Implications for Management of New Products
Existing research offers several implications for the development and marketing of new product innovations. We discuss these implications below. New product diffusion models. Managers can use appropriate diffusion models of first purchase and repeat purchase at both the category and the brand level to explain the growth of a new product and forecast its future sales. They can forecast the timing and peak level of sales, using observations from the first few periods. Managers can better assess the impact of marketing mix variables on the diffusion of new products.
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In particular, the impact on sales growth of a new product subject to changes in marketing variables, such as product, price, advertising, promotion, sales force, and distribution channels, can be better analyzed and simulated through models developed in the literature. Underwear for Gay Men Marketing mix decisions and new product entry strategies.
As a result of the knowledge gained from research on new product entry strategies involving marketing mix variables, managers can better allocate their resources across different marketing variables such as advertising, sales promotion, sales force, and distribution. They can get a better understanding of the most effective marketing mix strategies for new products. Managing innovations over the life cycle. Research on product life cycle suggests that it is important to allocate resources appropriately over the life cycle of a product.
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In particular, firms can get a better understanding of which marketing variables to emphasize most and least in each stage of the life cycle. Some of the findings from research suggest that, in general, makers of technology-based innovations may need to market their new products differently to early and late adopters to leverage brand satisfaction and attitudinal loyalty in acquiring and retaining customers. Managing new products in the global market.
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Firms increasingly introduce new products in multiple international markets. With a better understanding of international market evolution of a new product, managers of new products can plan their introduction strategies across countries with regard to coverage of markets, timing and sequence of entry, and allocation of marketing resources.
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Innovation strategy and competitor response. Firms introducing new products can better anticipate the reactions of incumbent firms and vice versa. Knowledge of the asymmetries in elasticities among entering firms, incumbent firms, market leaders and followers, anticipation and reaction, and among marketing variables, can help managers of new products make informed decisions.
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