New Product Development
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New product development involves making changes to existing products or introducing new products. There is a defined 8-stage process for new product development that includes idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, market testing, and determining a roll-out strategy. The goal is to balance risk and potential payoff when bringing new products to existing markets or entering new markets.
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New Product Development
This document outlines the new product development process. It defines new product development and identifies six categories of new products based on newness. The new product development process involves idea generation, screening, concept development and testing, marketing strategy, business analysis, product development, test marketing, and commercialization. Each stage is described in one to two sentences. The goal is to develop successful new products by systematically evaluating ideas and obtaining customer feedback before full commercialization.
Development of new product
This document outlines the new product development process. It discusses that NPD is designed to develop, test and consider new products to ensure company growth. It then discusses the importance of new products for both companies and society by creating jobs, increasing standards of living and spurring innovation. The document then categorizes new products and outlines the 7 step new product planning process including idea generation, screening, concept development and testing, business analysis, product development, test marketing, and commercialization. It concludes by discussing common causes of new product failures such as overestimating market size or incorrectly positioning a product.
New Product Development
The document discusses the new product development process. It begins with defining products and identifying strategies for obtaining new product ideas. It then outlines the 8 major steps in the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. It also discusses challenges in new product development such as market uncertainty and reasons why new products often fail.
New product development
This power point presentation contain brief explanation of new product development process and product life cycle management.
New product development
Product development involves decisions around what to manufacture, packaging, pricing, and sales. The product planner identifies customer needs, aligns capabilities with market demands, and determines if a product is ready to launch or needs more information. New product development consists of creating ideas, evaluating sales potential and profitability, designing production facilities, and marketing the product. The stages include generating ideas, screening ideas, assessing commercial feasibility, product design/evaluation, test marketing, and launching the product. Product failure occurs when a product does not meet sales and profit targets due to declining volume, margins, or higher than expected costs.
new product develop ppt
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.
industrial relations
This document discusses new product development (NDP). NDP is the process of developing, testing, and evaluating new products to ensure company growth. It defines what constitutes a new product and lists reasons for developing new products such as expanding market share. The stages of NDP are outlined, from idea generation to commercialization. Key success factors for NDP include having the right operating philosophy, organization structure, experience, and management style.
Product development-stages
The document outlines an 8-stage process for new product development that includes idea generation, screening ideas for compatibility with company objectives, developing and testing concepts, creating marketing strategies, conducting business analysis and sales projections, developing prototypes, market testing products, and commercialization by introducing the new product into target markets with advertising.
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New Product Development
This document outlines the new product development process. It defines new product development and identifies six categories of new products based on newness. The new product development process involves idea generation, screening, concept development and testing, marketing strategy, business analysis, product development, test marketing, and commercialization. Each stage is described in one to two sentences. The goal is to develop successful new products by systematically evaluating ideas and obtaining customer feedback before full commercialization.
Development of new product
This document outlines the new product development process. It discusses that NPD is designed to develop, test and consider new products to ensure company growth. It then discusses the importance of new products for both companies and society by creating jobs, increasing standards of living and spurring innovation. The document then categorizes new products and outlines the 7 step new product planning process including idea generation, screening, concept development and testing, business analysis, product development, test marketing, and commercialization. It concludes by discussing common causes of new product failures such as overestimating market size or incorrectly positioning a product.
New Product Development
The document discusses the new product development process. It begins with defining products and identifying strategies for obtaining new product ideas. It then outlines the 8 major steps in the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. It also discusses challenges in new product development such as market uncertainty and reasons why new products often fail.
New product development
This power point presentation contain brief explanation of new product development process and product life cycle management.
New product development
Product development involves decisions around what to manufacture, packaging, pricing, and sales. The product planner identifies customer needs, aligns capabilities with market demands, and determines if a product is ready to launch or needs more information. New product development consists of creating ideas, evaluating sales potential and profitability, designing production facilities, and marketing the product. The stages include generating ideas, screening ideas, assessing commercial feasibility, product design/evaluation, test marketing, and launching the product. Product failure occurs when a product does not meet sales and profit targets due to declining volume, margins, or higher than expected costs.
new product develop ppt
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.
