The document discusses various topics related to new product development including the importance of new products, categories of new products, factors in successful new products, why new products fail, the product development process, packaging and labeling, diffusion, and product range management. It provides details on each stage of the product development process and the purposes and marketing information used at each stage.
Product Life Cycle shows the stages that products go through from development to withdrawal from the market.
The company’s differentiation and positioning strategies must change as the product, market, competitors changes over time.
A product can be anything that can be offered to the market to satisfy a want or a need.
This article describes the Five Product Levels of Philip Kotler, including examples and a template. After reading you will understand the basics of this powerful product marketing tool. In this article you can also download a free Five Product Levels template.
Product Life Cycle shows the stages that products go through from development to withdrawal from the market.
The company’s differentiation and positioning strategies must change as the product, market, competitors changes over time.
A product can be anything that can be offered to the market to satisfy a want or a need.
This article describes the Five Product Levels of Philip Kotler, including examples and a template. After reading you will understand the basics of this powerful product marketing tool. In this article you can also download a free Five Product Levels template.
New Product Development (NPD) is the overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product. This Technology Multipliers webinar provides a complete overview of the NPD process, models, tools, and metrics to succeed with new product development for technology companies.
A series of modules on project cycle, planning and the logical framework, aimed at team leaders of international NGOs in developing countries.
New improved version of Writing Project Proposals in February 2014.
PPT includes stages in new product development, risk associated with product development and types of product development. It also includes product life cycle and factors to be kept in mind while developing a new product. Appropriate examples are also provided.
The purpose of the principles of marketing is that any business can—and should—apply them to their marketing strategy. Because of this, you'll find that each of the Ps is broad, so it can be applied universally and molded to fit the needs of any kind of business. This makes it easier to adapt to your own unique brand.
2. CONTENT
• NEW PRODUCT(IMPORTANCE,CATAGORIES)
• SUCCESS & FAILURE OF NEW PRODUCT
• PRODUCT DEVELOPMENT PROCESS
• PACKAGING & LABELLING
• DIFFUSION
• MANAGEMENT PUZZLE WITH
PRIZE(HANDOUTS FOR AUDIENCE)
3. To study how products are created and managed,
with an emphasis on the product life cycle
To detail the importance of new products and
describe why new products fail
To present the stages in the new-product planning
process
To analyze the growth and maturity of products,
including the adoption process, the diffusion process,
and extension strategies
To examine product deletion decisions and strategies
4. New Product
A product new to the
world, the market, the
producer, the seller, or
some combination of
these.
New Product
5. Importance of New Product
Development
To assure a firm’s survival, new products may:
Offer differential advantages
Lead to sales growth or stability
Increase profits and control
Reduce risk through diversity
Improve distribution
Exploit technology
Utilize waste materials
Respond to consumer needs
Be a result of a government mandate
8. Success Factors
Listening to customers
Producing the best
product
Vision of future market
Strong leadership
Commitment to new-
product development
Project-based team
approach
Getting every aspect right
9. Tips for New Product
Development
Disperse R & D around the
globe
Keep teams small and
empower employees
Flatten hierarchy
Encourage generation of
crazy new ideas
Welcome mistakes
10. Why New Products Fail
No discernible benefits
Poor match between features
and customer desires
Overestimation of market size
Incorrect positioning
Price too high or too low
Inadequate distribution
Poor promotion
Inferior product
12. Global Issues in New-Product
Development
Single product worldwide
Modification of products
Multiple products in
multiple countries
13. STAGE OF PROCESS PURPOSE OF STAGE MARKETING INFORMATION
& METHOD USED
IDEA GENERATION DEVELOP CONCEPTS FOR POSSIBLE
PRODUCTS
IDEAS FROM
EMPLOYEES,CONSUMERS,R&D &
COMPETITORS;METHODS OF BRAIN
STORMING & FOCUS GROUP
SCREENING &
EVALUATION
SEPARATE GOOD PRODUCT
IDEAS FROM BAD ONES
INEXPENSIVELY
SCREENING
CRITERIA,CONCEPT TESTS,&
WEIGHTED POINT SYSTEMS
BUSINESS &
ANALYSIS
IDENTIFY THE PRODUCT
FEATURES & ITS MARKETING
STRATEGY;& MAKE FINANCIAL
PROJECTIONS
PRODUCT KEY
FEATURES,ANTICIPATED MARKETING
MIX STRATEGY,ECONOMIC,LEGAL&
PROFITABILITY ANALYSIS
DEVELOPMENT
CREAT A PROTOTYPE PRODUCT &
TEST IT ON LABRORATORY & ON
CONSUMERS
LABORATORY AND
CONSUMER TESTS ON
PROTYPE PRODUCTS
MARKET
TESTING
TEST PRODUCT & MARKETING
STRATEGY IN THE MARKETPLACE
ON A LIMITED SCALE
TEST MARKETS,SIMULATED TEST
MARKET(STMs),VIRTUAL REALITY
MARKET TESTING
COMMERCIALIZATION POSITION & OFFER PRODUCT IN THE
MARKETPLACE
PERPETUAL MAPS,PRODUCT
POSITIONING,REGIONAL
ROLLOUTS
CONCEPT
DEVELOPMENT &
TESTING
FINDING A GOOD
CONCEPT
CUSTOMER POINT OF
VIEW
MARKETING
STRATEGY
DEVELOPMENT
LONG TERM SALES &
PROFIT GOALS
DISTRIBUTION STRATEGY
& MARKETING BUDGET
14. PACKAGING
The General Group of Activities in Product Planning which
involves Designing & Producing the Container or Wrapper of
Product
15.
16. 1. Promoting and Selling the Product
Attractive, colorful, and
visually appealing
packages have
promotional value
A well designed package
is a powerful selling
device because it helps
the product stand out
from its competitors
FUNCTIONS OF PACKAGING
17. 2-Defining Product Identity
Packaging is sometimes used to
promote an image such as
prestige, convenience, or
status
Can be a crucial part of the
marketing strategy,
particularly in advertising
18. 3. Providing Information
– Gives customer useful
information on:
• directions for using the
product
• its contents
• product guarantees
• nutritional value
• potential hazards
19. 4. Expressing Customer Needs
When designing packages, companies analyze customer
lifestyles and create packaging that meets their needs
for size and convenience
Packages often come in various sizes
• Family size
• Single serving
20. 5. Ensure Safe Use
Proper packaging helps to eliminate
potential injuries or misuse of a product
• Formerly glass containers are now
plastic
• Childproof caps
• Tamper resistant packages
– Blisterpacks – packages with preformed
plastic molds surrounding individual
items arranged on a backing
21. 6. Protecting the Product
– Must protect during shipping, storage, and display
– Prevent or discourage from tampering
– Prevent shoplifting
– Protect against breakage and spoilage
23. Labeling
Label – an identification tag, wrapper,
seal, or imprinted message that is
attached to a product or its package
• Main function is to inform customers
about a product’s contents and give
directions for use
• Protects businesses from legal
liability if someone if injured while
using the product
24. Three Kinds of Labels
1. Brand Label – gives brand name and
trademark or logo
2. Descriptive Label – give information about
product use, construction, care,
performance, and other features
3. Grade Label – states the quality of a
product
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