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 may 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
- “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 examples of new products created around the world in response to the pandemic see: Shushan Hakobyan. “20 Post-Pandemic Innovative Solutions and Products.” Itonics, August 7, 2020. https://www.itonics-innovation.com/blog/20-post-pandemic-innovative-solutions-and-products.
- Even during the coronavirus pandemic marketers were still undertaking brainstorming sessions. For information on how brainstorming can be done when people cannot be together see: Art Markman. “How to Brainstorm — Remotely.” Harvard Business Review, July 20, 2020. https://hbr.org/2020/07/how-to-brainstorm-remotely.
- Everett. M. Rogers. Diffusion of Innovations, 5th ed. The Free Press, 2003.
- Of course, a once-in-a-century pandemic is an external force. However, unlike other forces, the rarity of this event is generally not something marketers consider when developing a new product strategy. Though for a few years after the end of this pandemic, it would not be a surprise to see marketers add a special “unusual events” section to their plan just in case another pandemic or other unique event occurs.
- Geoffrey Moore. Crossing the Chasm, 3rd ed. HarperBusiness, 2014.