2. WHAT IS NEW PRODUCT DEVELOPMENT?
The complete process of bringing a new product
to the market .
That opens an entirely new market
That adopts or replaces an existing product
That significantly expands the market for an
existing product
Old product introduced in a new market
Old product packaged in a different way
Old product marketed in a different way
3. New to the world (Polaroid camera, Sony walkman,
Rollerblade skates, 3D TV)
New product lines (P&G brand shampoo or coffee,
Hallmark gift item)
Addition to product line (Tide liquid, Apples iMac)
Improvements and revisions
of existing product
(P&G’s Tide detergent, Ivory
soap)
Repositioned products (Arm & Hammer baking soda,
aspirin tablet)
Cost reduction
4. WHY DEVELOP NEW PRODUCT ?
To create stars and cash cows for the future
To replace declining product
To take advantage of new technology
To defeat rivals
To maintain/increase market share
To maintain competitive advantage
To fill gap in the market
7. IDEA SCREENING
Completely new and different
Unique design
Superior quality
Popular item
Faster produce and distribute
Enough new features
long life
Filtering the ideas to pick out good ones & dropping
the poor ones.
8. CONCEPT DEVELOPMENT AND TESTING
Brainstorming
The Idea
Game
Morpholog
ical
Analysis
Archival
Analysis
A product concept is a detailed version of the idea stated in
meaningful consumer terms.
Exposing the
concept
Gather the
feedback
Concept Development
Concept Testing
9. MARKETING STRATEGY DEVELOPMENT
.
• Understanding Customer
• Analyze the Market
• Analyze the Competition
• Research Distribution Channels
• Define Marketing Mix
.
• Analyze the Financials
.
• Review and Revise
