New Product Development

New Product Development Sameer Mathur, Ph.D. Assistant Professor (Marketing), McGill University www.smathur.com

FREE TEACHING RESOURCES ON MARKETING MANAGEMENT at www.smathur.com/teaching.php Over 100,000 views by Management students and business professionals from over 90 different countries These presentations are part of Sameer Mathur's teaching portfolio. They are free to view or download for non-profit, academic use. Disclaimer: These teaching materials have been compiled from multiple, non-credited sources for non-profit, academic use. Copyright is retained by the original content creators. Sameer Mathur , Ph.D . Assistant Professor (Marketing) Web: www.smathur.com Email : [email_address] Twitter: @ProfessorMathur Facebook: Click Here

What is a New Product?

Began by selling books.. Began by selling books...

What do they sell today?

Internal sources Customers Competitors Distributors, Suppliers Idea Generation

Drop Poor Ideas!
Criteria
Market Size
Product Price
Development Time & Costs
Manufacturing Costs
Rate of Return
Screening and Evaluation

Part Two - Short-Term: Product’s Planned Price Distribution Marketing Budget Part Three - Long-Term: Sales & Profit Goals Marketing Mix Strategy Part One - Overall: Target Market Planned Product Positioning Sales & Profit Goals Market Share Marketing Strategy

Business Analysis Review of Product Sales, Costs, and Profits Projections to See if They Meet Company Objectives If Yes, Move to Product Development If No, Eliminate Product Concept Business Analysis

Standard Test Market Full marketing campaign in a small number of representative cities. Simulated Test Market Test in a simulated shopping environment to a sample of consumers. Controlled Test Market A few stores that have agreed to carry new products for a fee. Test Marketing

3M
NOTABLE PRODUCTS
Scotch-Brite™ Brand Cleaning Products
Scotch® Brand Tapes
Nexcare™ Brand Skincare Products
Scotchgard™ Brand Fabric Protection
Microtouch™ Brand Touch Screens
FastBond™ Brand Adhesives
Filtrete™ Brand Air Filters
O-Cel-O™ Brand Sponges
Post-it® Brand Notes

A New Idea 3M’s new Post-it® Flag Highlighter

Readings P253, The Variations of Products P253, Product Line and Product Mix P253, Classifying Products P256, What Is a New Product? P256, Newness Compared with Existing Products P257, Newness in Legal Terms P257, Newness from the Company’s Perspective P257, Newness from the Consumer’s Perspective P262, The New-Product Process P262, New-Product Strategy Development P263, Idea Generation P265, Screening and Evaluation P267, Business Analysis P267, Development P268, Market Testing

FREE TEACHING RESOURCES ON MARKETING MANAGEMENT at www.smathur.com/teaching.php Over 100,000 views by Management students and business professionals from over 90 different countries These presentations are part of Sameer Mathur's teaching portfolio. They are free to view or download for non-profit, academic use. Disclaimer: These teaching materials have been compiled from multiple, non-credited sources for non-profit, academic use. Copyright is retained by the original content creators. Sameer Mathur , Ph.D . Assistant Professor (Marketing) Web: www.smathur.com Email : [email_address] Twitter: @ProfessorMathur Facebook: Click Here

Sameer Mathur , Ph.D . Assistant Professor (Marketing) Web: www.smathur.com Email : [email_address] Twitter: @ProfessorMathur Facebook: Click Here RELATED SLIDES CLICK BELOW TO LEARN ABOUT: 1. Product Upgrades: Unexpected Consequences 2. Colossal Product Failures POPULAR SLIDES CLICK BELOW TO LEARN ABOUT: 1. Segmentation and Targeting 2. Positioning, Perceptual Maps

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New Product Development

by Sameer Mathur on Oct 05, 2010

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