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This document discusses new product development (NDP). NDP is the process of developing, testing, and evaluating new products to ensure company growth. It defines what constitutes a new product and lists reasons for developing new products such as expanding market share. The stages of NDP are outlined, from idea generation to commercialization. Key success factors for NDP include having the right operating philosophy, organization structure, experience, and management style.
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The document outlines an 8-stage process for new product development that includes idea generation, screening ideas for compatibility with company objectives, developing and testing concepts, creating marketing strategies, conducting business analysis and sales projections, developing prototypes, market testing products, and commercialization by introducing the new product into target markets with advertising.
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The document provides an overview of the new product development process. It discusses the following key points in 3 sentences:
The new product process involves strategic planning, concept generation, pre-technical evaluation, technical development, commercialization, and product launch. It should integrate cross-functional teams, allow for flexibility, and ensure critical stages are successfully completed. The 8 step process includes generating ideas, screening concepts, testing the concept, conducting business analytics, and performing beta/marketability tests to perfect new product development.
new product development
The document discusses the new product development process. It involves idea generation, screening ideas, concept development and testing, market testing, commercialization, and pricing. The new product development process considers the perspective of firms, markets, customers, and products. It aims to generate new product ideas through internal and external sources, develop product concepts, test concepts with target customers, analyze business factors like costs and demand, launch the product, and set pricing. The goal is to use new products to provide better quality, customer satisfaction, replace outdated products, and maintain competitive advantages.
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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.
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The document discusses various internal growth strategies that a firm can use to increase sales and profitability without relying on outside intervention. It describes internal growth strategies as organic growth and lists some examples as market penetration, market development, application development, and new product development. New product development is discussed in more detail, outlining the typical process from market research to product launch. Some reasons for new product failures are also provided such as poor marketing research, technical problems, and bad timing. Other internal strategies covered include improving existing products, increasing market penetration of current products, extending product lines, and geographic expansion into new markets.
What is strategy
Strategy is about determining the long-term direction and scope of an organization. It involves choosing markets to compete in, configuring resources to achieve competitive advantage, and meeting stakeholder expectations. There are three levels of strategy - corporate, business, and functional. Corporate strategy determines the business areas and approach. Business strategy determines how to compete in each business. Functional strategies support the other strategies through effective resource allocation.
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This document outlines various marketing strategies related to market scope, market entry, product, promotion, distribution, and pricing. It provides definitions and requirements for strategies such as single market strategy, first in strategy, product positioning strategy, promotion mix strategy, exclusive distribution strategy, and skimming pricing strategy. The document is intended to serve as a guide on developing an effective high impact marketing strategy.
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This document outlines the new product development process, including 7 key stages: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) business analysis, 5) product development, 6) market testing, and 7) commercialization. It describes the activities that occur at each stage, such as generating ideas from customers and employees, evaluating ideas, developing product concepts, analyzing business feasibility, testing concepts with customers, and launching the product in select markets. The goal is to systematically evaluate and refine new product ideas before full commercialization.
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The document discusses product development, outlining the seven key steps as new product strategy, idea generation, idea screening, business analysis, development, test marketing, and commercialization. It notes that firms can develop new products through acquisition of other companies or licenses, or through internal research and development. Risks of product development include strategic, portfolio, technical, supply chain, and talent risks. It provides examples of customer-centered, team-based, and systematic approaches to product development.
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This document outlines the key steps in managing the product development process, including idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, market testing, and commercialization. Some of the main stages discussed are screening ideas for compatibility with company goals, developing product concepts and testing them with customers, analyzing business factors like costs and profits, developing the marketing strategy, and testing the product in markets to ensure sales expectations are met before full commercialization. The overall process aims to develop technically and commercially sound products that meet customer needs and the company's profit objectives.
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This document discusses various stages of new product development including idea generation, screening, concept testing, marketing strategy development, business analysis, product development, and test marketing. It then provides examples of products currently in different stages of the product life cycle such as introduction, growth, maturity, and decline. The document also discusses the BCG matrix and different product strategies based on market growth rate and relative market share including stars, cash cows, problem children/question marks, and dogs. Finally, it discusses Ansoff's product/market matrix and different growth strategies including market penetration, market development, product development, and diversification.
