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Nikhin marketting(titto sunny)

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  • 1. NEW PRODUCT DEVELOPMENT PROCESS NIKHIN JOSEPH II SEM MBATT ROLL NO: 13
  • 2. NEW PRODUCT DEVELOPMENT PROCESS  Every company should be good in developing new products  should also be an expert in changing its features according to the market changes
  • 3. 1.IDEA GENERATION  Search of new ideas  what the company wants from its new product  sources of idea are 1. internal sources – inside the company 2. customers – research 3. competitors – evaluation 4. distributors and suppliers 5. other sources -
  • 4. 2.IDEA SCREANING  Important stage  Purpose is to create large number of ideas and screening it.  ideas of new profitable product  Make rough idea of market size, prize, development time, cost and rate of return  Questions like does it mesh with the companies objectives and strategies, do we have people, resources, skills, and equipments etc??????
  • 5. 3.CONCEPT DEVELOPMENT AND TESTING  Ideas are converted into product concepts  Product is evaluated in the eyes of the consumers  eg. Major restaurants introducing new menu  The concept is developed by many market analysis  Testing to target consumers, and takes simple consumer attitude surveys and get into assumptions  Testing occurs according to the size of the firm
  • 6. 4.MARKETTING STRATEGY DEVELOPMENT  Designing an initial marketing statement which consist of 1. target market, product positioning, sales, market share, and profit for the first year 2. products planned size, distribution, and marketing budget for the first year. 3. planned long run sales, profit goals and marketing mix strategies for long time
  • 7. 5.BUSSINESS ANALYSIS  Checks about the business attractiveness  It is a review of sales, costs, and profit projection to satisfy companies objectives  Also checks sales history of similar product and survey market opinion  after sale forecast they estimate the expected cost and profit  This analysis include the total marketing cost
  • 8. 6.PRODUCT DEVELOPMENT  product concept is converted into product  product depends on the market evaluation  product should also depend on the costumer need  can be a long or a short term process
  • 9. 7.TEST MARKETTING  Testing the product in any small demographical region  Generally done when not sure of product or marketing programme and huge investment  helps marketers to gain experiences in marketing, find potential problems, any alternation before mass production  it evaluates the product and also the entire marketing program in real life situation  The product, its positioning strategy, advertising distribution, prizing, branding, packaging, budgets are evaluated  Thus solving all problems and move into mass production
  • 10. 8. COMMERCILAZATION  Mass production of the tested product  requires huge investments  requires answers for 1. when – right time to introduce 2. where – place of introduction 3. to whom – target its promotion and distribution to the prospects group 4. how – production budget
  • 11. THANK YOU