Developing New Market Offerings (Marketing Strategy) (PowerPoint PPT)

Developing New Market Offerings (Marketing Strategy)

Lecture Outline
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.