New Product Development Process.

THE PRODUCT LIFE CYCLE

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New Product Development Process.

The idea generation: Alberto Perez started his business idea as a street performer. This became the beginning of his career.

Idea screening: new ideas spotted while dropping poor ones. Alberto Perez had to change his old way of doing business by adopting the concept of dancing and exercising.

Concept development and testing: Albert Perez gripped the opportunity to instruct and utilized it for his benefits.

Marketing strategy development: the market developed for people to use the product. Alberto Perez had to go to Miami to initiate and establish the market.

Business analysis and test marketing: reviewing market attractiveness. Before setting the Zumba Company, they saw that the market was favorable.

Product development and commercialization: transforming concepts to real products. Alberto Perez set up a company for training. This became successful globally (Kotler et al, 2010).

Product life cycle strategies.

This is for the product to enjoy successful life. At every cycle, changes made on the way on recognition of the product in the market (Kotler et al, 2010). It splits into the following phases:

Development phase.

This starts directly when the company conceives a new product idea, screen it, and develop concepts and testing (Kotler et al, 2010). Alberto Perez started his business idea as a street performer, salsa, and merengue disco dancer. This was the beginning of his career.

Introduction phase.

This is launching of product with the requirement that the product will have an impact at the moment of sale (Kotler et al, 2010). When Perez moved to Miami with his new dance exercises class, he struggled to capture the market, and eventually curved the niche. His impromptu dance grew and gained popularity.

Growth phase.

This is a sphere which offers satisfaction when the product is taking off in the market. This is a highly advantageous time to concentrate on market share (Kotler et al, 2010). We see Zumba Fitness gaining exposure, its fans yearning for more.

Maturity phase.

This is the period when the business is getting high returns. Variations of basic products; new brands introduced to compete with existing products of the company (Kotler et al, 2010). Zumba Fitness expanded and diversified their products.

Decline Phase.

This is the removal of the product from the market. Zumba Fitness developed different products to target different market segments and thus avoided this stage by making the products relevant (Kotler et al, 2010).

References

Kotler et al, P. (2010). Marketing. Australia: Pearson Education Inc.

Reuters, 2010, ‘Zumba isn’t just exercise, it’s big business,’ Retrieved from http//www.theage.com.au/action/printArticle.