INTERNATIONAL
MARKETING AND
CONSUMER BEHAVIOR
3RD INTERNAL ASSINGMENT
TOPIC
: PRODUCT
•
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International Product Life Cycle
New Product Development
PRESENTED BY : KULDEEP AHIR
ROLL NO
: MFT/17/1955
CONTAINS

What is Product ?

International Product Life Cycle

New Product Development
What is product?
Definition: A product is the item offered
for sale. A product can be a service or an
item. It can be physical or in virtual or
cyber form. Every product is made at a
cost and each is sold at a price. The price
that can be charged depends on the
market, the quality, the marketing and
the segment that is targeted. Each
product has a useful life after which it
needs replacement, and a life cycle after
which it has to be re-invented. In FMCG
parlance, a brand can be revamped, relaunched or extended to make it more
relevant to the segment and times, often
keeping the product almost the same.
.
International product
life cycle
The
international product lifecycle (IPL) is an
abstract model briefing how a company evolves
over time and across national borders. This theory
shows the development of a company’s marketing
program on both domestic and foreign platforms.
International product lifecycle includes economic
principles and standards like market development
and economies of scale, with product lifecycle
marketing and other standard business models.
Introduction
Most new products are produced in and exported
from developed countries because of their
combined demand conditions and labor skills.
Many reasons account for the dominant position
of developed countries, including competition,
demanding consumers, the availability of
scientists and engineers, and high incomes.
Growth
As sales of the new product grow,
competitors enter the market. At the same
time, demand is likely to grow substantially
in foreign markets, particularly in other
developed countries.
Maturity
In this stage, worldwide demand begins to
level off, although it may be growing in some
countries and declining in others. There is often
a "shake-out" of producers such that product
models become highly standardized, making
cost an important competitive weapon.
Decline
As a product moves to the decline stage, those
factors occurring during the mature stage continue
to evolve. The markets in developed countries
decline more rapidly than those in developing
countries as affluent customers demand newer
products. By this time, market and cost factors
have dictated that almost all production is in
developing countries, which export to the declining
or small-niche markets in developed countries.
NEW PRODUCT
DEVELOPMENT
New product development is the process
of converting an idea into a workable
software product.
The New Product Development (NPD)
process is about grabbing the market
opportunity that revolves around
customer needs, checking the idea’s
feasibility, and delivering working
software.
NEW PRODUCT DEVELOPMENT
PROCESS
New product development
strategy
With a well-considered new product development (NPD) strategy, you
can avoid wasting time, money and business resources. An NPD
strategy will help you organise your product planning and research,
capture your customers' views and expectations, and accurately plan
and resource your NPD project.
Define your product
An accurate description of
the product you are planning
will help keep you and
your team focused and
avoid NPD pitfalls such as
developing too many
products at once, or
running out of resources
to develop the product.
Identify market needs
Successful NPD requires a thorough knowledge of your target market
and its needs and wants. A targeted, strategic and purposeful
approach to NPD will ensure your products fit your market.
Ask yourself:
•What is the target market for the product I am proposing?
•What does that market need?
•What is the benefit of my proposed new product?
•What are the market's frustrations of existing products of its type?
•How will the product fit into the current market?
•What sets this product apart from its competition?
Identify key issues and approaches
There are many tasks involved in developing a product that is
appropriate for your customers. The nature of your business and
your idea will determine how many of these steps you need to take.
You may be able to skip or duplicate certain stages, or start some
of them simultaneously.
Key tasks include:
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generating and screening ideas
developing and screening concepts
testing concepts
analysing market and business strategy
developing and market testing products
implementing and commercialising
products.