Premium Essay

Invitation

In: Business and Management

Submitted By wongkarcl
Words 274
Pages 2
Principle of Marketing | New Product Development Strategy | 13061103015
Claudya Christina Wongkar |

1. A firm can obtain new products in two ways. Explain these two ways!

a) Business acquisition is the process of acquiring a company to build on strengths or weaknesses of the acquiring company. A merger is similar to an acquisition but refers more strictly to combining all of the interests of both companies into a stronger single company. The end result is to grow the business in a quicker and more profitable manner than normal organic growth would allow. b) New Product Development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new product within the overall strategic process of product life cycle management used to maintain or grow their market share.

2. WHY NEW PRODUCTS FAILS?

The market size may be overwhelmed even if the idea is good. The actual product was not designed as well as it should have been. It is incorrectly positioned in the market priced too high or advertised poorly.

A high level executive might push a favourite idea despite poor marketing research findings. Costs of development are higher than expected. The competitors might at times fight back harder than expected.

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