New product development process
.1. introduction to New product development process
2. meaning of new New product development process
what is innovation and innovation
3. New product development process
4. step 1 idea generation
5. step 2 idea screening
6. step 3 concept develop & testing
7. step 4 marketing strategy
8. step 5 business analysis
9. step 6 product development
10. step 7 test marketing
11. commercialization
thank you very much
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This document discusses new product development (NPD) and the 8-stage NPD process. It begins by defining the key elements of the marketing mix - product, price, place, and promotion. It then discusses defining a product and different types of products. The 8 stages of the NPD process are then outlined as idea generation, idea screening, concept screening, marketing strategy development, business analysis, product development, market testing, and possible roll-out strategies. Key factors for successful NPD include understanding customer needs, aligning with technological advances, and taking a portfolio approach with a mix of risk levels.
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New product development decision process diagram
The document outlines an 8-step new product development decision process that includes: 1) generating product ideas, 2) screening ideas, 3) developing and testing concepts, 4) analyzing business factors, 5) developing marketing strategies, 6) developing the product, 7) market testing, and 8) commercializing successful products. At each step, decisions are made to modify the product, marketing, or send the idea back for further development based on testing and analysis.
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Product Planning Final
The document discusses product planning and a company's product mix. It defines key terms like product, product line, and product category. It also outlines strategies for developing a company's product mix, including developing new products, expanding existing product lines, and deleting unprofitable products. The process of developing new products involves generating ideas, screening ideas, product development, testing, introduction, and evaluating customer acceptance.
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The document outlines the new product development process, which includes idea generation, screening, concept testing, market strategy development, business analysis, test marketing, and commercialization. The goal is to develop, test, and evaluate new product ideas to ensure growth and survival. Key steps involve assessing opportunities, determining the product type, developing the concept, evaluating market potential and profitability, testing the product and marketing plan, and commercializing the new product. Following this process helps reduce risks and avoid costly mistakes when bringing new products to market.
product deveopment.pptx
This document discusses new product development. It defines a new product and lists types of new products. The stages of new product development are described as idea generation, idea screening, concept development and testing, market strategy development, business analysis, test marketing, and commercialization. New products are developed to create future revenue, replace declining products, take advantage of new technologies, and maintain competitive advantage. The key stages in new product development ensure new products meet market needs and are viable before full commercialization.
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The document provides an overview of the new product development process. It discusses the following key points in 3 sentences:
The new product process involves strategic planning, concept generation, pre-technical evaluation, technical development, commercialization, and product launch. It should integrate cross-functional teams, allow for flexibility, and ensure critical stages are successfully completed. The 8 step process includes generating ideas, screening concepts, testing the concept, conducting business analytics, and performing beta/marketability tests to perfect new product development.
new product development
The document discusses the new product development process. It involves idea generation, screening ideas, concept development and testing, market testing, commercialization, and pricing. The new product development process considers the perspective of firms, markets, customers, and products. It aims to generate new product ideas through internal and external sources, develop product concepts, test concepts with target customers, analyze business factors like costs and demand, launch the product, and set pricing. The goal is to use new products to provide better quality, customer satisfaction, replace outdated products, and maintain competitive advantages.
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The document discusses various internal growth strategies that a firm can use to increase sales and profitability without relying on outside intervention. It describes internal growth strategies as organic growth and lists some examples as market penetration, market development, application development, and new product development. New product development is discussed in more detail, outlining the typical process from market research to product launch. Some reasons for new product failures are also provided such as poor marketing research, technical problems, and bad timing. Other internal strategies covered include improving existing products, increasing market penetration of current products, extending product lines, and geographic expansion into new markets.
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Strategy is about determining the long-term direction and scope of an organization. It involves choosing markets to compete in, configuring resources to achieve competitive advantage, and meeting stakeholder expectations. There are three levels of strategy - corporate, business, and functional. Corporate strategy determines the business areas and approach. Business strategy determines how to compete in each business. Functional strategies support the other strategies through effective resource allocation.
