Bringing New Products to Market
IN THIS SUMMARY
Bringing New Products to Market details the differences in product planning in various sizes and types of companies. This work provides clear, long-lasting insights into the whole new-product marketing process: how to decide if a product is really marketable, how to conduct and analyze market research, how to estimate both sales and cost, how to integrate product planning with overall corporate strategy, and how to maintain a competitive edge after the product planning process begins.Companies that are consistently successful at marketing new products are usually those where bureaucracy and corporate politics are subordinated to common goals and vision. A strategic product plan should be formulated and should specifically consider such issues as securing a new product leadership position in the markets served versus accepting the role of a cost-efficient market-responsive close follower, whether or not to maximize market share by aggressive new product development, what percentage of sales will be generated by new products, whether or not top management will commit to a steady product development effort, and the company’s knowledge of the competition. Regarding the selection of the "right" product manager, the best qualified person often emerges, early on, from the product planning team.Absence of market research is a prime cause of product failure. Although it is absolutely mandatory that research begin with the customer, companies often neglect to use consumer feedback as part of the new product planning process. Generally, some combinations of an individual’s life-style go a long way in determining a person’s likely acceptance or rejection of a new product. Since segmentation works at many different levels, the challenge is to ascertain the amount of effort needed to determine which prospects to target and in what order of priority. Furthermore, for segmentation to be useful, data must be translated into specific action steps.