This document provides an overview of Acentric Marketing Research Consulting's new product development research services. It describes the stages of new product development including market structure analysis, concept generation, concept testing, product testing, simulated test markets, conjoint analysis, and price determination research. Acentric offers various marketing research techniques to gather customer insights and reduce risks at each stage of new product development.
This document discusses new product development, including reasons for developing new products, classes of new products, and how companies handle new product development. It covers the stages of the new product development process, including idea generation, screening, concept development and testing. Sources of new product ideas and techniques for generating ideas like attribute listing, forced relationships, and brainstorming are explained. The importance of screening ideas to reduce the number to a practical few is discussed, along with types of screening errors to avoid. Concept development and testing helps refine ideas into testable product concepts.
What is the best way to manage the new product development processSameer Mathur
This document outlines the stages of a new product development process from concept to commercialization. It includes concept development and testing, marketing strategy development, and business analysis stages. Concept development involves different concept testing methods like conjoint analysis. Marketing strategy development establishes target markets, pricing, and marketing budgets. Business analysis estimates sales, costs, and profits. The process then moves to product development, market testing, and commercialization, which determines when, where, to whom, and how to launch the new product on the market.
This document discusses managing new product development from start to finish. It begins with generating ideas through interacting with employees, customers, and competitors. The next step is managing the idea screening process by evaluating technical feasibility, commercialization potential, and economic success. Concepts are then developed and tested on consumers. Various analytical tools like conjoint analysis are used. The development process is managed through prototyping and market testing. Finally, commercialization involves introducing the new product to market through a carefully planned launch campaign considering timing, location, target markets, and strategy. The entire process from concept to product launch must be effectively managed.
The document discusses various aspects of new product development for cosmetics, household, and insecticide products. It begins with an overview of the product development process and importance of satisfying consumer wants. Several examples of new product development are provided, including the development of a toilet bowl blue block and wardrobe insect repellent. Key steps in the process like ideation, product specifications, testing, manufacturing, and launch are covered. Trends in new product development like outsourcing and centralization are also summarized.
The document outlines the 7 step new product development process: [1] idea generation through techniques like brainstorming, [2] idea screening to evaluate ideas, [3] concept development and testing consumer reception, [4] business analysis of financial viability, [5] prototyping and market testing, [6] technological implementation, and [7] commercialization through marketing strategies. New product development is important for meeting changing consumer needs, making new profits, and combating threats while providing benefits like quality products, customer satisfaction, market expansion, and stable demand.
The document discusses concept generation for new product development. It describes identifying opportunities based on consumer needs and problems, then generating product concepts to address those needs and problems. Some key concept generation techniques mentioned include studying target consumers, understanding their wants and problems, brainstorming concepts with employees, users and other stakeholders, analyzing problem inventories reported by users, and using scenario planning to identify future problems and their potential solutions.
This document outlines the new product development process. It begins with idea generation, which can come from internal or external sources. Ideas are then screened to eliminate poor concepts. Market research is conducted to understand customer needs and the size of the potential market. Concept testing evaluates consumer response to product ideas. Prototypes are developed and tested. Test marketing launches products on a small scale before full product launch. The goal is to bring new products and services to market through a rigorous process that identifies viable concepts and tests consumer demand.
Here are the key steps in clinical trials for product development:
1. Pre-clinical research: Laboratory and animal testing is conducted to evaluate safety, efficacy, dosage and side effects.
2. Phase I trials: Small trials with healthy volunteers are conducted to evaluate safety, determine safe dosage range and identify side effects.
3. Phase II trials: Larger trials with specific patient groups are conducted to further evaluate safety and efficacy, determine optimal dosage and identify possible side effects and risks.
4. Phase III trials: Expanded trials involving hundreds to thousands of patients are conducted to gather additional information on safety, efficacy, risks and optimal dosage for approval.
5. Phase IV trials: Post marketing studies are conducted after
This document discusses new product development, including reasons for developing new products, classes of new products, and how companies handle new product development. It covers the stages of the new product development process, including idea generation, screening, concept development and testing. Sources of new product ideas and techniques for generating ideas like attribute listing, forced relationships, and brainstorming are explained. The importance of screening ideas to reduce the number to a practical few is discussed, along with types of screening errors to avoid. Concept development and testing helps refine ideas into testable product concepts.
What is the best way to manage the new product development processSameer Mathur
This document outlines the stages of a new product development process from concept to commercialization. It includes concept development and testing, marketing strategy development, and business analysis stages. Concept development involves different concept testing methods like conjoint analysis. Marketing strategy development establishes target markets, pricing, and marketing budgets. Business analysis estimates sales, costs, and profits. The process then moves to product development, market testing, and commercialization, which determines when, where, to whom, and how to launch the new product on the market.
This document discusses managing new product development from start to finish. It begins with generating ideas through interacting with employees, customers, and competitors. The next step is managing the idea screening process by evaluating technical feasibility, commercialization potential, and economic success. Concepts are then developed and tested on consumers. Various analytical tools like conjoint analysis are used. The development process is managed through prototyping and market testing. Finally, commercialization involves introducing the new product to market through a carefully planned launch campaign considering timing, location, target markets, and strategy. The entire process from concept to product launch must be effectively managed.
