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This book will focus on the up-front activities required for product and service differentiation, the learning methodologies that contribute to arriving at that differentiation, and the role that technology plays in implementing the process. The book will show how technology factors into such entrepreneurial activities as engaging in business planning and utilizing creativity and innovation, and how creative innovation, in turn, is achieved and enhanced through an understanding of two different modes of learning: "learning about" and "learning by doing". A successful product introduction depends on an efficient supply chain, a strong brand, and the ability of a manufacturer or provider to differentiate it successfully in the marketplace. New Product and Services Development demonstrates how differentiation, this last critical component, can be secured by the strategic use of technology and by engaging in two key learning methodologies.
The price of a product or a service is a critical element of the marketing mix. Price influences product demand, and the firm's revenue and profits. Prices also signal product quality and value, customer self-image, and the seller's pricing practices. With appropriate balance of theory, applications, and analytics, this book provides business students and practitioners the tools to make profitable pricing decisions under a variety of real-life contexts — current and emerging.Theoretical foundations for pricing decisions come from microeconomics, psychology, and behavioral decision theories. Well-established economic principles, with available data and analytics, help firms customize prices based on customers' willingness to pay, quantity purchased, timing and urgency of purchase, and by bundling their products and services. Pricing and promotional strategies of firms are further informed by the consideration of consumer psychology as well as the decision rules that consumers employ in framing of and responding to prices.As a practical step-by-step guide for firms, the book presents a comprehensive framework for pricing decisions. The framework illustrates how firms' pricing decisions are shaped by customer valuation of the product or service, firm cost, and competition within the category. Additional considerations include: channel arrangements, legal and regulatory limits, public sentiments, and the overriding strategy for the firm. Short cases and numerical examples help illustrate how these factors can be incorporated in firm making decisions.In addition to offering the theoretical foundation and practical guidelines for pricing, there are several distinctive features of the book.Pedagogically, the book takes a quantitative approach to pricing decisions and places a special emphasis on the utilization of data and analytics. Nevertheless, sound intuition and judgments remain a prerequisite.
`A text that successfully bridges the gap between academic theorizing and practitioner applicability because it uses multiple real-world examples/mini-cases of management techniques to illustrate the well-researched academic theoretical foundations of the book′ - Creativity and Innovation Management `A complete and useful treatment of the domain of product and service decisions. This book is unique in its treatment, dealing with product and service portfolio evaluation, new product/service development and product/service elimination in an integrated manner. Enlivened by many mini-cases, the book provides a soup-to-nuts approach that will prove very attractive for students and be a valuable reference for managers as well. Highly recommended′ - Gary L Lilien, Distinguished Research Professor of Management Science, Penn State University `Product and Services Management (PSM) is a welcome, up to date summary of the key issues facing firms in developing and refreshing their portfolios. The examples and cases bring the academic arguments clearly into focus and demonstrate the crucial role of PSM in leading the overall strategy of the firm′ - Professor Graham Hooley, Senior Pro-Vice-Chancellor, Aston University, Birmingham `Managers responsible for and students interested in product portfolio decisions previously had to consult several sources for obtaining up-to-date information; books on new product development, articles on service development, readers on product management, and frameworks for product evaluation and termination. With the book Product and Services Management the reader obtains four-in-one. Avlonitis and Papastathopoulou reveal in a compelling and comprehensive manner why product decisions are the cornerstone of modern marketing and business, and illustrate the theory with numerous mini-cases from Europe and elsewhere. A must read for everyone with a passion for products′ - Dr Erik Jan Hultink, Professor of New Product Marketing, Delft University of Technology This book provides a holistic approach to the study of product and services management. It looks at the key milestones within a product′s or service life cycle and considers in detail three crucial areas within product management, namely product/service portfolio evaluation, new product/service development and product/service elimination. Based on research conducted in Europe and North America, this book includes revealing cases studies that will help students make important connections between theory and practice. The pedagogical features provided in each chapter include chapter introduction, summary, questions and a further reading section. Additional material for instructors include PowerPoint slides and indicative answers to each chapter′s questions. This book is written for undergraduate and postgraduate students of business administration who are pursuing courses in marketing, product portfolio management, new product development and product policy.