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This document outlines various marketing strategies related to market scope, market entry, product, promotion, distribution, and pricing. It provides definitions and requirements for strategies such as single market strategy, first in strategy, product positioning strategy, promotion mix strategy, exclusive distribution strategy, and skimming pricing strategy. The document is intended to serve as a guide on developing an effective high impact marketing strategy.
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The document discusses product development, outlining the seven key steps as new product strategy, idea generation, idea screening, business analysis, development, test marketing, and commercialization. It notes that firms can develop new products through acquisition of other companies or licenses, or through internal research and development. Risks of product development include strategic, portfolio, technical, supply chain, and talent risks. It provides examples of customer-centered, team-based, and systematic approaches to product development.
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2. meaning of new New product development process
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3. New product development process
4. step 1 idea generation
5. step 2 idea screening
6. step 3 concept develop & testing
7. step 4 marketing strategy
8. step 5 business analysis
9. step 6 product development
10. step 7 test marketing
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thank you very much
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This document discusses principles of marketing and new product development. It covers the new product development process, including idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. It also discusses managing new product development through being customer-centered, team-based, and systematic. Additionally, it outlines strategies for different stages of the product life cycle, including introduction, growth, maturity, and decline. Finally, it touches on considerations for product decisions and social responsibility as well as international product and service marketing.
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The document outlines an 8-step new product development decision process that includes: 1) generating product ideas, 2) screening ideas, 3) developing and testing concepts, 4) analyzing business factors, 5) developing marketing strategies, 6) developing the product, 7) market testing, and 8) commercializing successful products. At each step, decisions are made to modify the product, marketing, or send the idea back for further development based on testing and analysis.
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New product development and product life-cycle strategies
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Ppt on key growth drivers of indian medical education for fdi
This research paper examines key growth drivers and Make in India incentives for foreign direct investment in India's medical education sector. It finds that factors like population growth, a large young population, high emigration of doctors, and increasing demand are driving growth. Make in India allows 100% FDI and private investment in medical education and offers support like tax breaks and loans. The study concludes that the sector has strong potential for investment and will grow significantly in the coming years.
Types and sources of financing for start up businesses
The document discusses 16 different types and sources of financing available for start-up businesses, including personal savings, friends and family, venture capital, angel investors, government grants and programs, equity offerings, IPOs, warrants, banks and commercial lenders, commercial finance companies, bonds, leases, commercial paper, bank overdrafts, asset-based financing, and private placements. Each type is briefly described in 1-2 sentences.
Project plan or business plan.
A business plan is a comprehensive document that lays out a detailed program of actions to convert an idea into a successful business entity. It addresses what needs to be done, when, how, who will do it, how much it will cost, and how much time it will take. The basic components of a business plan include an introductory summary, details on the proposed business and product/service, a market study, marketing strategies, production/operations, finances, and organization/management. Developing a business plan provides benefits such as highlighting key elements, addressing critical issues, facilitating evaluation, gaining support, aiding timely implementation, enabling registration, and preparing the necessary groundwork.
Project management
The document discusses the definition and attributes of a project. It states that a project is a temporary undertaking with a defined start and end date that involves unique goals, resources from various areas, and uncertainty. A project has a sponsor who provides direction and funding. It also lists example projects like developing a new product or designing a computer system. The document then defines project management as applying knowledge and skills to project activities to meet requirements.
Project life cycle
The document discusses the project life cycle (PLC). It states that the PLC describes all activities from the start of a business to its successful completion. The PLC consists of four phases: initiation, planning, execution (including monitoring and controlling), and evaluation. The initiation phase defines the project scope and objectives. The planning phase develops a project plan to monitor time, cost and quality. The execution phase involves producing deliverables while monitoring and controlling the project. The evaluation phase determines the overall success of the project and identifies lessons learned.
