Markman Session 1-2 Tenorio, Gian Van Paolo V. MD12-0162

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www. Introducing New Market Offerings Gian Van Paolo V. Tenorio MD-120162 Chapter 20..
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Transcript of Markman Session 1-2 Tenorio, Gian Van Paolo V. MD12-0162

  1. 1. www. Introducing New Market Offerings Gian Van Paolo V. Tenorio MD-120162 Chapter 20..
  2. 2. www. How do you introduce products to new markets? 1. Incremental Innovation 2. Customer-Driven Engineering 3. Stage-Gate Systems 4. Open Innovation Movement 5. Use of Virtual Reality to test Product Concepts 6. Rapid Prototyping 7. Crowdsourcing 8. Lateral Marketing 9. Relative Advantage 10. Assignment and Organizing Responsibility
  3. 3. www. 1. Incremental Innovation Entering new markets by tweaking products for new customers, using variations on a core product to stay one step ahead of the mar- ket, and creating interim solutions for industry-wide problems.
  4. 4. www. Concept 1 Incremental Innovation Kotler: Scott Paper vs. Fort Howard Paper Co Local: Cellphones (MyPhone) RP medical application: B.Braun IV Safety Catheters Improved IV Cannulas and included safety features to help eliminate injury
  5. 5. www. 2. Customer-Driven Engineering Incorporates new customer preferences in the final design
  6. 6. www. Concept 2 Customer Driven Engineering Kotler: Johnson & Johnson Local: Mang Inasal (Unlimited Rice), (Unlimited Texting Promo) RP medical application: Patient Controlled Analgesia Analgesics have been developed to be provided to patients as needed via a device that can be pressed by the patient himself to deliver the medicine. It has safety features to ensure that no overdosage or adverse event occur.
  7. 7. www. 3. Stage-Gate Systems Divide the innovation process into stages, with a gate or checkpoint at the end of each.The team must bring a set of known deliverables to each gate before the project can pass to the next stage.
  8. 8. www. Concept 3 Stage-Gate System Kotler: Ansell Healthcare Local: Lotion, Local Soap, Car Manufacturing (Honda, Toyota) RP medical application: Unilab Ritemed UniLab undergoes several research papers and studies in order to ensure the quality and safety of the drug that they are producing. It is first tested on lesser fauna such as animals and then slowly tested on volunteers to be able to study the various side effects until it is deemed 100% ready to be released
  9. 9. www. 4. Open Innovation Movement Going outside their bounds to tap external sources of new ideas, including customers, employees, scientists, engineers, channel members, marketing agencies, top management, and even competitors for marketing insight
  10. 10. www. Concept 4 Open Innovation Movement Kotler: Proctor and Gamble Local: SM RP medical application: The Medical City Includes the staff in decision making and even asks the students and patients through surveys and personal inquiries regarding improvements in their services and products
  11. 11. www. 5. Use of Virtual Reality to test Product Concepts Virtual reality programs use computers and sensory devices (such as gloves or goggles) to simulate reality. Supercomputers also allow for elaborate product testing to assess changes in performance and supplement consumer input.
  12. 12. www. Concept 5 Use of Virtual Reality to Test Product Concepts Kotler: Kenworth Trucks Local: Car Manufacturers, Seatbelt manufacturer, 3M RP medical application: CASSTI Employs the use of computers to simulate surgical methods such as laparoscopic surgery to either introduce the concept to new trainees or create new ways of doing the surgery
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  14. 14. www. 6. Rapid Prototyping Designing products on a computer and producing rough models to show potential consumers for their reactions
  15. 15. www. Concept 6 Use of Virtual Reality to Test Product Concepts Kotler: Kendal Jackson Local: Grand Monaco Homes, Jao Builders, Chemical Manufacturers RP medical application: Norde International Distributors Made 3-D printers that are able to replicate 3D objects from a model or file which is then used to rapidly prototype dental structures or prosthetic limbs and other prostheses
  16. 16. www. 7. Crowdsourcing Inviting the Internet community to help create content or software, often with prize money or a moment of glory as an incentive.
  17. 17. www. Concept 7 Crowdsourcing Kotler: Cisco Local: KFC Mix & Match RP medical application: Healthcare Social Media Summit Healthcare professionals, students and advocates gather and crowdsource concepts on healthcare social media to discuss advanced health marketing
  18. 18. www. 8. Lateral Marketing Combine two product concepts or ideas to create a new offering
  19. 19. www. Concept 8 Lateral Marketing Kotler: Gas Station Stores, Cybercafes, Cereal Bars Local: Fabric Detergent, KFC Double Down RP medical application: Alaxan(Ibuprofen + Paracetamol) Combining two drugs in order to decrease side effects with the same or better potency
  20. 20. www. 9. Relative Advantage The degree to which the innovation appears superior to existing products In line with incremental innovation, products usually have a relative advantage over others that are in the same line. It is important to recognize mainly due to analyze the risk that one must take in order to adopt or innovate a new product in that line will it topple the current product quo?
  21. 21. www. Concept 9 Relative Advantage Kotler: Allen Bradley Corporation Local: Colgate, Induction Cooker, Ariel RP medical application: Blood Glucose Meter Instead of going to the medical facility and have your blood extracted, companies have developed glucometers that can easily measure a persons concentration of glucose in the blood right at home This convenience made people who have diabetes and even those who dont adopt the product and buy it at an alarming rate
  22. 22. www. 10. Creation of Cross-Functional Teams Teams can collaborate and use concurrent new-product development to push new products to market
  23. 23. www. Concept 10 Creation of Cross-Functional Teams Kotler: DVR Local: Novartis, Unilever RP medical application: Unilab Unilab takes advantage of cross-functional teams to hasten and ensure quality and affordable medicine and equipment. Cross-functional teams are quickly convened as soon as a project has been approved in order to be efficient and effective.
  24. 24. www. In a nutshell Marketing is not as simple as A-B-C, but requires the inclusion of all factors that comprise a market such as employees and customers. Kotler discusses how the current concepts in marketing gives importance to effectivity and efficiency, without sacrificing quality of the product. This gives way to introducing new products to the market in a quick and successful manner. The mastery of the concepts included in the chapter gives an individual the tools that he needs in order to be more proficient in product development and release.
  25. 25. www. Thank You!