Many professional services businesses want to create more scalable services and solutions but they often lack the tools and capabilities to successfully transition from a customized services model to a scalable solutions and products model. Productize outlines the unique pitfalls that professional services organizations face when they embark on a strategy of creating more scalable, often tech-enabled, products and services and it provides you with the tactics and tools to overcome these pitfalls. It is designed to be a practical playbook for any leader of a professional services business who wants to successfully accelerate growth.Productize draws on the 25+ years of experience that Eisha Armstrong has in successfully creating, launching and growing productized services. Eisha knows what works and what doesn't and she is passionate about making sure organizations learn from each other and avoid reinventing the wheel.Productize includes real-life case studies and stories featuring professional services leaders who have successfully led their organizations to create more scalable services and products. It also includes more than two dozen tools and templates to help your team implement the tactics so you don't have to start from scratch.In this book, you'll learn:1) How to turn shift your culture to embrace a product mindset2) The capabilities you to be successful and whether or not you should acquire them or grow them internally3) How much money to invest in exploring and building more scalable solutions and products4) How to ensure there is a viable market for your product idea5) How to sequence investments in new product development6) How to successfully source and work with developers and data scientists7) How to inexpensively test your ideas before investing in development8) How to win the hearts and minds of your sales team to ensure your new products are commercially successfulBonus: Key point summaries at the end of each chapter to help you lock in what you learnBonus: More than two dozen tools and templates to help your team implement the tactics so you don't have to start from scratch.
This textbook teaches the key business and marketing principles needed to successfully design and launch new products and services in an international marketplace. The book emphasizes marketing research techniques that can help firms identify the voice of the customer and incorporate these findings into their new product development process. It addresses the role of social networks in innovation, open innovation strategies, and international co-development efforts of new products and services.
Contributed articles presented at a workshop held in 1994.
Characterized by lightning quick innovation, abrupt shifts in technology, and shorter lifecycles, the marketing of IT products and services presents a unique set of challenges and often requires IT managers and developers to get involved in the marketing process. Marketing IT Products and Services is written to help busy IT managers and marketing m
Discusses the production of goods and services, including factors involving the labor force, the cost of service, and how it relates to the worldwide economy.
The authors of the international bestseller Business Model Generation explain how to create value propositions customers can’t resist Value Proposition Design helps you tackle the core challenge of every business — creating compelling products and services customers want to buy. This highly practical book, paired with its online companion, will teach you the processes and tools you need to create products that sell. Using the same stunning visual format as the authors’ global bestseller, Business Model Generation, this sequel explains how to use the “Value Proposition Canvas” to design, test, create, and manage products and services customers actually want. Value Proposition Design is for anyone who has been frustrated by new product meetings based on hunches and intuitions; it’s for anyone who has watched an expensive new product launch fail in the market. The book will help you understand the patterns of great value propositions, get closer to customers, and avoid wasting time with ideas that won’t work. You’ll learn the simple process of designing and testing value propositions, that perfectly match customers’ needs and desires. In addition the book gives you exclusive access to an online companion on Strategyzer.com. You will be able to assess your work, learn from peers, and download pdfs, checklists, and more. Value Proposition Design is an essential companion to the ”Business Model Canvas” from Business Model Generation, a tool embraced globally by startups and large corporations such as MasterCard, 3M, Coca Cola, GE, Fujitsu, LEGO, Colgate-Palmolive, and many more. Value Proposition Design gives you a proven methodology for success, with value propositions that sell, embedded in profitable business models."
This open access book summarizes research being pursued within the Manutelligence project, the goal of which is to help enterprises develop smart, social and flexible products with high value added services. Manutelligence has improved Product and Service Design by developing suitable models and methods, and connecting them through a modular, collaborative and secure ICT Platform. The use of real data collected in real time by Internet of Things (IoT) technologies underpins the design of product-service systems and makes it possible to monitor them throughout their life cycle. Available data allows costs and sustainability issues to be more accurately measured and simulated in the form of Life Cycle Cost (LCC) and Life Cycle Assessment (LCA). Analysing data from IoT systems and sharing LCC and LCA information via the ICT Platform can help to accelerate the design of product-service systems, reduce costs and better understand customer needs. Industrial partners involved in Manutelligence provide a clear overview of the project’s outcomes, and demonstrate how its technological solutions can be used to improve the design of product-service systems and the management of product-service life cycles.