The document discusses new product development, defining it as the process of bringing a new product to market. It outlines the key stages in new product development, including idea generation, concept development and testing, business analysis, beta testing, technical implementation, commercialization, and pricing. The goal is to develop an understanding of customer needs and market opportunities before significant resources are invested in a new product.
New product development, types of new product, new product line, product line extensions, improvements and revision to existing products, re-positioning, cost reductions.
New product development, types of new product, new product line, product line extensions, improvements and revision to existing products, re-positioning, cost reductions.
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.
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.
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.
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.
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.
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 ...
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.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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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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2. New Product
“A good, service or idea that is
“perceived” by some potential
customers as new. It may have been
available for some time, but many
potential customers have not yet
adopted the product nor decided to
become a regular user of the product.
Thus if they buy this product, it is new
product adoption.”
3. Definition
Customer perspective:-
Any product consumer treat as an
addition to the available choices could be
considered as a new product.
Firm’s perspective:-
New product are those that are
new to the company and may include major
modifications to the existing products,
duplications of competitors product, product
acquisition or innovative original products.
4. New Product Development
In business and engineering, new product
development (NPD) is the term used to
describe the complete process of
bringing a new product to market.
A product is a set of benefits offered for
exchange and can be tangible (that is,
something physical you can touch) or
intangible (like a service, experience, or
belief).
5. There are two parallel paths involved in the
NPD process: one involves the idea
generation, product design and detail
engineering; the other involves market
research and marketing analysis.
Companies typically see new product
development as the first stage in generating
and commercializing new products within the
overall strategic process of product life cycle
management used to maintain or grow their
market share.
6. Reasons for failure of new
products and services :
1. Marketers assess the marketing climate inadequately.
2. The wrong group was targeted.
3. A weak positioning strategy was used.
4. A less-than-optimal "configuration" of attributes and
benefits was selected.
5. A questionable pricing strategy was implemented.
6. The ad campaign generated an insufficient level of
awareness.
7. Cannibalization depressed corporate profits.
8. Over-optimism about the marketing plan led to a
unrealistic forecast.
9. Poor implementation of the marketing plan in the real
world.
10.The new product was pronounced dead and buried too
soon.
7. Tool for Avoiding Product Failure
A new product developer can avoid failure by discovering
if an opportunity exists to provide customers with what they
want. Using QFD can help determine the acceptance of a
new product before development, production and
marketing costs are incurred.
The early steps to develop a new product should include
determining if an opportunity exists to meet a customer
want. The organization should develop a thorough
understanding of the market need. This will help determine
the expected acceptance of the new product before
development, production and marketing costs are
incurred.
An organization must not bypass the critical steps of
capturing and understanding the voice of the customer,
prioritizing requirements, performing trade-off analysis and
translating vague requirements into specific, unambiguous,
attainable requirements for a product actually wanted
and needed by the customer.
8. Cost Benefit Analysis
COST ANALYSIS:
- A complete cost appraisal is necessary
as a part of the business analysis.
- it is difficult to anticipate all the costs the
product idea has not yet enter the
development stage.
- it take into account,
9. • advertisement expenses
• distribution costs
• dealer margins to consumers.
10. BENEFITS :
Profitability analysis is done through four
types of analysis namely……
_ break even
_ rate of return
_ pay out & discount cash
11. BLUE PRINT OF NEW PRODUCT
DEVELOPMENT.
what is service development:
? what to manufacture.
? How to its price.
? How to sell it.
Stages of new service development:
- Generation of service idea.
- Screening of idea.
12. Commercial feasibility or business analysis.
Service designing .
Test marketing.
Commercialization.
13. New Product Development - Process
Idea Generation
Idea Screening
Concept Development & Testing
Business Analysis
Beta Testing and Market Testing
Technical Implementation
Commercialization
New Product Pricing
14. Idea Generation
Idea Generation is often called the "fuzzy front end" of the NPD
process
Ideas for new products can be obtained from basic research
using a SWOT analysis (Strengths, Weaknesses, Opportunities &
Threats), Market and consumer trends, company's R&D
department, competitors, focus groups, employees,
salespeople, corporate spies, trade shows, or Ethnographic
discovery methods (searching for user patterns and habits) may
also be used to get an insight into new product lines or product
features.
Lots of ideas are being generated about the new product. Out
of these ideas many ideas are being implemented. The ideas
use to generate in many forms and their generating places are
also various. Many reasons are responsible for generation of an
idea.
Idea Generation or Brainstorming of new product, service, or
store concepts - idea generation techniques can begin when
you have done your OPPORTUNITY ANALYSIS to support your
ideas in the Idea Screening Phase (shown in the next
development step).
15. Idea Screening
The object is to eliminate unsound concepts prior to
devoting resources to them.
The screeners should ask several questions:
Will the customer in the target market benefit from the
product?
What is the size and growth forecasts of the market
segment/target market?
What is the current or expected competitive pressure for
the product idea?
What are the industry sales and market trends the product
idea is based on?
Is it technically feasible to manufacture the product?
Will the product be profitable when manufactured and
delivered to the customer at the target price?
16. Concept Development and Testing
Develop the marketing and engineering details
Investigate intellectual property issues and
search patent data bases
Who is the target market and who is the decision maker in
the purchasing process?
What product features must the product incorporate?
What benefits will the product provide?
How will consumers react to the product?
How will the product be produced most cost effectively?
Prove feasibility through virtual computer aided rendering,
and rapid prototyping
What will it cost to produce it?
Testing the Concept by asking a sample of prospective
customers what they think of the idea. Usually via Choice
Modelling.
17. Business Analysis
Estimate likely selling price based upon
competition and customer feedback
Estimate sales volume based upon size of
market and such tools as the Fourt-
Woodlock equation
Estimate profitability and break-even
point
18. Beta Testing and Market Testing
Produce a physical prototype or mock-up
Test the product (and its packaging) in
typical usage situations
Conduct focus group customer interviews
or introduce at trade show
Make adjustments where necessary
Produce an initial run of the product and
sell it in a test market area to determine
customer acceptance
19. Technical Implementation
New program initiation
Finalize Quality management system
Resource estimation
Requirement publication
Publish technical communications such as data
sheets
Engineering operations planning
Department scheduling
Supplier collaboration
Logistics plan
Resource plan publication
Program review and monitoring
Contingencies - what-if planning
20. Commercialization
(often considered post-NPD)
Launch the product
Produce and place advertisements and
other promotions
Fill the distribution pipeline with product
Critical path analysis is most useful at this
stage
21. New Product Pricing
Impact of new product on the entire product
portfolio
Value Analysis (internal & external)
Competition and alternative competitive
technologies
Differing value segments (price, value, and
need)
Product Costs (fixed & variable)
Forecast of unit volumes, revenue, and profit