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BENEFITS OF DOCUMENT
Developing New Market Offerings (Marketing Strategy)
1, Categories of New Products
2. Factors That Limit New Product Development
3. Finding One Successful New Product
4. Criteria for Staffing Venture Teams
5. The New Product-Development Decision Process
6. Idea Generation: Creativity Techniques
7. Variations on Product Failure
8. Product-Idea Rating Device
9. Concepts in Concept Development
10. Utility Functions Based on Conjoint Analysis
11. PLS Sales for Three Product Types
12. Projected 5-year Cash-Flow Statement
13. Prototype Testing
14. Consumer Goods Market Testing
15. Test Market Decisions
16. Timing of Market Entry
17. Criteria for Choosing Rollout Markets
18. Consumer-Adoption Process
20. Characteristics of an Innovation
Have you ever wondered how the products and services are designed from scratch? You must be thinking – From where to start? What to do? There are a lot of factors that a marketer needs to consider while developing a new market offering. But don't worry if you have no idea, this best marketing practice will give you an implementation of how do you develop a new product offering.
1. What challenges does a company face in developing new products?
2. What organizational structures are used to manage new-product development?
3. What are the main stages in developing new products?
4. What is the best way to set up the new-product development process?
5. What factors affect the rate of diffusion and consumer adoption of newly launched products?
Developing a new market offering starts with Need Analysis and Idea Generation. You can gather ideas from your consumers by observing how they are using your product, asking about their dream products, asking what the problems they are facing are. The next step is the concept development stage. The consumers do not buy the idea; they buy the concepts. Hence, this step is focused upon ideation of the product offering.
The concept development stage includes deciding value-addition, Competitor analysis and STP of the new product offering.
Marketing Strategy Development stage includes analysing the external environment and deciding on the new product offering's concrete strategies. This can also be done using 5Cs and 4Ps. After this, total sales, costs and profits are estimated under Business Analysis Stage. After the development, testing is of the new product offering is a must and then finally the new product offering is commercialised.
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Source: Best Practices in Product Launch Strategy, Product Strategy PowerPoint Slides: Developing New Market Offerings (Marketing Strategy) PowerPoint (PPT) Presentation, UJ Consulting
ABOUT THE AUTHOR: UJ CONSULTING
Untung Juanto ST., MM. Founder of UJ Consulting. He is professionally experienced business and management consultant in several local and multinational companies. [read more] He has an experience in managing an effective and efficient company with various approach methods adapted to different industries because He had a career from the lower management level as Supervisor before finally being at the top management level. His Top Management experience started from the position of General Manager, VP Operation, HR Director and Business Development Director
He completed his undergraduate education majoring in Architecture at Diponegoro University, Semarang, Central Java, Indonesia. After that, He continued to Master of Management level majoring in Human Resource Management with cum laude predicate with a GPA of 3.94 at Mercubuana University, Jakarta, Indonesia.
His last work experience as Deputy President Director at Hutahaean Group in charge of 14 business units engaged in various industries including CPO Production, Oil Palm Plantation, Cassava Plantation, Tapioca flour production, 4 and 5 star hotels, waterparks, golf courses and housing with a total of employees more than 3,000 employees.
His biggest achievement was in 2021 when He served as Deputy President Director at Hutahaean Group Indonesia by increasing the company's revenue from IDR 700 billion to IDR 1.1 trillion (y/y) and increasing the profit margin by more than 20%. Doing a turn around on business units that have lost in the last 5 years become profits. In addition, He have also succeeded in creating an efficient and effective management system by redesigning the Business Process Management (BPM), reviewing Standard Operating Procedures (SOP) and Work Instructions and compiling the appropriate Key Performance Indicator Management (KPIM) to increase employee productivity.
He is currently active as a part-time business and management consultant (online) at Enquire Corp. and Flevy Corp. In addition, He also teach part-time at several universities for courses in strategic management, human resource management, project management, entrepreneurship and business.
UJ Consulting has published 171 additional documents on Flevy.
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