Industrial Marketing Research PHASE 2 1) What are the strategy components of the NPD “ New product Development” ch 7 * The expected life cycle of the product ( 2 years – 5 years ) before we develop it or 10 years. e. g. Peugot 504 Model 1968 was expected to stay in the market undeveloped for 5 years, it stayed for 17 years and there is still demand which affected the demand of other Peugot Models * How are you going to approach the market? * Why are people going to accept your product? Attributes of new products which affect their acceptability Relative advantage: the perception that the idea is better than the one it supercedes * Compatibility. Consistency with existing values, past experience, and needs of a firm’s buyers and influencers * Complexity: more complex ideas are adopted more slowly. * Trialability: if a firm can try out a small aspect for a new idea it will be accepted more quickly than a firm has to make a major switch * Observability: if the effects of an innovation can be easily observed this innovation maybe adopted more quickly. NPD Process Opportunity identification and selection: where new product opportunities are identified and selected. * Concept generation: research with customers and preliminary analysis take place. * Concept evaluation: careful review of new product concepts on technical, marketing and financial variables. Choose the most promising concepts to move forward to the next phase. * Development: both technical and marketing development takes place. Prototypes are designed and tested and the production pro * Launch: how are you going to launch this product and for which prospects? ) Description of services offered (Pure Services/ Pure tangible goods) as well as pricing strategies of services. Ch 8 Combinations of service and physical product * Pure tangible good: products no service * Tangible good with accompanying services: this is a tangible product with services added, highly technical products usually are more dependent upon services such as planning, installation, training, and maintenance. * Hybrid: equal offering of goods and services, so the service portion of the offering is equal importance to the tangible product offering * Major service with supporting goods and services.

The most important part is the service but some goods and supporting services are required e,g, business travellers on air line they need food. * Pure service: the offering is primarily a service, such as consulting or advertising, very little tangible goods are required. * Phase 2 is an application of chapter 7 & 8 * Each member of the group should participate * A presentation is required next week in the tutorial * All members of the group should be present * You will be graded individually upon your presentation not how correct your research is * We will explain in the tutorial this week how this phase will be done.