The document discusses various aspects of new product development for cosmetics, household, and insecticide products. It begins with an overview of the product development process and importance of satisfying consumer wants. Several examples of new product development are provided, including the development of a toilet bowl blue block and wardrobe insect repellent. Key steps in the process like ideation, product specifications, testing, manufacturing, and launch are covered. Trends in new product development like outsourcing and centralization are also summarized.
The document outlines the 7 step new product development process: [1] idea generation through techniques like brainstorming, [2] idea screening to evaluate ideas, [3] concept development and testing consumer reception, [4] business analysis of financial viability, [5] prototyping and market testing, [6] technological implementation, and [7] commercialization through marketing strategies. New product development is important for meeting changing consumer needs, making new profits, and combating threats while providing benefits like quality products, customer satisfaction, market expansion, and stable demand.
The document discusses concept generation for new product development. It describes identifying opportunities based on consumer needs and problems, then generating product concepts to address those needs and problems. Some key concept generation techniques mentioned include studying target consumers, understanding their wants and problems, brainstorming concepts with employees, users and other stakeholders, analyzing problem inventories reported by users, and using scenario planning to identify future problems and their potential solutions.
This document outlines the new product development process. It begins with idea generation, which can come from internal or external sources. Ideas are then screened to eliminate poor concepts. Market research is conducted to understand customer needs and the size of the potential market. Concept testing evaluates consumer response to product ideas. Prototypes are developed and tested. Test marketing launches products on a small scale before full product launch. The goal is to bring new products and services to market through a rigorous process that identifies viable concepts and tests consumer demand.
Here are the key steps in clinical trials for product development:
1. Pre-clinical research: Laboratory and animal testing is conducted to evaluate safety, efficacy, dosage and side effects.
2. Phase I trials: Small trials with healthy volunteers are conducted to evaluate safety, determine safe dosage range and identify side effects.
3. Phase II trials: Larger trials with specific patient groups are conducted to further evaluate safety and efficacy, determine optimal dosage and identify possible side effects and risks.
4. Phase III trials: Expanded trials involving hundreds to thousands of patients are conducted to gather additional information on safety, efficacy, risks and optimal dosage for approval.
5. Phase IV trials: Post marketing studies are conducted after
The document discusses strategies for managing new product development. It outlines the typical stages in new product development, including idea generation, concept development and testing, marketing strategy development, product development, test marketing, and commercialization. It then describes three common new product development strategies used by companies: customer-centered development which focuses on solving customer problems; team-based development which uses cross-functional teams; and systematic development which creates an innovation-oriented culture. Finally, it discusses product life cycle strategies and how companies adapt their approach during the different stages of a product's maturity.
This document discusses new product development. It begins by outlining different new product options like acquisition or internal development. It then describes types of new products from incremental improvements to radical innovations. Several challenges in new product development are explored like the need for continuous innovation, high failure rates of new products, and difficulties in budgeting and organizing development efforts. The document concludes by examining various stages of managing the development process from generating and screening ideas to concept development, testing, and analyzing consumer adoption.
New product development (NPD) is the process of developing, testing, and evaluating new products to ensure company growth. It involves generating product ideas, screening concepts, developing and testing selected concepts, creating marketing strategies, analyzing business potential through projected costs and sales, beta testing products, and commercially launching new products. The goal is to introduce successful new products to consumers while avoiding the high failure rates common with new products.
This document outlines the key stages in the new product development (NPD) process. It begins with idea generation which can come from internal or external sources. Ideas are then screened using criteria like market size and costs. Selected ideas are developed into product concepts and prototypes which undergo customer concept testing and business analysis to assess economic viability. Successful concepts then proceed to product development, test marketing in small markets, and commercialization through broader launches if testing is positive. The systematic NPD process helps businesses focus investment on promising projects and shorten the time to revenue.
New product development with creativity & innovationTimothy Wooi
The document profiles Timothy Wooi, who has over 30 years of experience in Lean Management and is a certified Kaizen specialist and TPM facilitator. He provides consulting services related to Lean techniques and develops Tim's Waterfuel, an alternative fuel supplement that adds power while reducing CO2 emissions. He is also an NGO worker involved in prison and drug rehab programs.
New product development IDEA GENERATION AND IDEA SCREENING premjit2363
This document outlines the new product development process, which includes idea generation, idea screening, development and testing, business analysis, beta testing, technical implementation, commercialization, and pricing. It discusses the importance of new product development given factors like short product lifecycles and shifting consumer preferences. The document specifically focuses on the processes of idea generation, which involves creative, systematic searching, and idea screening, which examines, prioritizes, and evaluates ideas to determine which have potential and which should be dropped.
NEW PRODUCT DEVELOPMENT- Types of new ProductTrinity Dwarka
NEW PRODUCT DEVELOPMENT- Types of new Product
New product Development Stages
.Idea Generation
Idea Screening
Business Analysis
Product Development
Test Marketing
Commercialisation
What are the main stages in developing new product development process.pptxSameer Mathur
The document discusses managing the new product development process from idea generation through concept development and testing. It describes techniques for gathering customer input like conducting informal sessions and surveys. It also discusses frameworks for understanding customer needs and wants like demand-first innovation and growth (DIG). Additionally, it covers ways to generate new ideas like attribute listing, forced relationships, and morphological analysis. Finally, the document outlines steps for concept development, testing, and using tools like conjoint analysis to inform marketing strategy and product positioning.
