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Invasion of KPOP

K-pop (an abbreviation of Korean pop or Korean popular music) is a musical genre consisting of electronic, hip hop, pop, rock, and R&B music originating in South Korea. In addition to music, K-pop has grown into a popular subculture among teenagers and young adults throughout Asia, resulting in widespread interest in the fashion and style of Korean idol groups and singers.

Through the presence of Facebook fan pages, availability on iTunes, Twitter profiles, and music videos on YouTube, the ability of K-pop to reach a previously inaccessible audience via the Internet is driving a paradigm shift in the exposure and popularity of the genre.

Marketing Strategies

NEW PRODUCT DEVELOPMENT AND PRODUCT LIFE CYCLE STRATEGIES NEW PRODUCT DEVELOPMENT -the development of original products, product improvements,  product modifications, and new brands through the firm”s own R&D efforts.

IDEA GENERATION-the systematic search for new-product ideas.

IDEA SCREENING- screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.

PRODUCT IDEA- is an idea for possible product that the company can see itself offering to the market.

PRODUCT CONCEPT- a detailed version of the new-product idea stated in meaningful consumer terms.

CONCEPT TESTING – testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

MARKETING STRATEGY DEVELOPMENT- designing an initial marketing strategy for a new product based on the product concept.

BUSINESS ANALYSIS- a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company”s objectives.

PRODUCT DEVELOPMENT -developing the product concept into a physical product in order to assure that the product idea can be turned into a workable product.

TEST MARKETING -the stage of new-product development in which the product and marketing program are tested in more realistic market setting.                  (*standard test markets* controlled test markets * simulated test markets *)

COMMERCIALIZATION- introducing a new  product into the market.                                                                       SPEEDING UP NEW- PRODUCT DEVELOPMENT SEQUENTIAL PRODUCT DEVELOPMENT – a new product development approach in which one company department works to complete its stage of the process before passing the next department and stage.

SIMULTANEOUS (or teambased) PRODUCT DEVELOPMENT- an approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.

PRODUCT LIFE -CYCLE STRATEGIES  PRODUCT LIFE CYCLE (PLC)-the course of a product sales and profits over its lifetime.It involves five distinct stages: product development, introduction, growth, maturity, and decline.

STYLE- a basic and distinctive mode of expression.FASHION- a currently accepted or popular style in a given field.FADS- fashion that enter quickly, are adopted with great  zeal, peak early, and decline very fast.

INTRODUCTION STAGE- the product life-cycle stage in which the new product is first distributed and made available for purchase.

GROWTH STAGE- the product life-cycle stage in which a product’s sales start climbing quickly.

MATURITY STAGE- the stage in the product life cycle in which sales growth slows or levels off.

DECLINED STAGE- the product life cycle stage in which a product’s sales decline.