Innovation management. Marketing a new product, reasons for the failure of new products (the most important)

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Innovation management. Marketing a new product, reasons for the failure of new products (the most important)

Lecture notes, cheat sheets

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17. MARKETING OF A NEW PRODUCT, REASONS FOR THE FAILURE OF NEW PRODUCTS

Before developing a new product, marketing research must be carried out. This research concerns existing products and is carried out by collecting information and analyzing:

1) demand for goods - includes the establishment of the number of potential buyers; competing products, the level of memorability of firms, sales markets;

2) consumer opinions about the product - includes information about the requirements of consumers to the product and the level of service; about motivations; about sources of information; on the evaluation of brands of goods; about needs;

3) consumer segments.

Development of a new product is the creation of original products, improvement of products (or their modernization), including the process:

1) idea generation is the search for ideas for new products. Sources: the market, the developer company itself, an independent company, creative (morphological and problematic) analyzes;

2) selection (selection) of ideas - identification of promising ideas in a short time. Includes peer review, evaluation matrix, multi-criteria evaluation;

3) development of the concept of a new product and its verification - a product is determined in which the chosen idea will be implemented, competing products, product positioning;

4) development of a marketing strategy - carried out on the basis of an estimated and forecast marketing plan, recommendations are given on the choice of strategies;

5) business prospects analysis - here they evaluate the prospects for sales volumes, costs and profits of a new product. The analysis consists of a cost forecast, an assessment of the volume of sales (turnover, revenue), a profit forecast, accounting for uncertainty;

6) development of the product itself - the creation of a prototype after receiving a positive conclusion on a business test;

7) trial marketing - testing a product and its marketing program on the market using standard, control, simulation methods of testing the market;

8) commercial production - bringing goods to market.

A new product is necessary for the successful development of a firm, but due to insufficient product marketing preparation, there is a risk of failure, and the firm must decide how to avoid this. The risk consists of:

1) technological risk - caused by a technological innovation used for technical implementation;

2) market risk - determined by the level of originality and complexity of the idea of innovation. Influences the market response and costs when switching to a new product;

3) strategic risk - associated with the magnitude of the novelty of the product for the company. The level of strategic risk is greater, the higher the level of innovation.

Authors: Evgrafova I.Yu., Krasnikova E.O.

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