Role of Marketing Management in New Product Development
New products can breathe life into a slow business. If the product created is something consumers can't live without, the possibilities of growth are infinite. If the company has made an error in judgment and consumers don't see any benefit in buying the product, it could cripple the company. Marketing management's role in the development of new products becomes essential.
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Idea Generation
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To plan a marketing strategy, you have to use research resources to predict effectiveness of future campaigns. This same marketing management strategies can be easily used to predict how new product ideas will be perceived by consumers. This is the stage in which you review market and consumer trends. You review competitors, similar products and how these were presented to the public and how the public received the marketing method, the marketing message and the product itself.
Screening
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During the screening process, the role of marketing management is to help weed out ideas that don't have legs by evaluating the potential response to the proposed marketing message for the product ideas. Darrin C. Duber-Smith in an NPI Center article says, "Organizations, then, must not develop a product and then determine where, when, how, and to whom it will be sold--after the fact." Marketing management forces you to focus on potential response before further development and money is spent.
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Concept Development and Testing
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There is no better judge of the potential of a product than your intended customer. A BNET Editorial article says, "Involving customers in the process is the key to developing a successful new product." Marketing management strategies can be used to measure customer likes, dislikes and indifference as a way to determine what elements of this product could be used to market to the public for the maximum effectiveness. In this stage they are only exposed to the idea, not the actual product.
Business Analysis
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The research and development team and the marketing management team have to work closely in the business analysis stage of the product development process to find a common ground. The research and development team is looking to give their input on price for the sake of profitability. The marketing management team is performing research for pricing based on how the consumer will perceive the price, such as whether they would think the advertised price is too low and therefore in not as good as a competitor's similar product or whether it's perceived as too high and not worth the value.
Market Testing
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Members of your target market should test the product before you unleash it. Your marketing management team can interview these members to learn of their initial reaction to packaging or learn any ideas the consumer may have for packaging that would have attracted them to buy. This is the ideal time for the marketing management team to learn of the things that are the most important selling points in the consumer's eyes that the team may not have thought of in the boardroom.
Commercialization
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Once the product has been tested and refined, it can be launched into the public. The marketing management team should follow the responses created to the marketing messages and methods closely. In the early stages, these should be modified for maximum impact.
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References
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