This document outlines the new product development process. It discusses 7 steps: idea generation, idea screening, concept development and testing, business analysis, prototyping and market testing, technological implementation, and commercialization. Idea generation involves finding new product ideas from consumers or creativity techniques. Ideas are then screened and evaluated. Concepts are developed and tested with consumers. Business analysis assesses financial viability. Prototypes are tested and market testing is conducted before full commercialization. The process aims to successfully develop new products that meet market needs.
CASE STUDY BEHIND THE SUCCESS OF PARLE – G BISCUITS IN INDIAVARUN KESAVAN
Parle Products was established as a confectionery maker in the Vile Parle suburb of Mumbai, in 1929. It began manufacturing biscuits in 1939. In 1947, when India became independent, the company launched an ad campaign, showcasing its Gluco brand of biscuits as an Indian alternative to British-branded biscuits.[2]
Parle-G biscuits were earlier called 'Parle Gluco' Biscuits until the 1980s. The "G" in the name Parle-G originally stood for "Glucose", though a later brand slogan also stated "G means Genius".[3]
In 2013, Parle- G became India's first domestic FMCG brand to cross the ₹ 5,000 crore mark in retail sales.
How Parle-G carried out incremental innovations to stay afloat in the market and become a market leader. But can they introduce discontinuous innovations?
this is ppt presentation on product management . it covers features of product ,product levels ,product classification ,product mix and product life cycle stratagies
This PPT contains no words / sentences, instead stages in the development of a new product is explained with the help of pictures. This method produced excellent results as it had a better impact on the students.
This method is more effective when students are asked to relate the pictures to the topic being discussed.
puneeth.pns@gmail.com
CASE STUDY BEHIND THE SUCCESS OF PARLE – G BISCUITS IN INDIAVARUN KESAVAN
Parle Products was established as a confectionery maker in the Vile Parle suburb of Mumbai, in 1929. It began manufacturing biscuits in 1939. In 1947, when India became independent, the company launched an ad campaign, showcasing its Gluco brand of biscuits as an Indian alternative to British-branded biscuits.[2]
Parle-G biscuits were earlier called 'Parle Gluco' Biscuits until the 1980s. The "G" in the name Parle-G originally stood for "Glucose", though a later brand slogan also stated "G means Genius".[3]
In 2013, Parle- G became India's first domestic FMCG brand to cross the ₹ 5,000 crore mark in retail sales.
How Parle-G carried out incremental innovations to stay afloat in the market and become a market leader. But can they introduce discontinuous innovations?
this is ppt presentation on product management . it covers features of product ,product levels ,product classification ,product mix and product life cycle stratagies
This PPT contains no words / sentences, instead stages in the development of a new product is explained with the help of pictures. This method produced excellent results as it had a better impact on the students.
This method is more effective when students are asked to relate the pictures to the topic being discussed.
puneeth.pns@gmail.com
What if Coca Cola launches a brand into the market which is yet to be tapped and what effect it will have on its Product Life Cycle? Positioning plays a very important role in creating that niche image in peoples mind. And with host of digital activities it can do wonders. See How in this ppt.
User Centered Design & Understanding the New Product Development Process with...Margee Moore
At Kaleidoscope, we have new product development process in place for every project that ensure the product development story starts with a person needing a better product and ends with a person experiencing a better product. In this case study, we'll follow the steps from research and insight development to concept generation. Our author is Associate Director of Industrial Design Karl Vanderbeek.
This is Prateek Mishra from Ramaiah institute of management studies, Bangalore and the following presentation gives an overview of launch of a hypothetical product into the market.
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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 New Product Development ProcessBecause introdu.docxcherry686017
The New Product Development Process
Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions often follow set procedures for bringing products to market. In the scientific area that may mean the establishment of ongoing laboratory research programs for discovering new products (e.g., medicines) while less scientific companies may pull together resources for product development on a less structured timetable.
In this PowerPoint slide show, we present a process comprising the key elements of new product development. While some companies may not follow a deliberate step-by-step approach, the steps are useful in showing the information input and decision making that must be done in order to successfully develop new products. The process also shows the importance market research plays in developing products. We should note that while this process works for most industries, it is less effective in developing radically new products. The main reason lies in the inability of the target market to provide sufficient feedback on advanced product concepts since they often find it difficult to understand radically different ideas. So while many of these steps are used to research breakthrough ideas, the marketer should exercise caution when interpreting the results.
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New Products are vital
As the cartoon highlights, in this era of rapid changes in our external environment, innovation is imperative. A firm cannot rest on their laurels (and current products). Furthermore, the time it takes firms to bring new products to market has accelerated. Firms that fail to develop new products put themselves at risk as their existing products are vulnerable to changing customer needs and tastes, new technologies, shortened product-life-cycles, and increased competition. In this PowerPoint slideshow, we highlight the 8 step new product development process as described by Kotler and Keller (2016).
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8 Step New-Product Development Process1. Idea Generation2. Idea Screening3. Concept Development and Testing4. Marketing Strategy Development5. Business Analysis6. Product Development7. Market Testing8. Commercialization
How Kotler and Keller (2016) describes the New Product Development Process is as an eight stage process in which the new product can be dropped at any time. Other sources will condense some of the steps so you may see others refer to fewer steps. If you look at these closely though, they are not deleting any of the activities, but instead are combining some of them.
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Step 1: Idea GenerationAt this stage marketers need to ask: Is the idea worth considering?If yes, proceed to idea screening.If no, drop.Ideas for new products can come from:Customers and channel membersScientists and engineersBy examining competitorsTop management
The first step of new product development requires gathering ideas to be evaluated as potential product ...