Organizational arrangements for new productSameer Mathur
The document discusses different organizational arrangements for new product development, including using product managers or new product managers, management committees, or separate development departments. It also describes using teams like venture teams focused on specific products, cross-company venture teams, or skunkworks projects. Finally, it outlines stage-gate systems to funnel new product stages through senior manager approval gates and concurrently pass products between cross-functional teams with improvements at each stage, as well as spiral development processes that allow returning to earlier stages.
Presentation given by Muneeb Iqbal, Adnan, Dr Owais, Shahid Naved ,Ali Shah & Haris Vakeel on "New Product Development & Pricing Strategies" (of Marketing Mix/4 P's) to Sir.Nouman Ashraf in the course of "Principles of Marketing" at Hamdar University City Campus (HIMS).
References:
Principles of Marketing, 12 th edition, Phillip Kotler & Gary Armstrong.
New Product Development was a 3-day public workshop for managers offered for many years through what is now UW-Madison’s Center for Professional and Executive Development (CPED). Since CPED has modified its mission to focus on leadership and management training, this and other marketing classes have been discontinued. Therefore I am providing this for your individual education.
A version of this presentation with embedded hyperlinks to YouTube videos and other educational sites is available through my website, BrainSnacksCafe.com.
Enjoy!
What are the two ways that a company can obtain new productsWilfredo Sto. Nino
The two main ways for a company to obtain new products are through internal development and acquisition. The potential causes of new product failure are an incorrectly positioned product, underestimated market size, higher than anticipated costs of product development, or a poorly designed product. The creation of a successful new product depends on a company's understanding of its customers and its ability to deliver superior value to customers.
The document discusses the process of idea generation and screening new product concepts. It explains that idea generation involves systematically searching for new product opportunities from various sources. Potential ideas are then screened using questions about customer benefits, market size and trends, competition, and technical feasibility. Promising concepts are further tested through consumer surveys and prototypes to avoid costly mistakes. If concepts prove viable, the marketing plan is developed which estimates pricing, sales, market share goals, and profitability. Selected concepts then enter test marketing and commercialization phases involving limited market launches and full implementation of production and marketing activities.
Simulated test marketing involves presenting advertising and promotional materials for test and existing products to target consumers. Vendors claim accuracy within 10% of actual forecasts up to 90% of the time using techniques considered highly effective. Data was originally collected in malls but has shifted online. Simulated market tests cost $25,000-$100,000, much less than full-scale testing. Shelf set simulates product placement, pricing, and signage using virtual shopping to gather insights. Simulated testing is growing but companies remain cautious given failure costs.
Profitiviti - New Product Development Case Study ExampleSteve Raack
The New Product Development (NPD) process is a critical enterprise process for most product / service related companies. Understanding the true costs and talent associated with the NPD process can improve operational efficiencies and profitability. Let us know what you think.
This document outlines best practices for developing new products that are successful in the marketplace. It discusses the importance of having the right product and brand. The stages of the new product development process are identified as opportunity identification, design/development, and commercialization/launch. Each stage involves key activities like developing business propositions, prototypes, marketing plans, and implementing launch plans. Following a structured staged gate process can help ensure new products are developed efficiently and launched as planned to achieve commercial success.
Marketing Involvement in New product development Nomanzakir127
The document discusses marketing's role in various stages of new product development. It finds that marketing is:
Very likely involved in product development strategy, test marketing programs, developing ads/promotions for launch, and somewhat likely involved in running the project team and monitoring success. The earliest stage marketing is involved is idea generation through gathering customer input and market research.
The document discusses new product development, defining it as the process of bringing a new product to market. It outlines the key stages in new product development, including idea generation, concept development and testing, business analysis, beta testing, technical implementation, commercialization, and pricing. The goal is to develop an understanding of customer needs and market opportunities before significant resources are invested in a new product.
New product development (NPD) describes bringing a new product to market and involves overcoming challenges like defining specifications, managing resources, and coordinating groups. The NPD process includes stages like idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. Implementing a structured NPD process helps businesses focus investment on promising projects and shorten the time from idea to revenue.
A product development usually starts out with making educated guesses and assumptions of what you think the customer segment wants. However, you are not the customer. It is vital you test the hypotheses in the market. Only validation will ensure a robust foundation of the NPD before going into the design and build phase.
The NPD process involves 8 key stages from idea generation through to product launch. It begins with brainstorming ideas and evaluating their potential. Top ideas are further developed into concepts which are tested through market research. Strategic and financial analysis determines if concepts fit the business. Products are developed, tested with customers and modified based on feedback. They are then commercialized by determining pricing and marketing plans. Finally, a launch plan introduces the product to the market.
The document discusses strategies for managing new product development. It outlines the typical stages in new product development, including idea generation, concept development and testing, marketing strategy development, product development, test marketing, and commercialization. It then describes three common new product development strategies used by companies: customer-centered development which focuses on solving customer problems; team-based development which uses cross-functional teams; and systematic development which creates an innovation-oriented culture. Finally, it discusses product life cycle strategies and how companies adapt their approach during the different stages of a product's maturity.
