This document discusses new product development and market segmentation. It begins by defining new product development as the process of bringing a new product to market, which typically involves idea generation, screening, concept development, marketing strategy development, business analysis, product development, test marketing, product launch, and evaluation. It then discusses market segmentation as breaking customers into groups with similar characteristics to better target products. There are four main types of segmentation: behavioral, geographic, psychographic, and demographic. The document concludes that properly segmenting the market allows companies to better target and position new products.

1. Dau Shri Vasudev Chandrakar Kamdhenu Vishwavidyalaya Anjora
( Durg)
LT. SHRI PUNARAM NISHAD COLLEGE OF FISHERIES ,
KAWARDHA
(CHHATTISGARH)
An Assignment On
New Product Development and Market Segmentation
Submitted By-
Submitted To -
Saroj Kanwar
BFSc 3rd Year
Dr. B. Nightingale Devi
(Department of Fisheries Basic
Science
and Humanities)
Course Name - Fisheries Co-operative and Marketing (FBS - 321)

2. CONTENT
• Introduction of new product development
• Process of new product development
•.Introduction of market segmentation
• Types of market segmentation
• How to segment the market for a new product?
•. Conclusion

3. INTRODUCTION
• New product development (NPD) refers to the complete process of bringing a
new product to the market.
OR
•NPD is the a set of design, engineering, and research
process which combine to create and launch a new
product to market.
• This can apply to developing an entirely new product,
improving an existing one to keep it attractive and
competitive or introducing an old product to a new
market.
NEW PRODUCT DEVELOPMENT

4. Process of new product development
• The new product development process involves activities where a company
thinks of a new product concept and introduces a new product offering.
• NPD usually follows a process divided into stages :-

5. Stage 1 :- Idea Generation
• Idea generation involves brainstorming for new product ideas or ways to
improve an existing products.
• During product discovery, companies examine market trends ,conduct
research, and dig deep into users wants and need to identify a problem and
process, propose
innovative solutions.

6. Stage 2 :- Idea Screening
• This second step of new product development revolves around screening all
your generated ideas and picking only ones with the highestchance of
success.
• Deciding which ideas to pursue and discard depends on many factors,
including the expected benefits to your consumer product improvements
most neede ,technical feasibility , or marketing potential .

7. Stage 3 : - Concept Development and Testing
• All ideas passing the screening stage are developed into concepts.
• A product concept is a detailed description or blueprint of your idea.
• It should indicate the target market for product, the features and benefits
of
solution that may appeal to your customer,and the proposed price for the
ptoduct.
• A concept should also contain the estimated cost of
designing,developing and
launching the product.

8. Stage 4 :- Marketing Strategy
• It serves to guide the positioning, pricing and promotion of new product.
• Once the marketing strategy is planned , product management can evaluate
the business attractiveness of the product idea.
Stage 5 :- Business Analysis
• Business analysis comprises a review of the sales forecast, expected cost
and profit projection . If they satisfy the company's objectives,the product
can move to the product development stage.

9. Stage 6 :- Product Development
• The product development stage consists of developing the product
concept into a finished ,marketable product .
• Product development process and the stages go throughwill depend on
the company's preference for development , whether it's agile product
development or
another viable alternative.

10. Stage 7 :- Test Marketing
• Test marketing involves releasing the finished product toa sample market
to evaluate it's performance under the predetermined marketing strategy.
Stage 8 :- Product Launch ( Commercialization)
• At this point, ready to introduce the new product to the market.
• Ensure the product, marketing, sales and customer support teams are in
place to
guarantee a successful launch and monitor its performance.
• Here are some essential elements to consider -
- Customer
- Value propositon
- Messenging
-Channels

11. Stage 9 :- Evaluation of Results
• As we have pointed out with the marketing metrics features in this points,
we can't
fix what we don't measures , so it's important after commercilalization for
the
company to review the marketing performance of the new product.
• Marketers will closely monitor the performance
of the new product and make changes as needed
in both the marketing plan and the marketing mix
strategy.

12. MARKET SEGMENTATION
• Market Segmentation is a marketing term that refers to segmenting , or
grouping into
different segments based on shared characteristics .
OR
• Market Segmentation is beaking a broad swath of potential customer into
smaller
customer groups with similar characteristics .
• It identifies the many different reasons people purchase product to help
companies make smaller investment with more significant returns .
• A company can then design products and marketing compaigns tailored to
the needs and interest of a particular target market.

13. Types of Market Segmentation
There are four main types of market segmentation:-
- 1) Behavioural segmentation
2)Geographical segmentation
3)Psychographic segmentation
4)Demographic segmentation
(1) Behavioural Segmentation
• This type of market segmentation divides consumers into different
groups based
on specific behavioural patternsthat they share when making purchasing
desicions.
• Behavioural segmentation involves categorizing consumers by usage
,occasion ,
loyalty and benefit .

14. (2) Geographical Segmentation
• Geographical segmentation involves segmenting consumers based on their
geographical boundaries, consumers can be segmented by country state , city
area or
region.
• As potential consumers may have varying habits wants and interests
influenced by their geographic region , this form of segmentation allows
these segment to betargeted more effectively.

15. 3) Psychographic Segmentation
• In this type of segmentation, consumers are grouped based on
psychological
characteristics such as social class, lifestyle and personality.
4) Demographic Segmentation
• Demographic segmentation is the most straightforward way of segmenting
customers .
• This technique segment customer based on demographic characteristics
such as
age, gender, income,, education, region etc.

16. How to segment the market for a new product ?
• Segmentation is especially important while introducing a new product in
market.
• Proper segmentation ensures that new products are exposed to the right
customer
as soon as they are introduced into the market.
• These five steps are used to effectively segment the market for a new
product :-
- 1) Define your market
- 2) Create market segment
- 3) Construct segment profiles
- 4) Evaluate segments
- 5) Select your target market

17. (1) Define your market
• The first step in segmenting our market is identifying the market you are
interested
in.
• Clearly outline the different characteristics of target market.
• It is important that this market isn't defined too broadly, but instead
focuses on
specific characteristics.

18. (2) Create market segments
• Once's you've clearly defined market , bagin to segment this market into
different groups based on shared characteristics.
• While doing so the four different kinds of segmentation discussed should
be considered.
• Depending on the type of product you want to introduce into the market, you
can
pick a segmentation type.

19. (3) Construct segment profiles
• Create a profile of your segment that describes the market segment accurately.
• This profile should include descriptions on t
- the geographic spread ,
- demographic distribution,
- psychographic description,
- segment size,
- segment growth rate,
- consumer need ,
- usage levels and
- additional relevant details on consumer behaviour.

20. (4) Evaluate segments
• The fourth step involves evaluating segment profiles.
• Evaluate the attractiveness of each market segment before selecting the one
that is
most appropriate for us to target .
• This includes profit margins, type of distribution channel, segment size and
growth
rate and competitors.

21. (5) Select your target market
• Once we have clearly defined/ evaluate different segments, we can select
the segment that we want to target.
• This is the most important steps in the whole process, as the segment
we select will shape all our marketing strategies and our product
positioning going forth.

22. CONCLUSION
The evey steps of ptoduct development closely related to the market
segmentation.
Having a flexible process to create market segments can help to prepare for
any changes in customer preference or behaviour.
Segmenting market allows for better targeting and positioning of products
which
results in an increase in market share and improves profitability.
Business can make informed decisions , optimize product development and
marketing efforts, and drive business success.