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new product develop ppt

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new product develop ppt

  1. 1. Abhishek Kr Singh(15003)
  2. 2. CONTENT • NEW PRODUCT(IMPORTANCE,CATAGORIES) • SUCCESS & FAILURE OF NEW PRODUCT • PRODUCT DEVELOPMENT PROCESS • PACKAGING & LABELLING • DIFFUSION • MANAGEMENT PUZZLE WITH PRIZE(HANDOUTS FOR AUDIENCE)
  3. 3.  To study how products are created and managed, with an emphasis on the product life cycle  To detail the importance of new products and describe why new products fail  To present the stages in the new-product planning process  To analyze the growth and maturity of products, including the adoption process, the diffusion process, and extension strategies  To examine product deletion decisions and strategies
  4. 4. New Product A product new to the world, the market, the producer, the seller, or some combination of these. New Product
  5. 5. Importance of New Product Development To assure a firm’s survival, new products may: Offer differential advantages Lead to sales growth or stability Increase profits and control Reduce risk through diversity Improve distribution Exploit technology Utilize waste materials Respond to consumer needs Be a result of a government mandate
  6. 6. Categories of New Products New-to-the-World New Product Lines Product Line Additions Improvements or Revisions Repositioned Products Lower-Priced Products
  7. 7. Factors in Successful New Products
  8. 8. Success Factors Listening to customers Producing the best product Vision of future market Strong leadership Commitment to new- product development Project-based team approach Getting every aspect right
  9. 9. Tips for New Product Development Disperse R & D around the globe Keep teams small and empower employees Flatten hierarchy Encourage generation of crazy new ideas Welcome mistakes
  10. 10. Why New Products Fail  No discernible benefits  Poor match between features and customer desires  Overestimation of market size  Incorrect positioning  Price too high or too low  Inadequate distribution  Poor promotion  Inferior product
  11. 11. Why Products Succeed and Others Fail
  12. 12. Global Issues in New-Product Development Single product worldwide Modification of products Multiple products in multiple countries
  13. 13. STAGE OF PROCESS PURPOSE OF STAGE MARKETING INFORMATION & METHOD USED IDEA GENERATION DEVELOP CONCEPTS FOR POSSIBLE PRODUCTS IDEAS FROM EMPLOYEES,CONSUMERS,R&D & COMPETITORS;METHODS OF BRAIN STORMING & FOCUS GROUP SCREENING & EVALUATION SEPARATE GOOD PRODUCT IDEAS FROM BAD ONES INEXPENSIVELY SCREENING CRITERIA,CONCEPT TESTS,& WEIGHTED POINT SYSTEMS BUSINESS & ANALYSIS IDENTIFY THE PRODUCT FEATURES & ITS MARKETING STRATEGY;& MAKE FINANCIAL PROJECTIONS PRODUCT KEY FEATURES,ANTICIPATED MARKETING MIX STRATEGY,ECONOMIC,LEGAL& PROFITABILITY ANALYSIS DEVELOPMENT CREAT A PROTOTYPE PRODUCT & TEST IT ON LABRORATORY & ON CONSUMERS LABORATORY AND CONSUMER TESTS ON PROTYPE PRODUCTS MARKET TESTING TEST PRODUCT & MARKETING STRATEGY IN THE MARKETPLACE ON A LIMITED SCALE TEST MARKETS,SIMULATED TEST MARKET(STMs),VIRTUAL REALITY MARKET TESTING COMMERCIALIZATION POSITION & OFFER PRODUCT IN THE MARKETPLACE PERPETUAL MAPS,PRODUCT POSITIONING,REGIONAL ROLLOUTS CONCEPT DEVELOPMENT & TESTING FINDING A GOOD CONCEPT CUSTOMER POINT OF VIEW MARKETING STRATEGY DEVELOPMENT LONG TERM SALES & PROFIT GOALS DISTRIBUTION STRATEGY & MARKETING BUDGET
  14. 14. PACKAGING The General Group of Activities in Product Planning which involves Designing & Producing the Container or Wrapper of Product
  15. 15. 1. Promoting and Selling the Product Attractive, colorful, and visually appealing packages have promotional value A well designed package is a powerful selling device because it helps the product stand out from its competitors FUNCTIONS OF PACKAGING
  16. 16. 2-Defining Product Identity Packaging is sometimes used to promote an image such as prestige, convenience, or status Can be a crucial part of the marketing strategy, particularly in advertising
  17. 17. 3. Providing Information – Gives customer useful information on: • directions for using the product • its contents • product guarantees • nutritional value • potential hazards
  18. 18. 4. Expressing Customer Needs When designing packages, companies analyze customer lifestyles and create packaging that meets their needs for size and convenience Packages often come in various sizes • Family size • Single serving
  19. 19. 5. Ensure Safe Use Proper packaging helps to eliminate potential injuries or misuse of a product • Formerly glass containers are now plastic • Childproof caps • Tamper resistant packages – Blisterpacks – packages with preformed plastic molds surrounding individual items arranged on a backing
  20. 20. 6. Protecting the Product – Must protect during shipping, storage, and display – Prevent or discourage from tampering – Prevent shoplifting – Protect against breakage and spoilage
  21. 21. FUNCTIONS OF LABELS
  22. 22. Labeling Label – an identification tag, wrapper, seal, or imprinted message that is attached to a product or its package • Main function is to inform customers about a product’s contents and give directions for use • Protects businesses from legal liability if someone if injured while using the product
  23. 23. Three Kinds of Labels 1. Brand Label – gives brand name and trademark or logo 2. Descriptive Label – give information about product use, construction, care, performance, and other features 3. Grade Label – states the quality of a product
  24. 24. BCG MATRIX
  25. 25. Diffusion The process by which the adoption of an innovation spreads. Diffusion
  26. 26. Categories of Adopters Laggards Late Majority Early Majority Early Adopters Innovators
  27. 27. Marketing Implications of the Adoption Process Direct from Marketer Word of Mouth Communication Aids the Diffusion Process
  28. 28. Diffusion Process for New Products
  29. 29. 7P 6R E E N 4B S E 1R R 5I E T 10F E 2T 3G A M A R 8S 9R R 11L S A R N P R A T E A O 12S 13P R O D U C T R A N G E O G W L H I A D C O C N E T S O T Y H T S T H E N E I O E G S R Y E

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