Process development
The document discusses process development, which involves planning and designing production processes based on inputs like product information, production systems, and operations strategies. Key factors that affect process development include the nature of product demand, degree of vertical integration, production flexibility, degree of automation, and product quality needs. The document outlines different types of process designs like product-focused, process-focused, and group technology approaches. It also discusses considerations around process reengineering.
Feasibilitty study
A feasibility study evaluates the viability of a new business idea or expansion by examining its economic, financial, technical, legal, market and management aspects. It helps determine if an idea can generate adequate profits and cash flow while withstanding risks. The objectives are to answer if the project is feasible and should proceed. A feasibility study report includes defining the problem/opportunity, project description, expected benefits, resource needs and alternatives. It provides valuable information for deciding whether to move forward with a project idea.
Round 3 chiefs of company
This document lists the names and positions of various business executives. It quizzes teams on identifying the roles of N.S. Kannan as CFO of ICICI Bank, Ananth Krishnan as CTO of CTS, and Vishal Sikka as CEO and MD of Infosys. It then poses similar questions about the CEOs of other major companies like Google, Amazon, L&T, Reliance Retail, Samsung India, Apple, HUL, Madras Cements, and PepsiCo.
Market structures and price determination
This document provides an overview of market structures and pricing policies. It defines key terms like market, competition, and market structures. It then describes different market structures in more detail like perfect competition, monopoly, monopolistic competition, oligopoly, and their features. It also discusses equilibrium points for different market structures and how price and output are determined. Pricing methods and objectives are introduced along with strategies for pricing in competitive markets.
Class 8 bep analysis
Break Even Analysis refers to analyzing the break-even point (BEP), which is the point at which total revenue equals total cost, resulting in no profit or loss. The BEP denotes the minimum production volume needed to avoid losses. Determinants of BEP include selling price, contribution margin, contribution margin ratio, fixed costs, and variable costs per unit. Examples then demonstrate calculating BEP in terms of units and sales value, margin of safety, and production needed to achieve a specified profit level.
Class 2 economies of scale2
The document discusses economies and diseconomies of scale at the firm and industry level. It defines economies of scale as cost advantages a firm obtains by increasing production, due to factors like bulk buying and managerial specialization. Diseconomies of scale are disadvantages of being too large, like higher coordination costs. Internal economies/diseconomies occur within a firm, while external ones occur as an industry expands, such as shared infrastructure or higher resource prices from competition.
Round 4 chiefs of company for MBA Quiz
This document lists the names and positions of various business executives. It quizzes teams on identifying the roles of N.S. Kannan as CFO of ICICI Bank, Ananth Krishnan as CTO of CTS, and Vishal Sikka as CEO and MD of Infosys. It then asks teams to identify the CEOs of Google, Amazon, L&T, and others in similar multiple choice questions about business leadership.
Round 2 products for MBA Quiz
The document lists a series of questions posed to different teams about identifying the company that produces various brands. Each team provided an answer naming a company for each question, with the companies ranging from large multinationals like Coca Cola, Hindustan Unilever Limited, and Tata Group to mid-sized Indian companies like Dabur India Limited, Emami Limited, and ITC Limited along with technology companies like Microsoft and Google.
Round 1 logos for MBA Quiz
The document describes a basic business quiz activity held by the Management Club of SNIST-SMS on October 14, 2015. The activity was organized by K. Harinadh and G. Umasrikanth and involved teams answering questions by identifying logos of companies, events, and industries. The quiz included questions on logos for Mudra Bank, Kalamandir, ICC World Cup 2019, Gujarat Tourism, Indian School of Business, Union Bank of Switzerland, Life OK Television Channel, Allahabad Bank, Telugu film industry, PepsiCo, True Jet Airlines, and Global Hospitals. There were also two extra questions on logos for Chettinad Cements and Tech Mahindra.
Round 5 company origin for MBA Quiz
This document quizzed multiple teams on the country of origin for various companies. Team A answered Japan for the origin country, while other teams answered the United States, India, the United Kingdom, India, Switzerland, India, Switzerland, Taiwan, Germany, Sweden, and China for the origin countries of Hewlett Packard, Ranbaxy Laboratories, an unspecified company, an unspecified company, an unspecified company, an unspecified company, an unspecified company, an unspecified company, an unspecified company, an unspecified company, and an unspecified company, respectively.
