Managerial Recap New (and improved!) products are fun to create, and they are cr

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Managerial Recap
New (and improved!) products are fun to create, and they are cr

Managerial Recap
New (and improved!) products are fun to create, and they are crucial to a company’s growth. To develop new products, marketers go through a process:
From idea generation to testing the market potential, to concept testing, design and development, then beta testing, and ultimately the launch (review Figure 8-1).
Reinvigoration along product lines is important because products evolve through a life cycle:
From introduction, to growth, maturity, and decline;
Each stage is recognizable by its sales and profitability;
And each stage carries standard recommendations for the 4Ps.
Models can be used to forecast sales. Most include factors that reflect word-of-mouth or buzz marketing. Information technology is facilitating viral marketing.
A manager who wants to be seen as innovative and foresightful would do well to study trends.
Chapter Discussion Questions
Consider the trends described in the chapter (e.g., aging, heightening environmental concern, or China). How will each affect the business you are in (or were in before coming to b-school)?
Make a list of three of your favorite brands. What would be a great brand or line extension that you would like to see developed as a new product?

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