Chapter 13 new product development
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Chapter 13 new product development

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  • 1. NEW PRODUCT DEVELOPMENT CHAPTER 13 ENTREPRENEURSHIP
  • 2. Chapter Objectives
    • To understand the importance of having a NPD process
    • To list the types of new products
    • To study the various stages of the NPD process
    • To understand the adoption of new products
    • To tabulate the best practices in NPD
    • To look at various ways of involving customers in the NPD process
    • To list various barriers to NPD
    • To discuss the common mistakes in NPD
    Entrepreneurship
  • 3. Types of New Products
    • New-to-the-world products
    • New product lines
    • Additions to a product line
    • Improvements and revisions of existing products
    • Repositioning
    • Cost reduction
  • 4. Failure Rate of New Products “ Debugging” Stage Expected Product Life “ Wearout” Stage Time Number of failure
  • 5. The NPD Process
    • Opportunity identification
    • Concept generation
    • Concept evaluation
    • Technical Development
    • Launch
    • Life Cycle Management
  • 6. Product Testing
    • Alpha testing
    • Beta testing
    • Gamma testing
  • 7. The Adoption Process
    • Awareness
    • Interest
    • Evaluation
    • Trial
    • Adoption
  • 8. Adopter Groups
    • According to Rogers, the adopter groups are:
    • Innovators
    • Early adopters
    • Early majority
    • Late majority
    • Laggards
  • 9. Entrepreneurship Adopter Categories 21/2% Innovators 131/2% Early adopters 34% Early majority 34% Late majority 16% Laggards Time of Adoption of Innovation
  • 10. Adoption
    • These five product characteristics influence product adoption:
    • Relative advantage
    • Compatibility
    • Complexity
    • Divisibility
    • Communicability
  • 11.
    • Communicate with the customer
    • Tap employees for ideas
    • New product team
    • Budgeting
    • Letting go
  • 12. Involving the Customer
    • Lead user method
    • Mapping the consumption chain
  • 13. Barriers to NPD
    • Shortage of funds
    • Limited scope in some product categories
    • Lack of time
    • Restrictive laws and regulations
    • Small markets
    • Changing technology
    • Changing consumer preferences
    Entrepreneurship
  • 14. Common Mistakes in NPD
    • No market research
    • Hasty commercialization
    • Focus on product
    • Lack of communication
    • Product availability
    • Pricing it high
    • Pricing it low