The document outlines traditional and lean approaches to new product development, highlighting the limitations of the conventional method that relies heavily on initial market assumptions and lengthy development cycles. It advocates for lean product development, which emphasizes rapid prototyping of minimum viable products and iterative feedback from customers, ultimately leading to quicker, more cost-effective launches that better meet market demands. The document also details a marketing blueprint for implementing these strategies, including phases of advertising, material design, event promotion, and sales strategy.

1. Traditional Approach (to New Product development):
Step1:
The first thing to do is create a business plan—document describing the size of an
opportunity, the client problem to be solved, and the value to client which the new
product will provide. Typically it includes a five-year forecast for income, profits, and
cash flow.
Step2:
Once a convincing business plan is ready—obtain money from investors— R&D
product development team begins developing the product (with minimum client
intervention)—product gets ready—sales force puts full effort in selling.
Fallacies/Cons of Conventional approach to product development:
1. R & D product developers invest thousands of man-hours to get the new product
ready for launch, with little if any customer input. The fallacy is the premise/assumption
that after few initial discussions with clients, they know exactly what client desire
2. Essentially, its after the launching of product does the new product venture get
substantial feedback from customers—when the sales force attempts to sell it.
3. And too often, after months or even years of development, organization learns the
hard way that customers do not need or want most of the product’s features!
New Lean approach to product launch:
Here first, instead of writing a flawless business plan, we as marketer summarize and
develop only a business plan outline, I want to call it as “iterative business plan”.
Rather than engaging in months of planning and research, we first accept that all we have
on day one is a series of untested hypotheses—basically, good guesses, with this thought
in mind we prepare “iterative business plan”.
Second, our R&D rapidly develops the minimum viable products and marketing
team immediately take customer feedback. Then, we use customers input to revise the
business plan (hence the word Iterative). We re-start the cycle over again, testing
redesigned offerings and making further small adjustments (iterations) to ideas that aren’t
yielding results.

2. Advantages of lean product Development:
 Unlike typical yearlong product development cycles that pre-suppose knowledge
of customers problems and product needs, lean development eliminates wasted
time and resources by developing product iteratively and incrementally.
 In contrast to traditional product development, in which each stage occurs in
linear order and lasts for months, lean development builds “minimum viable
product”—containing only critical features—gathers feedback on it from
customers, and then starts over with a revised minimum viable product.
 The lean approach helps launch products that customers actually want, far more
quickly and cheaply than traditional methods
 Lean approach if implemented successfully is less risky in new product launches
than the traditional approach/
While R&D product development team develops “minimum viable product
offering”, we as marketers work and develop Marketing Blue print for that new
product:
Marketing Blue Print—Go-To-Market strategy for New Product launch
We all understand that it’s extremely difficult to say how long current trends will remain
significant —innovative technologies are popping up even faster than we all can forecast
—and it’s impossible to tell which new trends could emerge during our market
campaign and may thwart all our marketing efforts. So, its really important to have
flexible mind-set because we’re not only managing complex projects—these projects also
have got many unknowns!
We also need to be flexible in our approach because this allows us to measure impact and
determine whether to keep going, make adjustments-fine tune or scrap what we’re doing
and start over.
For example: If later on, we happen to find out that our PPC ads (pay per click) for new
product were carrying significant traffic, but aren’t converting to sale, so in Phase II PPC
ads could be replaced with a direct-mail campaign.
We can always start small and as we test the waters, we can tweak our strategy … for
example, if we’re going to run a series of pay-per-click advertisements, we should begin
with a small budget of only a few Lacs. Run the PPC ads for a few weeks, analyze our
results, and if successful, we can increase the budget. By doing this, if a more attractive
medium comes along in near future — or if an unexpected obstacle interferes with our
campaign — we’ll have a chance to make adjustments.

3. Marketing Blue Print: It’s components:
A. Advertising Campaign
B. Marketing material (presentation, brochures etc) design
C. Promotion in International and National events
D. Sales strategy and its implementation
A. Advertising Campaign:
Following is the ad-campaign to be done in “Phased-Manner”:
Phase I (Weeks 1-6): Announcements and Initial Advertising:
 Submition of Press Releases: detailing the product and its reinforcement through
social media.
 Going live on the e-platforms like facebook, linkd-in, youtube, twitter/
 Adding banners to homepage: showcasing the new product—projected to be our
top seller in an year
 Initiate e-mail blasts: to email client and dealer database
 Introduce weekly articles: each highlighting features of new product and syndicate
through social media.
 Begin Google PPC/ ad-words campaign: for new product, highlighting the
‘keywords’
Phase II (Weeks 7-14): Ad Reinforcement and Customer Engagement
 Reach out through other advertising channels: medical magazines and direct
mailers
B. Marketing Material Design:
 Presentations design for internal and external communication
 Brochure and datasheet design
 Banners and flex design
 Press releases and web news design
 Weekly articles design
 Target opinion leaders
 Evaluation report collection from opinion leaders
 Target E-mail database creation for e-mail blasts
 Target hospital database creation

4.  Target HOD/senior scientists database creation
C. Promotion in National and International events:
 Target list of National medical events for New Product Launch
 Target list International events for New Product Launch
 Sales follow up for the leads creation
D. Sales strategy and its implementation:
Lean product offering:
Idea is to market “minimum acceptable product” and get feedbacks from clients and
redesign/finetune the product offering along with the sales channels and structure.