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.
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 is the initial and most important part of any company's journey which can make it or break it. New Product development involves 9 steps from new product strategy to commercialization.
New product development represents one of the most important disciplines in the development of African economies in the future. Whether it is physical products, digital, virtual or services, the next frontier of development for Africa is inextricably tied to new product development. Therefore developing an integrated and systematic approach is imperative.
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.
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 is the initial and most important part of any company's journey which can make it or break it. New Product development involves 9 steps from new product strategy to commercialization.
New product development represents one of the most important disciplines in the development of African economies in the future. Whether it is physical products, digital, virtual or services, the next frontier of development for Africa is inextricably tied to new product development. Therefore developing an integrated and systematic approach is imperative.
Chapter 2
The New Products Process
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The Procter & Gamble Cosmetics SagaStarting point: senior management commitment to new products.P&G’s Cosmetics business unit had no clear product strategy, unfocused product initiatives, and too many customer segments being targeted – in short, a lack of focus.P&G Cosmetics skillfully used all three strategic elements and made the weak business unit profitable.
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P&G Cosmetics and the PICSituation Assessment:Underserved consumer market that wanted quality facial product such as cleansers, eye products, etc.Supply chain was uncoordinated as production and shipments were not tied to demand; market forecasts were not driving shipping schedules.PIC recommended a strategic focus on products for the face – other opportunities would not be pursued.
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P&G Cosmetics and the New Products ProcessP&G Cosmetics used a phased process like that of Chapter 1.Project teams established early in process.Consumer research done early and used in the process (the voice of the customer).Tough evaluation steps were carefully implemented as new products were compared to best practices and benchmarks.
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P&G Cosmetics and the New Product PortfolioP&G Cosmetics systematically added new products such that maximum buzz and excitement was created in the marketplace.If already several eye makeup products on the market, they would not immediately launch another. Management called this an “initiative rhythm” for product launch.
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P&G Cosmetics and the Role of Effective Team ManagementSenior Cosmetics executives were committed to success as was corporate level management.Initiative Success Managers were hired to lead strategy development, manage evaluation meetings, train employees, etc.The best team leaders were sought and rewarded based on performance.
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The Phases of the New Products Process
Phase 1: Opportunity Identification/Selection
Phase 2: Concept Generation
Phase 3: Concept/Project Evaluation
Phase 4: Development
Phase 5: Launch
Figure 2.1
The Evaluation Tasks in the New Products Process
Figure 2.2
Opportunity Identification/
Selection
Concept Generation
Concept/Project Evaluation
Development
Launch
Direction;
Where should we look?
Initial Review:
Is the idea worth screening?
Full Screen:
Should we try to develop it?
Progress Reports:
Have we developed it?
Market Testing:
Should we market it?
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Phase 1: Opportunity Identification/Selection
Active and passive generation of new product opportunities as spinouts of the ongoing business operation. New product suggestions, changes in marketing plan, resource changes, and new needs/wants in the marketplace. Research, evaluate, validate, and rank them (as opportunities, not specific product concepts). Give major ones a preliminary strategic statement to guide further work on it.
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Activities that Feed Strategic Planning for New ProductsOngoing marketing planning (e.g., need to meet new aggressive competitor)Ongoing corporate plan ...
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 ...
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Digital Money Maker Club – von Gunnar Kessler digital.focsh890
Title One is a comprehensive examination of the impact of digital technologies on
modern society. In a world where technology continues to advance rapidly, this article delves into the nuances and complexities of the digital age, exploring Its implications across various sectors and aspects of life.
Unleash the power of UK SEO with Brand Highlighters! Our guide delves into the unique search landscape of Britain, equipping you with targeted strategies to dominate UK search engine results. Discover local SEO tactics, keyword magic for UK audiences, and mobile optimization secrets. Get your website seen by the right people and propel your brand to the top of UK searches.
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Over 2 Trillion searches are made per day in Google search, which means there are more than 2 Trillion visits happening across the websites of the world wide web.
People search various questions, phrases or words. But some words and phrases are searched
more often than others.
For example, the words, ‘running shoes’ are searched more often than ‘best road running
shoes for men’
These words or phrases which people use to search on Google are called Keywords.
Some keywords are searched more often than others. Number of times a keyword is searched
for in a month is called keyword volume.
Some keywords have more relevant results than others. For the phrase “running shoes” we
get more than 80M relevant results, whereas for “best road running shoes for men” we get
only 8.
The former keyword ‘running shoes’ has way more competition from popular websites to
new and small blogs, whereas the latter keyword doesn’t have that much competition. This
search competition for a keyword is called search difficulty of a keyword or keyword
difficulty.
In other words, if the keyword difficulty is ‘low’ or ‘easy’, there won’t be any competition
and if you target such keywords on your site, you can easily rank on the front page of Google.
Some keywords are searched for, just to know or to learn some information about something,
that’s their search intention. For example, “What shoe size should I choose?” or “How to pick
the right shoe size?”
These keywords which are searched just to know about stuff are called informational
keywords. Typically people who are searching this type of keywords are top of a Conversion
funnel.
Conversion funnel is the journey that search visitors go through on their way to an email
subscription or a premium subscription to the services you offer or a purchase of products
you sell or recommend using your referral link.
For some buyers, research is the most important part when they have to buy a product.
Depending on that, their journey either widens or narrows down. These types of buyers are
Researchers and they spend more time with informational keywords.
Conversion is the action you want from your search visitors. Number of conversions that you
get for every 100 search visitors is called Conversion rate.
People who are at different stages of a conversion funnel use different types of keywords.
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2. What is 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 or service to market.
• 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.
3. 1. Idea Generation
• 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.
• 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).
4. 2. Idea Screening
• The object is to eliminate unsound concepts prior to devoting
resources to them.
• The screeners must ask at least three 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?
5. 3. Concept Development and Testing
• Develop the marketing and engineering details
– 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
Modeling.
6. 4. 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 breakeven point
7. 5. 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
8. 6. Technical Implementation
• New program initiation
• Resource estimation
• Requirement publication
• Engineering operations planning
• Department scheduling
• Supplier collaboration
• Logistics plan
• Resource plan publication
• Program review and monitoring
• Contingencies - what-if planning
9. 7. Commercialization
• 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
10. Summary
• These steps may be iterated as needed. Some steps may be
eliminated. To reduce the time that the NPD process takes,
many companies are completing several steps at the same time
(referred to as concurrent engineering or time to market).
• Most industry leaders see new product development as a
proactive process where resources are allocated to identify
market changes and seize upon new product opportunities
before they occur (in contrast to a reactive strategy in which
nothing is done until problems occur or the competitor
introduces an innovation).
• Many industry leaders see new product development as an
ongoing process (referred to as continuous development) in
which the entire organization is always looking for
opportunities.