New product development, types of new product, new product line, product line extensions, improvements and revision to existing products, re-positioning, cost reductions.
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This article provides a comprehensive guide on how to
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
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3. INTRODUCTION
Product development means making changes in the
size, design, color, shape, characteristics, packing etc. of
the product. It may include addition of a new product
line, addition of a new product item in a particular
product line, elimination of existing product or product
line & changes in the size, color, design, packing,
characteristics, and prices of the product &
discontinuation of the unprofitable item or product
line.
A new product is any product which is perceived by
the customer as being new.
4. REASONSFOR NEW PRODUCTS
There are at least 3 reasons for which new
products should be developed.
1st, new products become necessary for meeting the
changes in consumer needs.
2nd, new products become necessary for making new
profits.
3rd, new products become necessary for combating
environmental threats.
5. FACTORS OF NEW PRODUCT DEVELOPMENT:
New product development is a continuous function of
marketing management in the present day highly competitive
environment. In the process of new product development, a
company should keep in mind the following considerations:
Adequate market demand.
The product should fit into company’s present market structure.
The idea should fit into the company’s present production structure.
The product should fit as per the financial resources available.
Adequate distribution in depth & breadth.
7. STEP 1:IDEA GENERATION
The new product development process starts with the search
for ideas. Consumer’s problems are the most fertile ground for the
generation of new product ideas. New product ideas come from
interacting with various groups & from using creativity generation
techniques like BRAINSTORMING, SYNECTICS etc.
BRAINSTORMING is a process, where a small group of people are
encouraged to came up with their ideas on a specified problem.
Whereas in SYNECTICS, the real problem is kept away initially from
the group & only a broader framework of the problem is given to
them. The group is encouraged to think in all possible dimensions
and slowly the problem will be made clear to them, & their ideas
would get refined.
8. STEP 2: IDEA SCREENING
The purpose of screening stage is to drop poor ideas as early
as possible. Thus an idea committee is formed to classify the
proposed ideas into 3 categories, such as: promising, marginal &
rejects. Every promising idea is kept together for rigorous screening
by product evaluation committee.
In screening ideas, the companies normally face 2 serious
errors & they must try to avoid these mistakes as far as possible,
those 2 serious errors are: DROP ERROR & GO ERROR. Let’s clarify:
DROP ERROR: error which occurs when the company rejects one
really good idea having potential.
GO ERROR: error which occurs, when the company permits &
facilitates a poor idea to move onto further development stages &
commercialization.
9. STEP 3:CONCEPT DEVELOPMENT & TESTING
A concept is an elaborated version of a product idea expressed in
meaningful consumer terms. Example: a leading soft drink company, if
wants to add a new product, i.e. fruit juice to its product lines, then
the following concepts can came across:
CONCEPT 1: FRUIT JUICE FOR YOUNG & GROWN UPS AS A FUNNY THIRST
QUENCHING ITEM.
CONCEPT 2: FRUIT JUICE FOR CHILDREN AS A HEALTH SUPPLEMENTS.
CONCEPT 3: FOR ADULTS AS A NUTRITIONAL ENERGY SUPPLEMENTS.
From the above 3 concepts, the 1st one looks to be attractive &
promising.
After the product concept has been developed, the stage is now
set for testing them. It is here the prospective consumer understand
the product idea. Here whether they are receptive towards the idea &
their willingness to try out such product is tested.
10. STEP 4: BUSINESS ANALYSIS
This stage will decide whether from financial as
well as marketing point of view, the project is
beneficial or not. The projects overall impact on the
corporation’s financial position with & without the new
product are estimated & compared.
Here management needs to prepare sales as well
as cost & profit projections to determine whether they
satisfy company objectives.
11. STEP 5: PROTOTYPING & MARKET TESTING
At this stage the company will determine whether the
product idea can be translated into technically & commercially
feasible product. Its goal is to find a prototype that consists the
key attributes described in the product concept & that performs
safely under normal use & conditions and that can be produced
within the budgeted cost.
Here the companies conduct 2 types of major testing’s, such
as: ALPHA TESTING & BETA TESTING.
ALPHA TESTING: testing within the firm to see its function.
BETA TESTING: It includes listing a set of customers to use the
prototype & give feedback.
12. MARKET TESTING:
The product here is actually tested in the
selected market segments. Based on the outcomes
of the test marketing, the marketer lunches large
scale manufacture of the new product. It is a
controlled marketing experiment to decide the
soundness & feasibility of fully fledged marketing
of the product.
13. STEP 6: TECHNOLOGICAL IMPLEMANTATION
It involves technical feasibility, search for
new available technologies & its economic
alternatives if available. It also includes the
technological relevance of current
technologies, the firm’s knowledge &
experience of the techniques, manpower in
handling those technologies etc.
14. STEP 7: COMMERCIALISATION
At this stage the company takes decision to go in for large scale
production & marketing of the new product. Various marketing
strategies are employed by the company at this stage, when it starts
commercialization of a new product idea.
The important factors to which strategists should focus here
are:
Market entry timing period.
Whether to lunch the product in a single locality, a region, several
regions, nationally or internationally, i.e. geographic strategy.
To whom the new product should target for i.e. targeting &
segmenting.
15. CONCLUSION
Every year millions of rupees are being spent on R&D for new products
development. Such a huge investment is necessary as new products
are the only means of survival of a firm.
New product development provides a number of advantages
to the enterprise.
It helps in producing goods & services of best quality.
It helps in providing maximum customer satisfaction, because it is
developed in the view of customer specification.
It helps in expanding the market of the products of the enterprise.
It helps in achieving stability in product demand.