This document discusses new product development. It begins by outlining different new product options like acquisition or internal development. It then describes types of new products from incremental improvements to radical innovations. Several challenges in new product development are explored like the need for continuous innovation, high failure rates of new products, and difficulties in budgeting and organizing development efforts. The document concludes by examining various stages of managing the development process from generating and screening ideas to concept development, testing, and analyzing consumer adoption.
New product development (NPD) is the process of developing, testing, and evaluating new products to ensure company growth. It involves generating product ideas, screening concepts, developing and testing selected concepts, creating marketing strategies, analyzing business potential through projected costs and sales, beta testing products, and commercially launching new products. The goal is to introduce successful new products to consumers while avoiding the high failure rates common with new products.
This document outlines the key stages in the new product development (NPD) process. It begins with idea generation which can come from internal or external sources. Ideas are then screened using criteria like market size and costs. Selected ideas are developed into product concepts and prototypes which undergo customer concept testing and business analysis to assess economic viability. Successful concepts then proceed to product development, test marketing in small markets, and commercialization through broader launches if testing is positive. The systematic NPD process helps businesses focus investment on promising projects and shorten the time to revenue.
New product development with creativity & innovationTimothy Wooi
The document profiles Timothy Wooi, who has over 30 years of experience in Lean Management and is a certified Kaizen specialist and TPM facilitator. He provides consulting services related to Lean techniques and develops Tim's Waterfuel, an alternative fuel supplement that adds power while reducing CO2 emissions. He is also an NGO worker involved in prison and drug rehab programs.
New product development IDEA GENERATION AND IDEA SCREENING premjit2363
This document outlines the new product development process, which includes idea generation, idea screening, development and testing, business analysis, beta testing, technical implementation, commercialization, and pricing. It discusses the importance of new product development given factors like short product lifecycles and shifting consumer preferences. The document specifically focuses on the processes of idea generation, which involves creative, systematic searching, and idea screening, which examines, prioritizes, and evaluates ideas to determine which have potential and which should be dropped.
NEW PRODUCT DEVELOPMENT- Types of new ProductTrinity Dwarka
NEW PRODUCT DEVELOPMENT- Types of new Product
New product Development Stages
.Idea Generation
Idea Screening
Business Analysis
Product Development
Test Marketing
Commercialisation
What are the main stages in developing new product development process.pptxSameer Mathur
The document discusses managing the new product development process from idea generation through concept development and testing. It describes techniques for gathering customer input like conducting informal sessions and surveys. It also discusses frameworks for understanding customer needs and wants like demand-first innovation and growth (DIG). Additionally, it covers ways to generate new ideas like attribute listing, forced relationships, and morphological analysis. Finally, the document outlines steps for concept development, testing, and using tools like conjoint analysis to inform marketing strategy and product positioning.
Organizational arrangements for new productSameer Mathur
The document discusses different organizational arrangements for new product development, including using product managers or new product managers, management committees, or separate development departments. It also describes using teams like venture teams focused on specific products, cross-company venture teams, or skunkworks projects. Finally, it outlines stage-gate systems to funnel new product stages through senior manager approval gates and concurrently pass products between cross-functional teams with improvements at each stage, as well as spiral development processes that allow returning to earlier stages.
Presentation given by Muneeb Iqbal, Adnan, Dr Owais, Shahid Naved ,Ali Shah & Haris Vakeel on "New Product Development & Pricing Strategies" (of Marketing Mix/4 P's) to Sir.Nouman Ashraf in the course of "Principles of Marketing" at Hamdar University City Campus (HIMS).
References:
Principles of Marketing, 12 th edition, Phillip Kotler & Gary Armstrong.
New Product Development was a 3-day public workshop for managers offered for many years through what is now UW-Madison’s Center for Professional and Executive Development (CPED). Since CPED has modified its mission to focus on leadership and management training, this and other marketing classes have been discontinued. Therefore I am providing this for your individual education.
A version of this presentation with embedded hyperlinks to YouTube videos and other educational sites is available through my website, BrainSnacksCafe.com.
Enjoy!
What are the two ways that a company can obtain new productsWilfredo Sto. Nino
The two main ways for a company to obtain new products are through internal development and acquisition. The potential causes of new product failure are an incorrectly positioned product, underestimated market size, higher than anticipated costs of product development, or a poorly designed product. The creation of a successful new product depends on a company's understanding of its customers and its ability to deliver superior value to customers.
The document discusses the process of idea generation and screening new product concepts. It explains that idea generation involves systematically searching for new product opportunities from various sources. Potential ideas are then screened using questions about customer benefits, market size and trends, competition, and technical feasibility. Promising concepts are further tested through consumer surveys and prototypes to avoid costly mistakes. If concepts prove viable, the marketing plan is developed which estimates pricing, sales, market share goals, and profitability. Selected concepts then enter test marketing and commercialization phases involving limited market launches and full implementation of production and marketing activities.
