Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi

SYNOPSISWhat challenges does a company face in developing new products and services?Marketing Management - A South Asian Perspective, 14 edition, P. Kotler

Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi

THE PLAN• Identifying the target market (age group,

market size, expected revenues etc)

• Identifying the product’s requirements and benefits, thus, creating the USP of the product/service

• Create a detailed marketing strategy (launch times, product life cycles)

• Proper execution of the plan at all stages (organizational support)

(CREATE)

Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi

THE LEAN METHODOLOGY• Performing incremental

innovation and promoting disruptive technologies

• Example:The high performance fabric GORE-TEX

Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi

BUSINESS OPPORTUNITIES• Identifying business opportunities based on affordability,

appropriateness, scalability et al.

• Example: Selco Solar Pvt. Ltd

Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi

CONSTRAINTS• Social, economic and

government constraints with priority of consumer safety and environmental concern

• Capital Shortages as high costs of R&D, manufacturing and marketing are generally incurred.

• The required development time needs to be reduced so as to avoid similar products being launched before.