Developing New Products

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Developing New Products

  1. 1. Developing New Products A PRACTITIONER REPORT
  2. 2. Idea Generation <ul><li>Market and consumer trends </li></ul><ul><li>Ethnographic methods: Searching for user patterns and habits </li></ul><ul><li>Find the market before developing the product </li></ul><ul><li>Predictions and game changers </li></ul><ul><li>Everything was first an idea </li></ul>
  3. 3. Idea Evaluation / Screening <ul><li>Market Need? </li></ul><ul><li>Market Size? </li></ul><ul><li>Market Saturation? </li></ul><ul><li>Develop an Investor Mindset </li></ul>
  4. 4. What is the product? <ul><li>Basic functions </li></ul><ul><li>Design & Packaging </li></ul><ul><li>Customer Service </li></ul><ul><li>Experience </li></ul><ul><li>Usability </li></ul><ul><li>Image </li></ul><ul><li>Community </li></ul>
  5. 5. Classifications (Aspinwall) <ul><li>How much profit is obtained from each product? </li></ul><ul><li>How flexible are the buyers' purchasing habits with regard to this product? </li></ul><ul><li>How long will the product produce benefits for the user? </li></ul><ul><li>How frequently is the product repurchased? </li></ul><ul><li>How long will consumers shop for the product? </li></ul>Leo Aspinwall, 1958
  6. 6. NAICS North American Industry Classification System largely replaced the older Standard Industrial Classification (SIC)
  7. 7. Classifications II <ul><li>food </li></ul><ul><li>cleaning products </li></ul><ul><li>personal care product </li></ul><ul><li>clothing products </li></ul><ul><li>personal services </li></ul><ul><li>electronic products </li></ul><ul><li>household furnishings </li></ul><ul><li>luxury automobiles </li></ul><ul><li>jewelry </li></ul><ul><li>expensive wine </li></ul>
  8. 8. Concept Development <ul><li>Product Benefits </li></ul><ul><li>Target Market </li></ul><ul><li>Production/Development Cost </li></ul><ul><li>Production/Development Location(s) </li></ul><ul><li>Model Successful Concepts! </li></ul>
  9. 9. Business Model / Business Analysis <ul><li>Customer Acquisition Cost </li></ul><ul><li>Selling Price </li></ul><ul><li>Breakeven Point </li></ul><ul><li>Market Size </li></ul><ul><li>Competition </li></ul>If nobody else is doing that there may be a reason for it!
  10. 10. SWOT / PESTEL Analysis <ul><li>S trengths </li></ul><ul><li>W eaknesses </li></ul><ul><li>O pportunities </li></ul><ul><li>T hreats </li></ul><ul><li>P olitical </li></ul><ul><li>E conomic </li></ul><ul><li>S ocial </li></ul><ul><li>T echnological </li></ul><ul><li>E nvironmental </li></ul><ul><li>L egal </li></ul>
  11. 11. Securing Capital <ul><li>Self-funded and/or ‘Boot-Strapped’ </li></ul><ul><li>Credit Cards </li></ul><ul><li>Bank or Government Loans </li></ul><ul><li>FF&F </li></ul><ul><li>Angel Investment </li></ul><ul><li>Venture Capital </li></ul><ul><li>Know where you want to go! </li></ul>
  12. 12. Six Sigma Analysis: DMAIC 1. D efine the problem and the project goals. 2. M easure key aspects of the current process and collect relevant data. 3. A nalyze the data to investigate and verify cause-and-effect relationships. 4. I mprove or optimize. 5. Set future c ontrols.
  13. 13. Six Sigma Analysis: DMADV <ul><li>D efine goals consistent with customer demands. </li></ul><ul><li>M easure and identify product capabilities, production process capability, and risks. </li></ul><ul><li>A nalyze / Develop Alternatives. </li></ul><ul><li>D esign Details Optimization. </li></ul><ul><li>V erify the design (i.e. set up pilots). </li></ul>
  14. 14. Beta and Market Testing <ul><li>Beta Relase(s) </li></ul><ul><li>Focus Groups </li></ul><ul><li>LISTEN TO FEEDBACK! </li></ul><ul><li>Most flexible approach will win (Law of Requisite Variety) </li></ul>
  15. 15. Implementation Preparation <ul><li>Product Development Roadmap </li></ul><ul><li>Resource identification </li></ul><ul><li>Scalability </li></ul><ul><li>Contingency Planning </li></ul>
  16. 16. Marketing Mix* <ul><ul><li>Name </li></ul></ul><ul><ul><li>Package </li></ul></ul><ul><ul><li>Price </li></ul></ul><ul><ul><li>Promotion </li></ul></ul><ul><ul><li>Distribution </li></ul></ul>*Neil Borden, 1953
  17. 17. Marketing Mix 2011 <ul><ul><li>SEM : PPC + SEO </li></ul></ul><ul><ul><li>Social Media </li></ul></ul><ul><ul><li>Email </li></ul></ul><ul><ul><li>Mobile / in-app </li></ul></ul><ul><ul><li>Affiliate Programs </li></ul></ul>*Neil Borden, 1953
  18. 18. Pre Launch Considerations <ul><li>Marketing Strategy </li></ul><ul><li>Pricing </li></ul><ul><li>Product Mix </li></ul><ul><li>Segmentation and Options </li></ul><ul><li>BASE | PROFESSIONAL | SUPER! </li></ul>
  19. 19. Launch <ul><li>Inventory </li></ul><ul><li>Scalability </li></ul><ul><li>Training </li></ul><ul><li>Support </li></ul><ul><li>MVP – Minimum Viable Product </li></ul>
  20. 20. Commercialization <ul><li>Timing </li></ul><ul><li>Placement </li></ul><ul><li>Channel Development </li></ul><ul><li>Distribution/Partnerships </li></ul><ul><ul><li>Channels/Resellers and OEMs </li></ul></ul><ul><ul><li>Systems </li></ul></ul>
  21. 21. Why New Products Fail <ul><li>No clearly defined target market . </li></ul><ul><li>Insignificant point of difference. </li></ul><ul><li>Too little market attractiveness. </li></ul><ul><li>Poor product quality or sensitivity to customer needs on critical factors. </li></ul><ul><li>Timing. </li></ul>
  22. 22. Resources Contact Christian Karl Kameir [email_address] Download http://kameir.com/services.pdf

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