Simulated test marketing involves presenting advertising and promotional materials for test and existing products to target consumers. Vendors claim accuracy within 10% of actual forecasts up to 90% of the time using techniques considered highly effective. Data was originally collected in malls but has shifted online. Simulated market tests cost $25,000-$100,000, much less than full-scale testing. Shelf set simulates product placement, pricing, and signage using virtual shopping to gather insights. Simulated testing is growing but companies remain cautious given failure costs.
Profitiviti - New Product Development Case Study ExampleSteve Raack
The New Product Development (NPD) process is a critical enterprise process for most product / service related companies. Understanding the true costs and talent associated with the NPD process can improve operational efficiencies and profitability. Let us know what you think.
This document outlines best practices for developing new products that are successful in the marketplace. It discusses the importance of having the right product and brand. The stages of the new product development process are identified as opportunity identification, design/development, and commercialization/launch. Each stage involves key activities like developing business propositions, prototypes, marketing plans, and implementing launch plans. Following a structured staged gate process can help ensure new products are developed efficiently and launched as planned to achieve commercial success.
Marketing Involvement in New product development Nomanzakir127
The document discusses marketing's role in various stages of new product development. It finds that marketing is:
Very likely involved in product development strategy, test marketing programs, developing ads/promotions for launch, and somewhat likely involved in running the project team and monitoring success. The earliest stage marketing is involved is idea generation through gathering customer input and market research.
The document discusses new product development, defining it as the process of bringing a new product to market. It outlines the key stages in new product development, including idea generation, concept development and testing, business analysis, beta testing, technical implementation, commercialization, and pricing. The goal is to develop an understanding of customer needs and market opportunities before significant resources are invested in a new product.
New product development (NPD) describes bringing a new product to market and involves overcoming challenges like defining specifications, managing resources, and coordinating groups. The NPD process includes stages like idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. Implementing a structured NPD process helps businesses focus investment on promising projects and shorten the time from idea to revenue.
A product development usually starts out with making educated guesses and assumptions of what you think the customer segment wants. However, you are not the customer. It is vital you test the hypotheses in the market. Only validation will ensure a robust foundation of the NPD before going into the design and build phase.
The NPD process involves 8 key stages from idea generation through to product launch. It begins with brainstorming ideas and evaluating their potential. Top ideas are further developed into concepts which are tested through market research. Strategic and financial analysis determines if concepts fit the business. Products are developed, tested with customers and modified based on feedback. They are then commercialized by determining pricing and marketing plans. Finally, a launch plan introduces the product to the market.
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
The document discusses the product development process. It begins by defining product development as the process of delivering a new or improved product for customers. It then emphasizes that product development strategies are important to ensure value for customers and quality products. The document outlines the key steps in creating an effective product development plan, including identifying market needs, validating concepts, and developing a minimum viable product to test with customers.
User experience design requires varying levels of effort depending on factors like company size, market maturity, and product lifecycle stage. For new products in new markets, substantial user research, prototyping, and usability testing is recommended to ensure solutions meet user needs. For updates to established products in mature markets, minimal effort may be sufficient. The right amount of UX work balances business objectives with creating easy to use solutions that delight customers.
The document discusses the process of new product development for BRB Cable Industries. It describes various stages in the process including idea generation, concept development and testing, marketing strategy development, business analysis, product development, and test marketing. As an example, it discusses BRB developing a new digital circuit breaker product - analyzing the market opportunity through SWOT and financial analysis, creating product concepts, testing consumer appeal, and conducting test marketing before commercialization. The overall process helps ensure new product ideas align with business goals and have market potential before full launch.
The document outlines the 8 step new product development process: [1] Idea generation and screening, [2] Concept development and testing, [3] Marketing strategy development, [4] Business analysis, [5] Product development, [6] Test marketing, [7] Commercialization. It then discusses each step in the process and provides examples of idea sources, concept testing methods, and commercialization strategies. The conclusion emphasizes that the process is iterative and many companies complete steps concurrently to reduce time to market.
The document discusses various methods for conducting market analysis for new product development. It focuses on four main areas: idea generation, product optimization, marketing mix optimization, and market prediction. For idea generation, methods like brainstorming, focus groups, and morphological analysis are presented. Product optimization discusses approaches like Quality Function Deployment (QFD) and conjoint analysis to design the product based on customer needs. Test marketing and concept testing are described as ways to introduce the new product to the market and predict its anticipated success. Case studies on pharmaceutical companies and automakers are provided as examples.
In order to craft your value proposition, you need to make certain assumptions about your target market. It is important to validate these assumptions through market research techniques and analysis.
In this lecture, market research experts introduce the principles of market research and analysis, including analytical frameworks such as the PEST analysis and Porter’s Five Forces.
QuestionPro Advanced Training Keys to Success - Discrete Conjoint Analysis 101QuestionPro
Our April 2017 Keys to Success series deep dives into Discrete Choice Conjoint Analysis, an effective and advanced survey technique. In this training, learn to analyze how and why customers choose certain products or services over others. This training discusses research industry best practices on creating a comprehensive end-to-end conjoint analysis project, so that you can address and find solutions to even some of the most complex business objectives.
The document discusses the new product development process. It begins by listing 5 categories of new products and 10 considerations for evaluating new product ideas. It then discusses that innovation and new products are important for winning in the marketplace. The remainder of the document outlines the 7 stages of new product development: 1) idea generation, 2) screening, 3) concept development and testing, 4) prototype development, 5) market testing, 6) commercialization, and 7) business analysis. Key aspects of each stage are described.
