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Lecture notes

new product development

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2022/2023 Written for academic year
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The University Of Nottingham (UON)
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Consumers and marketing
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In the study of consumers and marketing, it’s essential to understand how consumer behavior drives marketing strategies. Consumers make purchasing decisions based on a complex mix of psychological, personal, social, and cultural factors. Marketers must analyze these influences to segment their audiences effectively, position their products, and create tailored marketing campaigns. By aligning product offerings with consumer needs and preferences, businesses can enhance customer satisfaction, build brand loyalty, and gain a competitive edge in the marketplace.

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Lecture 9

Part 1 (on video)

New product development

What is innovation?
- ‘Process of turning opportunity into new ideas and of putting these into widely used
practice’

The product life cycle:
- Criticised for almost being too simple
- horizontal axis = time
- vertical axis = product
- 5 key stages:
 Product development
 Introduction
 Growth
 Maturity
 Decline

Growth through innovation:
- Mobile telephony
- Car phones (1980-5)
- Brick (85-90)
- Pocket (90-95)
- SMS, games (95-2000)
- MP3 camera (2000-4)
- Bluetooth, email (2002-2007)
- 3G and 4G video (2005-?0

Degrees of innovation:
- Incremental innovation (bringing new things in overtime)
- Breakthrough innovation (new products with unique features)
- Radical innovation (developing new products for carpets that don’t exist yet)
- Transformational innovation (creates new products potential)

Drivers of innovation:
- Technological advances
- Changing customers and needs
- Strategic intent
- Changing business environments
- Intensified competition

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Subjects

  • product life cycle
  • innovation
  • growth

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