Cost Analysis : Definition of Cost, Types of Cost and Cost-output Relationship
This document provides an overview of cost analysis concepts, including definitions of different types of costs, cost-output relationships, and break-even analysis. It defines cost as the money incurred to produce a product or service. Various types of costs are described, including fixed and variable costs. The relationship between total, average, and marginal costs at different output levels is explained using tables and graphs. The optimal production level occurs where average total cost is minimized and marginal cost equals average cost. Break-even analysis is also introduced as a tool to determine the output level required to cover total costs.
Class 3 isocosts & isoquants
This document discusses isoquants and isocosts. It defines isoquants as curves that represent combinations of two input factors that produce the same quantity of output. Any point on an isoquant curve represents an equal level of output. Isoquants are downward sloping and convex to the origin. Isocosts represent combinations of inputs that cost the same total amount. They are straight lines that get farther from the origin as total cost increases. Isoquants and isocosts show the relationship between inputs and equal levels of output or cost.
Class 3 economies of scale
The document discusses economies and diseconomies of scale at the firm and industry level. It defines economies of scale as cost advantages a firm obtains by increasing production, due to factors like bulk buying and managerial specialization. Diseconomies of scale are disadvantages of being too large, like higher coordination costs. Internal economies/diseconomies occur within a firm, while external ones occur as an industry expands, such as shared infrastructure or higher resource prices from competition.
Class 1 definition and importance of production function2
The document defines and discusses the importance of production functions. It defines a production function as the relationship between inputs of productive services and the rate of output. Production functions are important because they (1) help estimate production levels for given inputs, (2) indicate how firms can substitute inputs without changing output, and (3) help firms select the lowest cost combination of inputs to achieve a desired output level. Production functions also explain relationships like variable proportions and returns to scale and show the maximum output achievable from chosen input quantities. They assume no changes in technology, use of best techniques, divisibility of inputs, and applicability to short or long run periods.
School of thought entrepreneur
This document discusses four major schools of thought on entrepreneurship: the French classical school, the British classical school, the Austrian and neo-Austrian school, and the Schumpeterian school. The French classical school viewed entrepreneurs as individuals who take on risk and uncertainty by purchasing goods to produce and sell products at uncertain prices. The British classical school saw entrepreneurs as active business partners sharing in gains and losses. The Austrian school emphasized uncertainty and entrepreneurs identifying opportunities in disequilibrium. Finally, the Schumpeterian school defined entrepreneurship as innovation through new combinations in production.
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Business storytelling: key ingredients to a story
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一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
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【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
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留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
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New Product Development
- 2. •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. What is New Product Development
- 3. Types of New Products Risk Potential Payoff Improve performance of existing product Add feature to existing product New product to existing markets New product to new markets
- 4. The 8-Stage New Product Development (NPD) Process
- 5. New Product Development (NPD)
- 6. 1. Idea Generation & 2. Idea Screening • Generation: Firms are always on the look-out • Screening: •Fit with manufacturing and distribution expertise •Feasibility
- 7. 3. Concept Development & Testing • Prototype or storyboard • Focus group: Would you be interested in a service that . . . • Approximation of willingness to pay
- 8. 4. Marketing Strategy Development and 5. Business Analysis • Marketing strategy: •Developing credible marketing plans with positioning, target and Marketing Mix • Business analysis: •Is there a high chance of a good payoff?
- 9. 6. Product Development • Convert product concept into physical product • product design • Raw material Development • Process Development
- 10. 7. Market Testing • Some firms (“fashion goods”) don’t test the market: Put it out there, see if people buy it (the costs of this must be small) = “Market test by roll out” • Simulated test market (dummy store) new product is mixed in with familiars • Test markets: Several cities let us tweak the Marketing Mix … but rivals may attempt disruption
- 11. 8. Possible “roll-out” strategies during “commercialization” • By geography • By market size • By customer type (business/consumer/government) • By channel of distribution (Rx/OTC) • By use (special occasion/every day) • By benefit sought