This document provides guidance on developing an effective product strategy in 10 steps. It begins with creating an ambitious product mission or vision. Next, it is important to understand customer needs and how they are evolving by conducting user research. You must also understand where your product fits within the broader value chain. Identifying how markets may change allows you to strategize for the future. Key performance indicators should then be developed based on product goals. Finally, initiatives are prioritized on the roadmap to work towards achieving the strategic goals. The overall process outlined aims to create a product strategy that delivers value to customers and meets business objectives.
This document discusses introducing new market offerings and managing existing products. It covers idea generation and screening, concept testing, product development processes, criteria for staffing venture teams, variations of product failure, marketing strategy, product development, prototype testing, timing of market entry, consumer adoption processes, characteristics of innovations, and reasons for new product success and failure. The key stages in new product development are idea generation, concept development, business analysis, product development, test marketing, and commercialization.
The document outlines Innovation's objectives at a consumer products company, which are to identify new product opportunities driven by consumer needs, develop and commercialize products to address those opportunities, and influence industry specifications. It then describes the new product development process and keys to success, including a consumer-centric culture, market insights, and cross-functional collaboration. Finally, it discusses Innovation's roles in evaluating concepts, ensuring success through tools like segmentation and ensuring product optimization, and thinking outside the box to develop paradigm-shifting innovations.
This document discusses various applications of marketing research, including product research, price research, distribution research, and promotion research. It provides details on using perceptual maps to understand how consumers view competing products based on different dimensions. Perceptual maps can show ideal points that indicate consumer preferences for certain combinations of dimensions. Market researchers consider ideal point clusters and empty spaces when developing new products. The document also discusses focus groups as a qualitative research method and different types of focus group structures.
The presentation provides details on- New Product Development Funnel, Idea Generation & Opportunity Evaluation, Product Concept Development, Concept Testing, Design and Engineering Products, Prototype Development and Testing
Marketing involves fulfilling customer needs by creating and delivering relevant products and services. Successful marketing requires understanding consumers and the market environment. The marketing process includes innovation to create new brands, managing existing brands, and consolidating and diversifying brands over time. Developing new concepts involves screening ideas, testing concepts with consumers, and developing the optimal marketing mix of product, price, place, and promotion. Communication and sales promotion are also essential to attract customers and push brands into the market. Overall marketing aims to deliver a consistent brand identity that resonates with target audiences.
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LA HUG - Video Testimonials with Chynna Morgan - June 2024
Acentric new product development research
1. New Product Development Research
An introduction
AcentricTM Marketing Research Consulting
South Africa
www.acentric.co.za
Last update 2011
Copyright, Acentric, 2011
2. Overview
• An overview of the NPD stages – where are you?
• Before you enter: Determine the market structure
• Idea/concept generation research
• Concept tests
• Product tests
• Simulated Test Markets – moving beyond concept & product testing
• Conjoint analysis
• Price determination research
Copyright, Acentric, 2011
3. New product development research
•New product development (NPD) is a multi-stage process from concept
generation to the final launch.
•At each stage your investment of time and money increases.
•Marketing research reduces the risks involved by identifying poor performers
early on and indicating where improvements need to occur to maximise success.
•Acentric offers different marketing research techniques for each stage of the new
product development (NPD) process.
Copyright, Acentric, 2011
4. New product development stages
NPD stage Research services
1. Market structure Market structure studies and Virtual Diary
measurement Market dimensions : Penetration in the population, frequency of
purchase and value
Brand performance: Brand penetrations, brand purchase
frequencies and brand market shares
2. Multiple concept •Problem detection studies (PDS).
generation •Focus groups.
•Conjoint analysis.
Copyright, Acentric, 2011
5. New product development stages
3 Concept •If you have many concepts concept screening helps to narrow down the
field
•Concept testing provides more detail once you have isolated one or two
concepts.
•Determine how important different features are.
•Determine how your concept performs on these features.
•Determine which segments will be more likely to adopt.
•Understand the current market, in terms of brand awareness and
usage.
•Obtain indications of sales potential under different marketing
scenarios.
•Ceiling estimation is a procedure we use to determine the likely adoption
ceiling for radical new products which create their own new markets.
4. Design and •Trade-off analysis allows you to refine the design of a product in terms of
development features and pricing, It is also useful when revising existing products:
•CVA Conjoint.
•Hybrid conjoint.
• Price research is included with product configuration to assess the impact
on deserved share.
Copyright, Acentric, 2011
6. New product development stages
5. Finalisation • Product use tests to identify the strengths and weaknesses of a
prototype product:
•Does it meet expectations.
•Does it deliver on the concept promise.
•What weaknesses does it have in actual use, how does it compare
to competitors.
6. In-service • PDS studies to determine early issues after actual launch in the market,
product support customer satisfaction tracking and loyalty measurement.
