatibleCompatiblewith with

environmentalenvironmentalstandardsstandards

CompatibleCompatiblewith with

environmentalenvironmentalstandardsstandards

Fit Fit company’s company’s marketingmarketingstructurestructure

Fit Fit company’s company’s marketingmarketingstructurestructure

Page 13: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Middleman’s CriteriaMiddleman’s Criteria for New Products for New Products

Good Good relationshiprelationship

withwithproducerproducer

Good Good relationshiprelationship

withwithproducerproducer

CompatibleCompatibledistributiondistribution

policies,policies,practicespractices

CompatibleCompatibledistributiondistribution

policies,policies,practicespractices

Satisfy keySatisfy keyfinancialfinancialcriteriacriteria

Satisfy keySatisfy keyfinancialfinancialcriteriacriteria

Page 14: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Stages in the Adoption ProcessStages in the Adoption Process

AWARENESSAWARENESSINTERESTINTEREST

EVALUATIONEVALUATIONTRIALTRIAL

ADOPTIONADOPTIONCONFIRMATIONCONFIRMATION

Page 15: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Early and Late AdoptersEarly and Late Adopters

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Adoption RateAdoption Rate

NNEEWW PPRROODDUUCCTT CCHHAARRAACCTTEERRIISSTTIICCSS

RREELLAATTIIVVEE

AADDVVAANNTTAAGGEE

SSuuppeerriioorr ttoo aavvaaiillaabbllee pprroodduuccttss

CCOOMMPPAATTIIBBIILLIITTYY CCooiinncciiddeess wwiitthh vvaalluueess aannddlliiffeessttyylleess

CCOOMMPPLLEEXXIITTYY DDiiffffiiccuullttyy iinn uunnddeerrssttaannddiinngg oorruussiinngg

TTRRIIAALLAABBIILLIITTYY AAbbllee ttoo SSaammppllee

OOBBSSEERRVVAABBIILLIITTYY DDeemmoonnssttrraattee eeffffeeccttiivveenneessss

Page 17: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Organizing for Product InnovationOrganizing for Product Innovation

SHIFTING ARRANGEMENTSSHIFTING ARRANGEMENTS

TYPES OF ORGANIZATIONSTYPES OF ORGANIZATIONS

Product-planning CommitteeNew-product department or team

Brand manager

Product-planning CommitteeNew-product department or team

Brand manager

Page 18: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Key Terms and ConceptsKey Terms and ConceptsKey Terms and ConceptsKey Terms and Concepts

McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

• Product

• Consumer products

• Business products

• Convenience good

• Shopping good

• Specialty good

• Unsought good

• Raw materials

• Fabricating materials

• Fabricating parts

• Installations

• Accessory equipment

• Accessory equipment

• Operating supplies

• New products

• New-product strategy

• New-product development process

• Business analysis

• Market tests

• Adoption process

• Diffusion

• Stages in the adoption process

• Innovation adopter categories

Page 19: 8-1. 8-2 Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

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Key Terms and ConceptsKey Terms and ConceptsKey Terms and ConceptsKey Terms and Concepts

McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.

• Innovators

• Early adopters

• Change agent

• Early majority

• Late majority

• Laggards

• Nonadopters

• Adoption rate

• Product-planning committee

• New-product department or team

• Brand manager


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