Disruptive Innovation
Overcoming the market with more than just lower pricing
Iyad Mourtada
New-Product Development
Reasons for new product failure include overestimating market size, poor design, incorrect positioning, wrong timing, pricing too high, ineffective promotion, management influence, high development costs, and competition. The new development process involves idea generation, idea screening, concept development and testing, and marketing strategy development. Types of test markets are standard, controlled, and simulated. Product life-cycle strategies must understand the current business model and look for signals to reinvent the model when needed.
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
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
New product development process -
IDEA GENERATION
IDEA SCREENING
CONCEPT DEVELOPMENT AND TESTING
MARKETING STRATEGY DEVELOPMENT
BUSINESS ANALYSIS
PRODUCT DEVELOPMENT
MARKET TESTING
COMMERCIALISATION
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.
AN IMAGINARY PRODUCT GUMMIE NUMMIES SUBSTITUTE FOR CHEWBEARSMadhav Mahajan
A PROJECT MADE ON AN IMAGINARY PRODUCT CALLED GUMMIE NUMMIES -A SUBSTITUTE OF CHEWBEARS WHICH IS A NUTRTITIONAL CANDY FOR THE KIDS SO THAT THEY CAN GET THE NUTRIENTS NECESSARY FOR THEM WHICH THEY MIGHT NOT GET DUE TO LOW INTAKE OF HEALTHY FOOD AND MORE INTAKE OF JUNK FOOD.
Principles of Marketing, by Kotler, Philip; Armstrong, Gary. This chapters focuses on developing new products and managing products through their life cycles.
Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Popular companies using the product management practices, include Amazon, Walmart and Tesla.
Product Management, program is specifically designed with an objective to provide a sound platform and prepare attendees for a successful career in the field of Product Management. The course content, the advanced lab, 1:5 classroom strength allows special focus on individual performance.
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!
New product development process -
IDEA GENERATION
IDEA SCREENING
CONCEPT DEVELOPMENT AND TESTING
MARKETING STRATEGY DEVELOPMENT
BUSINESS ANALYSIS
PRODUCT DEVELOPMENT
MARKET TESTING
COMMERCIALISATION
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.
AN IMAGINARY PRODUCT GUMMIE NUMMIES SUBSTITUTE FOR CHEWBEARSMadhav Mahajan
A PROJECT MADE ON AN IMAGINARY PRODUCT CALLED GUMMIE NUMMIES -A SUBSTITUTE OF CHEWBEARS WHICH IS A NUTRTITIONAL CANDY FOR THE KIDS SO THAT THEY CAN GET THE NUTRIENTS NECESSARY FOR THEM WHICH THEY MIGHT NOT GET DUE TO LOW INTAKE OF HEALTHY FOOD AND MORE INTAKE OF JUNK FOOD.
Principles of Marketing, by Kotler, Philip; Armstrong, Gary. This chapters focuses on developing new products and managing products through their life cycles.
Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Popular companies using the product management practices, include Amazon, Walmart and Tesla.
Product Management, program is specifically designed with an objective to provide a sound platform and prepare attendees for a successful career in the field of Product Management. The course content, the advanced lab, 1:5 classroom strength allows special focus on individual performance.
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!
Market development is a growth procedure that identifies and grow new market segments for current products. A market development procedure targets non-buying customers in currently select segments. It also targets new customers in new section.
Mr. Ali AlMuwaijei, Board Member of the UAE IAA, delivered the opening remarks with presentation titled "Why auditors DO NOT discover Fraud" where he discussed the fraud triangle and the role of internal auditors in looking for the red flags and provided many statistical data about the fraud globally,
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Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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5. Reasons for new product failure
Overestimation of market size
Poor design
Incorrect positioning
Wrong timing
Priced too high
Ineffective promotion
Management influence
High development costs
Competition
7. Idea Generation
The systematic search for new-product ideas
Sources of new-product ideas
Internal
External
8. Idea Screening
Identify good ideas and drop poor ideas
R-W-W Screening Framework:
Is it real?
Can we win?
Is it worth doing?