Copyright, Acentric, 2011
7. New product development research
Market structure
We offer basic market structure measurement. Including:
Market dimensions : Penetration in the population, frequency
of purchase and value
Brand performance: Brand penetrations, brand purchase
frequencies and brand market shares
Copyright, Acentric, 2011
8. New product development research
Market structure
In repertoire* type markets, measuring market structure is difficult to do doing a normal survey due to
problems with human memory. Examples include FMCG, supermarket/retail, petrol stations and restaurants.
For example most people can’t remember what brands of fizzy drinks they have bought in the last month and
how often.
As a result diaries are used traditIonally. Survey respondents are asked to record their day to day purchases
each day over a long time period – such as 7 days or a month. Diaries have been validated against actual
factory shipments as a fairly accurate indicator of sales.
Acentric offers a less costly alternative. Acentric Virtual DiaryTM provides a good approximation to an actual
diary using a normal adhoc survey. Answers to questions are transformed using statistical calculations which
provides the following:
1. Market/Category penetration
2. Market/category puchase occasion frequency
3. Brand penetration
4. Brand purchase occasion frequency
5. Brand market shares
Copyright, Acentric, 2011
9. New product development research
Preliminary concept development
We can offer a number of products to enhance the process of concept generation.
These include problem detection studies and conjoint analysis (conjoint is also useful at
later stages of the NPD process).
Problem Detection Surveys amongst consumers
regarding old products can lead to new ideas
“Well, I just don’t
New Concept
like the fact that I
Inkless electric printer
have to change ink
cartridges, nor the
costs of ink just for
drafts”
Copyright, Acentric, 2011
10. Concept screening
Concept screening
If you have multiple competing concepts it can be a challenge narrowing the field to the best concepts.
Concept screener surveys help to do this by obtaining ratings from the relevant consumers to determine
which concepts are most appealing.
Concept
Concept A
B
Concept
C
Concepts most likely to
succeed
Copyright, Acentric, 2011
11. Concept testing
Concept testing surveys
Concept testing involves exposing a representative sample to written descriptions and/or pictures of
your new concept. A series of key questions are asked to:
1. Determine acceptable price ranges.
2. Determine how your concept is perceived to perform relative to competitors on features.
3. Determine how well consumers understand the new concept.
4. Determine how important different features are to consumers.
5. Determine how preference differs across consumer segments (e.g. male versus female)
6. Understand the current competitive landscape, in terms of brand awareness and usage.
7. Obtain indications of sales potential under different marketing scenarios.
Copyright, Acentric, 2011
12. Acentric Express TestsTM
Developing a new product or service and bringing it to market are costly endeavours. Knowing in advance
whether your new concept is likely to be successful, and if not, what to do about it saves both time and money.
Express Test provides you with a fast and cost effective indicator of the likely success of a new product - before
you invest in developing an actual product.
Key benefits:
•The Acentric Concept Performance Score gives you a clear indication of whether you will be able to compete
with the proposed features and pricing.
•Unlike most concept tests, you don't need to decide who to target first. Instead Express Test covers everyone
with internet access and lets you see where the demand is.
•Learn what improvements customers most want before you launch.
•Performance on key drivers of success quantified.
•Option for survey respondents to explain in their own words what they think of your product, providing you
with rich insights into how to improve.
•Learn what price range is acceptable to buyers and then learn whether the specific price point you have in
mind will work.
•Provides an indication of whether the brand is right for the new product you want to launch.
•Indicates what distribution channels you should prioritise.
Copyright, Acentric, 2011
13. Product-use testing
The investments in tooling for full-scale production and marketing costs can sometimes exceed the initial
investment in prototype development. As a result it is important to weed out potential failures before moving
beyond the prototype stage.
Once a prototype or small production run of products exists, it becomes viable to test the actual product.
Product testing aims to identify :
•Issues encountered during real world use.
•Preference for your product over competitor products.
Packaging
Performance in use
Repeat purchase intentions
•Whether the product lives up to the claims made in the original concept statement.
Oh dear, this new
inkless-thermal
printer has a
tendency to jam.
Copyright, Acentric, 2011
14. Product-use testing
Product research identifies product weaknesses and strengths under actual usage conditions. Many problems
cannot be imagined in advance of actual real world use. By testing products alongside competitor products, it
can be established whether planned for attribute differentiators actually manifest in practice. It also allows for
weaknesses to be identified which may lead to product reformulation. The impact of brand in driving attribute
performance perceptions and product preferences can also be established.
Form of product testing Description
Monadic Monadic product tests are the most expensive form of product testing, but tend to be most
accurate. Only one product is tested at a time.
Sequential monadic Two products are used in sequence by respondents, which makes this method more cost
effective.
Comparative In a comparative test, respondents are given two products simultaneously. This method is
used when even the smallest difference matters. Respondents tend to become acutely aware
of differences when products are placed side by side.
Proto-monadic In this test the customer is first introduced to the products in sequence. This is followed by a
comparative test, which is used for verification of the first test.
Copyright, Acentric, 2011
15. Simulated Test Market Models (Pre-Test Market Models)
Simulated Test Market models (STMs) go beyond concept & product testing. The risks involved in a new
product launch in the fast Moving Consumer Goods (FMCG) sector can be substantial. Companies that are able
to detect likely failures in advance are able to avoid wasted investments in design, production and marketing.
