Chapter 12

• exam on monday 10/24 
• chapters 9-12 
• lucture topics 
• core concepts of NPD 
• new product development 
• the complete process of bringing a new product to market 
• the transformation of ideas into new offerings (innovation) 
• prove growth strategy 
• idea generation \concept testing 
• product developent 
• market testing 
• how firms develop new products 
• idea generation - development of viable new product ideas 
• viable products - is it worth it and will it bring profit 
• concept testing - testing the new product idea among a set of potential customers 
• want to bring in potential consumers and getting feedback on the idea of a product 
• product development - development of prototypes and /or the product 
• market testing - testing the actual products in a few test markets 
• selcts markets that would be a good representation of their consumers 
• product launch - full  scale, commercialization of the product 
• evaluation of results - analysis of the performance of the new product and making appropriate modifications 
• 2 categories of new product development 
• new to the world products 
• redesigned products 
• new product development : redesigns 
• new versions of existing products / services 
• primary category of new product development 
• LEGO introduces building sets to free-form blocks (2006) 
• Matel introduces tall, petite and curvy body types for barbie (2016) 
• new product development : new to world products 
• pioneers/breakthroughs/first - movers 
• represent less than 10% of new product introductions
• 50 - 80% failure rate 
• when making new products think about simplicity 
• advantages and disadvantages of being the first to introduce products that create new markets 
• advantages
• product becomes readily recognizable to consumers 
• the company establishes a commanding and early market share lead 
• can mean a greater market share over a long period 
• disadvantages 
• they do not succesfully meet the consumer need 
• they meet a need that consumers have not realized yet 
• they get imitated by competitors who can produce cheaper alternatives 
• why do firms create new products 
• to manage changing customer needs 
• to improve buisness relationships ( speaks to the supply chain )  
• to respond to fashion cycles ( short product lifestyles) to manage risk through diversity 
• to prevent overall sales declines ( due to market saturation) - no growth in the market 
• 
  

• Stephanie Hernandez
  Aaron Rodriquez
  Robin Gines
  RadioShack
  Group # 4
  Application Assignment # 1
  
  
  Business Mission & Objectives:
  
  
  1. Electronic customization and retail operating business in the technology industry.
  2. RadioShack’s goal is to be your neighborhood technology resource & enable people to get what they need in order to connect and power their lives through technology.
  3. In order to accomplish these goals and objectives RadioShack must reduce costs by cutting and reinventing the RadioShack brand.
  
  
  Problem Definition:
  
  
  1. We are trying to help RadioShack fix their reputation and reestablish their brand while also reducing total costs because RadioShack is running out time and money. We are also focusing on strengthening customer service by providing technological support.
  2. Reducing costs is an important challenge RadioShack must overcome because they are losing more and more money with each passing quarter and to reestablish their brand and become relevant again they need time, reducing costs will help buy more time.
  
  

• earned media - media not paid for 
• mc example - chick-fil-a "eat mor chikin" campaign 
• communication proccess model 
• aida model 
• elemens of an IMC strategy 
• marketing communications 
• advertising 
• public relations 
• sales promotion 
• personal selling 
• direct marketing 
• digital ( online) marketing 
• advertising - a paid form of nonpersonal communication from an identifiable source 
• the most visible IMC element 
• designed to inform, persuade and remind ( the reciever to take some action, now or in the future) 
• Public Relations  - manages the firms communications to facilitat media relations, image managment, sponsorship, etc.. 
• the goal is to impress the media public 
• and cause engagements with the company 
• sales promotion 
• special incentives or excitement-building programs that encourage purchase of a product or service 
• coupons,rebates, premiums ( BOGO), sweepstakes, free samples, product placement... 
• personal selling 
• the two- way flow of communication between a buyer and seller designed to influence the buyer purchase decision
• personal selling - the two way flow of communication between a buyer and seller designed to influence the buyers purchase decision 
• 
  

chapter 18: Advertising, Public Relations, and Sales Promotion

• lecture topics 
• advertising fundamentals 
• advertising 
• a paid form of nonpersonal communication from an identifiable source 
• the most visible IMC element 
• designed to inform pursuade and remind 
• the reciever to take some action, now or in the future 
• all advertising campaigns are designed to creatively inform, pursuade or remind 
• informative ads are designed to ... 
• explaining how a product works ( introduction) 
• suggesting new uses for an existing product 
• announce updates ( price, features, or offerings) 
• comparative strength ( making direct comparison to competitors) 
• motivate consumers to take action 
• usually presents on ... if then logic 
• may be used to reposition an established brand in the later stage of the PLC 
• reminder ads are designed to ... 
• remind or prompt repurchases 
• occurs after the products have gained market acceptance 
• designing advertisments 
• focus of advertising \
• product-focused 
• institutional-focus 
• public service-focused 
•  the message 
• highlights key benefits (i.e. Problem solving ability) 
• presents a unique selling proposition (USP) 
• based on the marketing communications samples you have collected for your brand 
• for the most recent advertisment: identify  the advertising 
• Stephanie Hernandez
  Aaron Rodriquez
  Robin Gines
  RadioShack
  Group # 4
  Application Assignment # 1
  
  
  Business Mission & Objectives:
  
  
  1. Electronic customization and retail operating business in the technology industry.
  2. RadioShack’s goal is to be your neighborhood technology resource & enable people to get what they need in order to connect and power their lives through technology.
  3. In order to accomplish these goals and objectives RadioShack must reduce costs by cutting and reinventing the RadioShack brand.
  
  
  Problem Definition:
  
  
  1. We are trying to help RadioShack fix their reputation and reestablish their brand while also reducing total costs because RadioShack is running out time and money. We are also focusing on strengthening customer service by providing technological support.
  2. Reducing costs is an important challenge RadioShack must overcome because they are losing more and more money with each passing quarter and to reestablish their brand and become relevant again they need time, reducing costs will help buy more time
  The difference between the consumer making decision process between a very first new smartphone and toothpaste is the amount of research that goes into deciding which product you wish to buy for smartphones there is more thought for alternatives more than toothpaste. The three primary ways to dispose of products is the iconic transfer ritual which is where you move it from one place to another  ritual transition place, where you move your items from one place to another just to keep it close to you and ritual cleansing where you wash and iron something before getting rid of it.
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