New Products
New Product Categories
New Product Development Process
Product Development Strategies: POSITIONING STRATEGIES,POSITIONING TECHNIQUES,PRODUCT DIFFERENTIATION STRATEGIES.
2. Contents:
New Products
New Product Categories
New Product Development Process
Product Development Strategies
3. A new product that opens entirely new
market
A product that adopts/replaces existing
product
Significantly broadens market for existing
product
Old product introduced in new markets
Old product packaged in different way
Old product marketed in different way
4. Innovative Products
New Product Lines
Addition to Product Lines (line extension)
Improvement/Revision of existing product
Reposition product
Cost reduction
6. • IDEA GENERATION
• IDEA SCREENING
• CONCEPT DEVELOPMENT & TESTING
• BUSINESS ANALYSIS
• PRODUCT DEVELOPMENT
• TEST MARKETING
• COMMERCIALIZATION
• REVIEW OF MARKET PERFORMANCE
9. POSITIONING TECHNIQUES
• By Product Attributes
• By Distinct benefit to users
• By specific usage
• For a user category or application
• By product class associated
• By price/quality
• By lifestyle of users
• By reference groups
10. PRODUCT DIFFERENTIATION STRATEGIES
• By product features
• By performance quality
• Exclusivity and style
• Design
• Product range and variety
• Service Quality
• Packaging