New-Product Development and Product Life-Cycle Strategies
6 important questions on New-Product Development and Product Life-Cycle Strategies
New product development the mayor steps
'Starting a marketing strategy by choosing from the product/market expansion grid is a good way to provide a clear direction for growth.'
Can you explain why this is the case?
- By choosing from the product/market expansion grid, the organisation is focused on a specific strategy.
- This helps the company to:
- Align its resources.
- Target the right audience.
- Develop relevant products/services.
- Ensure more efficient and effective marketing efforts tailored to its objective.
What are marketing metrics and can you name the seven most general marketing metrics for the CCIs?
- Marketing metrics are data points marketers use to track marketing strategies and campaigns over time, assessing, documenting, and evaluating their effectiveness.
- 7 General Marketing Metrics for the CCIs:
- Brand Awareness.
- Social Media Engagement.
- Revenue/Sales.
- Web Traffic & Conversation Rates.
- Event Attendance/Participation.
- Audience Retention.
- Visibility (SEO: Search engine optimisation).
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Managing new product development how?
The product is the foundation of an organisation's relationship with its customers.
What is another common name for 'the product,' and according to Hill et al. (2018), what are the four special characteristics that products in the art sphere often possess, particularly regarding experiences?
- Another common name for 'the product' is 'a market offering'.
- Four special characteristics of offerings (especially experiences) in the art sphere often possess:
- Intangibility.
- Experiences rather than objects.
- Inseparability of production and consumption.
- The audience plays a vital role in shaping the experience.
- E.g., the crowd putting lights in the air at a concert.
- Heterogeneity.
- No two experiences are the same.
- Perishability.
- Once the experience is over, it is also done.
- Unlike an object that you can use repeatedly.
What are 5 key considerations to make when you are selecting a product to focus on, or deciding to create a new product, for your marketing campaign?
- The aims & capabilities of your organisation.
- The current product portfolio.
- What products have potential and what are they bringing to the organisaiton?
- The competition.
- The market research and target audience.
- The strategic marketing (SMART) goals and focus.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
