Chapter Code: IMC09
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Industrial products could provide core benefits, enhanced benefits, and augmented benefits to customers. In this chapter, the product life cycle has been discussed in the context of industrial goods and the innovation and development of new products. The industrial product life cycle has five stages - introduction, rapid growth, maturity, saturation, and decline.
Innovation leads to new products and higher profits. It involves generation of new ideas and developing them into useful products. Technology plays an important role in the innovation of products.
The innovation levels in an organization are influenced by management commitment, organizational structure, market orientation, coordination mechanisms, prior success rate, and age of the organization. The attributes of a specific innovation also influence the marketer's adoption of the innovative product or process. Every firm has their own process for developing new products.
However, product development typically starts with idea generation and idea screening, followed by business analysis, product development, product testing, and commercialization. In order to carry out new product development successfully, firms organize themselves in different ways depending upon the size, nature of business, and frequency of new product development.
This may be in the form of appointing product managers or establishing new product departments or new product committees. They may also establish specialized teams who work on different new products at a given time. The adoption of new products depends on factors like perceived risk and advantage, self-confidence of the buyers, type of industry, prior experience in buying such products, investment required, and the switching costs involved.
The diffusion of new products in industrial markets is slow compared to consumer markets due to the huge investments involved in the purchase and group decision making in the organizations. Communication, profitability, and concentration of industries have an influence on the diffusion process.
Industrial Product Definition and Characteristics
Product Life Cycle
Stages of Industrial PLC
Characteristics of Industrial PLC
Implications for Industrial Marketers
Determinants of the Product Mix
Managing Industrial Products
Product Portfolio Analysis
Factors Affecting Innovation in an Organization
Innovation and Competitiveness
Technology and Innovation
New Product Development Process
Organizing New Product Development Initiatives
New Product Committee
New Product Department
New Product Venture Team
Adoption and Diffusion of New Products
Factors Influencing Adoption
Factors Influencing Diffusion