Regardless of the model, critical phases include: Product idea generation, idea screening, concept testing, business analysis, marketing mix development, test marketing and commercialization.
Customer Focus versus Managerial Focus while developing product:
Customer Focus
-Features
-Consequences, values
-Ease of operation
-Unique qualities
-Consumption
Managerial Focus
-Design
-Cost
-Ease of production
-Unique technologies
-Production
In addition, several authors have suggested that high tech markets, unlike low-tech markets, must focus on both demand-side marketing and supply-side marketing.
There is one or combination one or more reasons given below responsible for product to fail in the market:
--Customer expectations not met
--No innovative advantage perceived
--Information about product is scarce, unclear, or difficult
--Need for product is not seen
--Unique attributes not seen
--Poor selection of target market
--Poor communication of product benefits
--Distribution channel selection
--Pricing problems
Saturday, October 18, 2008
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