In this chapter, we extend the coverage of product decisions by exploring additional product issues facing the marketer. First, we look at how companies structure their product offerings and identify the scope of a marketing manager’s responsibilities within this structure. Second, we spend a large part of this chapter covering the importance of new product development, including an analysis of the steps organizations may follow to bring new products to market. Finally, we show that once new products have been established in the market numerous factors force the marketer to adjust its product decisions. As part of this, we examine the concept of the Product Life Cycle and see how it offers valuable insight and guidance for new product decisions.
- Structure of Product Management
- Managing New Products
- Categories of New Products
- New Product Development Process
- Managing Existing Products
- The Product Life Cycle
Links to Cited References:
- “Laundry Detergent and Fabric Care Products – Tide,” Procter & Gamble. https://tide.com.
- “What We Do.” BIC. https://www.bicworld.com/en/our-products/what-we-do.
- For more on the Nickelodeon business model see: “Nickelodeon.” Wikipedia. https://en.wikipedia.org/wiki/Nickelodeon.
- For amusing examples of knockoff products see: “The 50 Funniest Knockoff Brands Ever.” WorldWideInterWeb. https://worldwideinterweb.com/knockoff-brands-funny.
- One U.S. city that marketers often select for a test market is Columbus, Ohio. For background on why Columbus is a popular test market location see: Sullivan, Michelle. “How Columbus Became America’s Test Market.” Columbus Monthly, January 2015. http://www.columbusmonthly.com/content/stories/2015/01/how-columbus-became-americas-test-market.html.
- Rogers, Everett. M. Diffusion of Innovation. 5th ed. The Free Press, 2003.
- For more on why toys are especially prone to being fad products see: Sohn, Emily. “Why Do Children Love Those Fad Toys So?” National Public Radio, May 10, 2017. https://www.npr.org/sections/health-shots/2017/05/10/527769527/why-do-children-love-those-fad-toys-so.
- Moore, Geoffrey. Crossing the Chasm. 3rd ed. HarperBusiness, 2014.