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New product devlopment ppt

Rameshwar Swami
Rameshwar Swami
Rameshwar SwamiSr.Executive H.R. at Lokmat Media Pvt Ltd

New product devlopment ppt

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New Product develoPmeNt

        Presented By-
      Rameshwar Swami
        M.Phil Student
     Management SRTMUN
       Sub Center Latur
Definition
 New product development (NPD) is the
  complete process of bringing a new product to
  the market till its consumption & feedback
  from the end user of the business chain
  through the systematic procedure &
  parameter.
 It may be a Consumable product, service or
  idea.
Definition
 New product development (NPD) is the
  complete process of bringing a new product or
  service to market.
 New product development may be done to
  develop an item to compete with a particular
  product or may be done to improve an already
  established product.
Examples

 This type of development is considered the
  preliminary step in product or service
  development and involves a number of steps
  that must be completed before the product can
  be introduced to the market.
 Fair & lovely.
 Bajaj Pulsar.
 Samsung Mobile
Agenda

   Market Research/Opportunity Scan
   Concept Testing
   Prototype Development
   Market Testing
   Product Launch
Why New Products?
 New product development is essential to any
  business that must keep up with market trends
  and changes.
 Approximately one-third of the revenue a
  business generates is coming from products
  they did not sell five years ago
 Changing environment creates new demands
  and needs

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New product devlopment ppt

  • 1. New Product develoPmeNt Presented By- Rameshwar Swami M.Phil Student Management SRTMUN Sub Center Latur
  • 2. Definition  New product development (NPD) is the complete process of bringing a new product to the market till its consumption & feedback from the end user of the business chain through the systematic procedure & parameter.  It may be a Consumable product, service or idea.
  • 3. Definition  New product development (NPD) is the complete process of bringing a new product or service to market.  New product development may be done to develop an item to compete with a particular product or may be done to improve an already established product.
  • 4. Examples  This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market.  Fair & lovely.  Bajaj Pulsar.  Samsung Mobile
  • 5. Agenda  Market Research/Opportunity Scan  Concept Testing  Prototype Development  Market Testing  Product Launch
  • 6. Why New Products?  New product development is essential to any business that must keep up with market trends and changes.  Approximately one-third of the revenue a business generates is coming from products they did not sell five years ago  Changing environment creates new demands and needs
  • 7. Product Development  Must be alert to quickly develop opportunities  Focus on markets or product categories consistent with organization’s objectives, resources, capabilities and strengths  Securing a competitive advantage
  • 8. Industrial New Product Ideas  Company sources other than R&D 36.2%  Analysis of the competition 27.0%  Research & Development 24.3%  Product users 15.8%  Supplier suggestions 12.5%  Product user research 10.5%  Published information 7.9%
  • 9. New Products necessity  A way of getting new and keeping old customers  Effective way of obtaining a competitive advantage  Source of growth and excitement
  • 10. New Product Categories  New to the world products  New product lines  Product line extensions  Improvements and revisions to existing products  Repositionings  Cost reductions
  • 11. Product Development Process Product Launch Test Marketing Prototype Development Concept Testing Market research and Opportunity scan
  • 12. Marketing  Very important to product development success  Key to successful marketing is imaginative, effective, creative communication  Find a need and fill it.  Mutually beneficial exchange relationships
  • 13. Marketing Strategies  Increase the number of customers  Increase the average transaction  Increase the frequency of repurchase
  • 14. Marketing Concepts  Consumer orientation  Customer service orientation  Profit orientation  Society Benefit.
  • 15. Market Research  Who is my target audience?  Are there enough members of this target group to make the business worthwhile?  How large is the potential market and how much of that potential market can I capture?  Who is my competition and what would make someone choose my product over their current?
  • 16. Market Opportunity and Threats Societal Focus Economic Realities •GNP •Population Shifts •Disposable Income •Values •Discretionary Income •Attitudes •Competition •Trends Technological Development •Advance in Legal & Regulatory technology Condition •Market receptiveness •Laws to technology •Regulations
  • 17. Market Placement 1)Identify target markets  Size and growth potential  Ability and ease of reaching segment  Good fit with organizational objectives  Greatest revenue generation with least investment
  • 18. Market Placement 2)Determine opportunity  Segment size  Annual usage potential  Anticipated annual growth rate  Margin  Value in use 3)Evaluate competition  Strengths/Limitations  Implications
  • 19. Pricing Strategies  Goal is to achieve a target profit  Can you hold a product’s manufacturing costs down to less than 25% of its perceived value?  Estimating manufacturing costs  Obtain price quotes from several suppliers
  • 20. Concept Testing Concept testing is the process of using quantitative methods and qualitative methods to evaluate consumer response to a product idea prior to the introduction of a product to the market.
  • 21. Concept Testing Determine  Critical success factors  Financial objectives  Marketing mix strategies  Product, Pricing, Promotion, Placement  Marketing plan initiatives  Activity, Budget, Timing
  • 22. Prototype Development  Prototype development is the process of preparing a device, technique or system that demonstrates the feasibility of a solution to a problem. For-  1) Experimentation and learning in the product development process  2) Testing and proofing product concepts  3)Communicating concepts to the product development team members, management and customers.
  • 23. Test Marketing  Test marketing is an experiment conducted in a field laboratory ( test market) comprising of actual stores and real-life buying situations, without the buyers knowing they are participating in an evaluation exercise.  Test marketing may last from few weeks to several months.
  • 24. Prototype and Test Marketing  Do you prefer this product over your current product?  Does this product meet the need you thought it would?  Does the way the product works provide an important benefit?
  • 25. Promotion and Product Launch  Publicity  Trade journals  Conferences  Personal selling  Word of mouth
  • 26. Reasons For New Product Failures  Poor marketing research  Technical problems  Insufficient marketing effort  Bad timing  The wrong group was targeted.  Unrealistic forecast.  Insufficient level of awareness.
  • 27. Summary  New product development drives growth.  Market research is critical to the success of a new product launch.  Market research is a continuous process as customer needs, your business and the environment changes.