The Marketing and Management of New Products

Abstract

Once the firm has decided which new product or combination of new products to produce, it is immediately faced with two problems. The first concerns the marketing of the product. Normally, the process of evaluating new products takes long enough for there to be substantial changes in the market while the product is being evaluated. Although the firm has tried to predict these changes in its demand analysis, it is normally sensible, when formulating the marketing plan for the product, to reconsider some of the more important marketing variables, values of which were assumed for the viability analysis. In addition, the fact that the product has reached its final formulation will enable the firm to carry out a more accurate analysis.