Ch. 11 - Developing and Managing Products

New Products can be categorized in 6 different ways. It is not always just a brand new innovation that no one has seen before.
New-To-The-World Products
It is the products that create an entirely NEW market.

Apple's iPad revolutionized the technology sector by fusing their iPhone tech with their MacBook tech. This is something the world has never seen before. Unfortunately, my marketing teacher, Professor Evans will not be getting one of these for Christmas..... :( haha jk.

New Product Lines

A new product that a firm has not offered before and it enters a market that is in its maturity stage. 

So for example, when Nike Cologne was introduced in 1991. It was a new product they have never offered before and it was just widening their product mix.

The other four are: Additions to Existing Product Lines, Improvements or Revisions of Existing Products, Repositioned Products, and Lower-Priced Products.

According to a management consulting firm, Booz, Allen, & Hamilton, they concluded that "the companies most likely to succeed in developing and introducing new products are those that take the following actions:

• Make the long-term commitment needed to support innovation and new-product development.
• Use a company-specific approach, driven by corporate objectives and strategies, with a well-defined new-product strategy at its core
• Capitalize on experience to achieve and maintain competitive advantage
• Establish an environment- a management style, organizational structure, and degree of top management support- conducive to achieving company specific new-product and corporate objectives.

I wanted to share this you guys because recently I've been getting a lot of hits from people who are googling "succeed with marketing" or "managing advertising" So I'm sure this can help a lot people get some more insight on how to continue the development of their companies.