Simulated test market models offer the following:
•Market share and sales volume forecasts for year 1
•Forecasts of trial
•Forecasts of repeat purchase
•Source of volume
•Diagnostics providing information on feature performance and importance
•Diagnostics on how well the concept as described by the intended advertising is perceived to actually deliver
when the product is used
•The impact of ‘free’ samples on trial
Copyright, Acentric, 2011
12,000 units
16. Discontinuous innovations
Estimating potential for discountinuous innovations
In the case of discontinuous innovations (innovations which are so different that they create a new product
type of their own), questions of long run adoption potential and the rate of diffusion can be answered using
diffusion models.
Adoption %
Time
Copyright, Acentric, 2011
17. Conjoint Analysis
Deciding on the best development path for a new product can be challenging. Conjoint analysis
is a powerful technique for determining what features to offer and what prices to charge.
Conjoint analysis can simulate the impact of product and price changes on preference share for
your product.
Benefits:
•Determines the relative importance of different product attributes (e.g. Car upholstery type
versus engine size).
•Determines the relative importance of price.
•Quantifies preference for different attribute levels (e.g. Leather upholstery versus cloth).
•Allows for market simulations to be conducted, to test the impact of alternative product
feature/price scenarios. Even scenarios that were not tested during the interview with the
consumer can be tested because of the mathematical model that is built. Hundreds or even
thousands of different scenarios can be explored.
Copyright, Acentric, 2011
18. Conjoint Analysis
Conjoint analysis is a powerful analytical tool. Using consumers answers to a special set of
questions, it builds a mathematical models of consumers mental ‘preference structures’. In other
words conjoint analysis measures to what extent different product attributes, brand names and
prices affect preference. Using this model, it is able to predict what choices consumers are likely
to make under alternative scenarios
Conjoint analysis models each individual
consumer
Copyright, Acentric, 2011
19. Conjoint Analysis
The importance of each attribute is derived by conjoint analysis. In the example below, price is
most important to consumers. This type of analysis is quite revealing when conducted in different
segments of the market.
Attribute importance (Cars)
45.00% 40.00%
40.00%
35.00%
30.00% 25.00%
25.00% 20.00%
20.00%
15.00% 10.00%
10.00% 5.00%
5.00%
0.00%
Brand name Price Upholstery Engine Climate
type capacity control
Copyright, Acentric, 2011
20. Conjoint Analysis
Within each attribute, conjoint analysis calculates something called a ‘part worth’. Part worths
indicate to what extent each attribute level is preferred. In the example below, an engine size of
2.0 litres is most preferred. A 3.0 litre engine is least preferred.
4.5
4 4
3.5
3 3
Part-worth
2.5
2 2
1.5
1 1
0.5
Engine size in litres
0
1.6l 2.0l 2.5l 3.0l
Copyright, Acentric, 2011
21. Conjoint Analysis
One of the main attractions of conjoint analysis is that it allows you to test alternative
scenarios to determine the impact on preference share.* In this example, a market
scenario is set-up with specific attribute levels for each competitor. The conjoint
analysis model then predicts preference share for each competitor.
Market Scenario 1
Attributes BMW Mercedes Audi % Share
10
Engine 2.0l 2.0l 2.0l BMW
20 40
Mercedes
Upholstery Vinyl Vinyl Leather 30 Audi
standard
Climate control Optiona Standard Standard
l climate control climate
control
Price R325,00 R350,000 R300,000
0 Copyright, Acentric, 2011
* Preference share is the percentage of of consumers who prefer a brand over
other brands. In scenario 1above, 30% prefer Mercedes.
22. Conjoint Analysis
In scenario 2 below, Mercedes offers leather as standard, rather than vinyl. As can be
seen, Mercedes is predicted to increase its share from 30% to 34%.
Market Scenario 2
Attributes BMW Mercedes Audi
% Share
Engine 2.0l 2.0l 2.0l 10
BMW
20 36
Mercedes
Upholstery Leather Leather Leather 34
standard standard standard Audi
Climate control Optional Standard Standard
climate control climate control
Price R325,000 R350,000 R300,000
Copyright, Acentric, 2011
* Preference share is the percentage of of consumers who prefer a brand over
other brands. In scenario 1above, 30% prefer Mercedes.
23. Example of a conjoint analysis tool
Clients are provided with an interactive simulator. This allows you to determine the impact of price
changes and feature changes. It also allows you to understand the impact of potential competitor
actions.
Copyright, Acentric, 2011
24. Price determination research
When launching a new product it is often critical to get the entry price correct, as
you may not get a second chance.
Existing products can also benefit from price research.
Price research models on offer include:
•Single direct question approaches
•Van Westendorp to determine acceptable price ranges
•Gabor Granger to estimate the impact of different prices on purchase intent
•Conjoint analysis for the estimation of price-demand curves
•BPTO
Copyright, Acentric, 2011
25. Price determination research
Typical outputs include acceptable price ranges or price-demand curves. Price- demand curves
can be estimated using a variety of techniques depending on the accuracy required and the
research budget available.
Price-volume curve
90
80
70
60
50
40
30
20
10
0
R100 R120 R140 R160 R180
Copyright, Acentric, 2011
26. THANK YOU FOR YOUR ATTENTION
Copyright, Acentric, 2011