Introducing New Market Offerings

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Introducing New Market Offerings by Mind Map: Introducing New Market Offerings

1. New Product Options

1.1. Make or buy

1.1.1. Acquisition or development

1.2. Types of products

1.2.1. Improvement of existing products; strong R&D and marketing partnership

2. Challenges in New-Product Development

2.1. Innovation imperative

2.1.1. Identify and seize new market opportunitie

2.2. New product success

2.2.1. Disruptive techonologies; monitoring customer and noncustomer preferences

2.3. New product failure

2.3.1. Overestimates of market size; high development costs; poor design or ineffectual performance; incorrect positioning, advertising, etc.

3. Organizational Arrangements

3.1. Budgeting for new product development

3.1.1. Idea screening, concept testing, product development, test marketing and national launch

3.2. Organizing new product development

3.2.1. Cross functional teams Skunkworks and communities of practice

3.2.2. Croudsourcing Expertise and different perspective on projects

3.2.3. Stage-gate systems Scoping, build business case, development, testing & validation, launch

4. Managing the development process

4.1. Ideas

4.1.1. Generating ideas Interacting with employees, interacting with outsiders and studying competitors

4.1.2. Using idea screening Drop poor ideas as early as possible

4.2. Concept to strategy

4.2.1. Concept development and testing Category concept that defines the product's competition and presented to target consumers

4.2.2. Marketing strategy development Describes target market, planned price, distribution strategy and long-run goals

4.2.3. Business Analysis Estimation of total sales, costs and profits

5. Price

5.1. Setting the price

5.1.1. Step 1: Selecting the pricing objective Step 2: Determining demand Step 3: Estimating costs Step 4: Analyzing competitor's costs, prices, and offers Step 5: Selecting a pricing method Step 6: Selecting the final price

5.2. Adapting the price

5.2.1. Geographical, differentiating, and promotional pricing, price discounts and allowances

5.3. Initiating and responding to price changes

5.3.1. Initiation of price cuts and price increases, anticipation of competitive responses and responding to competitors price change