NEW PRODUCT DEVELOPMENT- Types of new Product New product Development Stages .Idea Generation Idea Screening Business Analysis Product Development Test Marketing Commercialisation

1. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Affiliated Institution of G.G.S.IP.U, Delhi
Disclaimer: All content of this Presentation are for classroom Teaching & learning only, not to be used for any other purpose.
MAHTAB ALAM
Assistant Professor
Management Department
NEW PRODUCT DEVELOPMENT

2. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
New Product Development
Meaning
In business and engineering, new product development (NPD) is the
complete process of bringing a new product to market. New product
development is described in the literature as the transformation of a
market opportunity into a product available for sale and it can be
tangible (that is, something physical you can touch) or intangible (like a
service, experience, or belief). A good understanding of customer needs
and wants, the competitive environment and the nature of the market
represent the top required factors for the success of a new product. Cost,
time and quality are the main variables that drive the customer needs.

3. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Types of new Product

4. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
New product Development Stages

5. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Idea Generation

6. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Idea Screening
Develop a set of criteria to evaluate your ideas against. Its criteria might
include:
•most prominently identified customer needs
•product improvements most needed
•the benefits to your target market
•the technical feasibility of the idea
•the level and scope of research and development required
•the profitability of the idea.
•where the product fits in the market
•the resources it will require in development
•the marketing potential of the idea
•the fit with your business profile and business objectives.

7. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Business Analysis
A business analysis will help you determine
the costs involved in your proposed NPD, and
forecast the profits you may make from the
product in future financial years. The costs of
developing a product are substantial.

8. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Product Development
Product development involves either improving an existing
product or its presentation, or developing a new product to
target a particular market segment or segments. Consistent
product development is a necessity for companies striving to
keep up with changes and trends in the marketplace to ensure
their future profitability and success. A competitive product
development strategy should include a company-wide
commitment to creating items that fulfill particular consumer
needs or characteristics.

9. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Test Marketing
Test marketing means testing the product
within a specific geographic area. The product
will be launched within a particular region so
the marketing mix strategy can be monitored
and if needed modified before national launch.

10. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Commercialisation
If test marketing is successful the product is ready
for national launch.
The following decisions regarding the national
launch need to be made
•timing of the launch
•how the product will be launched
•where the product will be launched
•will there be a national roll out or will it be
region by region?

11. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75