9. Concept Development and Testing
• Product ideais an idea for a possible product that the
company can see itself offering to the market
• Product conceptis a detailed version of the idea stated
in meaningful consumer terms
• Product imageis the way consumers perceive an actual
or potential product
10. Marketing Strategy Development
Marketing strategy statement includes:
Description of the target market
Value proposition
Sales and profit goals
Business analysis involves a review of the
sales, costs, and profit projections to find out whether
they satisfy the company’s objectives
11. Types of Test Markets
Standard test markets
Controlled test markets
Simulated test markets
13. Product Life-Cycle Strategies
Fads are temporary periods of
unusually high sales driven
by consumer enthusiasm
and immediate product or
brand popularity
17. How can great Firms Fail?
The Reason for Failure: The Reason for Success:
• Listen to their customers • Listen to their customers
• Invest in Technology • Invest in Technology
• Satisfy their customers' • Satisfy their customers'
next-generation needs. next-generation needs.
Innovator's Dilemma
25. Reinventing Your Business Model
1. Articulate what makes your existing model successful.
For example, what customer problem does it solve? How
does it make money for your firm?
2. Watch for signals that your model needs changing, such
as tough new competitors on the horizon.
3. Decide whether reinventing your model is worth the
effort. The answer’s yes only if the new model changes
the industry or market.
Johnson, Christensen, and Kagerma
26. Understand Your
Current Business model
1. Customer value proposition.
27. Understand Your
Current Business model
2. Profit formula.
Revenue – Cost = Profit X
Turnover
28. Understand Your
Current Business model
3. Key resources and processes.
29.
30. Take a good technology and
wrapped it in a great business model
31.
32.
33.
34.
35.
36.
37.
38.
39. Modern Business Approach (MBA 2.0)
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Note to InstructorIf you are running a marketing plan project in your class, this is a good time to ask why their project ideas might fail in the real market. You can then ask what they plan to do to prevent failure.
It is not difficult to find examples of companies that are running contests where they ask consumers to send in ideas for new products. Dorito’s recently asked consumers to come up with a new flavor and new advertising. The Classic Mini Cooper brand was running Mini Mania’s the “Awesome New Product” Idea Contest. The grand prize winner received a 25 percent off promo code! Two second place winners will receive 15 percent off promo codes.
Concept testing refers to testing new-product concepts with groups of target consumers
Marketing strategy development refers to the initial marketing strategy for introducing the product to the market
Note to InstructorStandard test markets are small representative markets where the firm conducts a full marketing campaign and uses store audits, consumer and distributor surveys, and other measures to gauge product performance. Results are used to forecast national sales and profits, discover product problems, and fine-tune the marketing program.Controlled test markets are panels of stores that have agreed to carry new products for a fee. In general they are less expensive than standard test market, faster than standard test markets, but competitors gain access to the new product. Simulated test markets are events where the firm will create a shopping environment and note how many consumers buy the new product and competing products. Provides measure of trial and the effectiveness of promotion. Researchers can interview consumers.
Note to InstructorDiscussion QuestionName a product at each stage of the PLC.This concept is very new to students. See if they can identify products or product categories that are in each stage of the model. Introduction might include online movie viewing software, growth might include MP3 players, maturity might include bottled water, and decline could include soda (actually in a decline) or videotape players.
Note to InstructorStyle is a basic and distinctive mode of expression.Fashion is a currently accepted popular style in a given field.
Concept testing refers to testing new-product concepts with groups of target consumers
The model helps customers perform a specific “job” that alternative offerings don’t address.Example:MinuteClinics enable people to visit a doctor’s office without appointments by making nurse practitioners available to treat minor health issues.
The model generates value for your company through factors such as revenue model, cost structure, margins, and inventory turnover.Example:The Tata Group’s inexpensive car, the Nano, is profitable because the company has reduced many cost structure elements,•accepted lower-than-standard gross mar- gins, and sold the Nano in large volumes to its target market: first-time car buyers in emerging markets.
Your company has the people, technology, products, facilities, equipment, and brand required to deliver the value proposition to your targeted customers. And it has processes (training, manufacturing, service) to lever- age those resources.Example:For Tata Motors to fulfill the requirements of the Nano’s profit formula, it had to recon- ceive how a car is designed, manufactured, and distributed. It redefined its supplier strategy, choosing to outsource a remark- able 85% of the Nano’s components and to use nearly 60% fewer vendors than normal to reduce transaction costs.
Your company has the people, technology, products, facilities, equipment, and brand required to deliver the value proposition to your targeted customers. And it has processes (training, manufacturing, service) to lever- age those resources.Example:For Tata Motors to fulfill the requirements of the Nano’s profit formula, it had to recon- ceive how a car is designed, manufactured, and distributed. It redefined its supplier strategy, choosing to outsource a remark- able 85% of the Nano’s components and to use nearly 60% fewer vendors than normal to reduce transaction costs.