Marketing management

Slide 9.1

it’s good and good for you

Chapter 9
Developing new products and managing the product life cycle

Kotler et al., Principles of Marketing, 6th edition © Pearson Education Limited 2013

Slide 9.2

New product development and product life-cycle strategies
Topic outline

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New product development strategy
New product development process
Managing new product development
Product life-cycle strategies
Additional product and service considerations Kotler et al., Principles of Marketing, 6th edition © Pearson Education Limited 2013

Slide 9.3

New product development strategy
Two ways to obtain new products
Acquisition refers to the buying of a whole company, a patent or a license to produce someone else’s product.
New product development refers to the development of original products, product improvements, product modifications and new brands through the firm’s own product development efforts.

Kotler et al., Principles of Marketing, 6th edition © Pearson Education Limited 2013

Slide 9.4

New product development process Major stages in new product development

Figure 9.1

Major stages in new-product development

Kotler et al., Principles of Marketing, 6th edition © Pearson Education Limited 2013

Slide 9.5

New product development process (Continued)
Idea generation

Idea generation is the systematic search for new product ideas.
Sources of new product ideas
• Internal
• External

Kotler et al., Principles of Marketing, 6th edition © Pearson Education Limited 2013

Slide 9.6

New product development process (Continued)
Idea generation

Internal sources refer to the company’s own formal research and development, management and staff, and intrapreneurial programs.
External sources refer to sources outside the company such as customers, competitors, distributors, suppliers and outside design firms.
Kotler et al., Principles of Marketing, 6th edition © Pearson