This presentation provides an overview of the new product development process. It discusses the major stages in NPD, including idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. The presentation notes that only 10% of new consumer products succeed in the long run, and that most products fail due to factors like not fulfilling needs, overestimating the market, design flaws, incorrect positioning/pricing/promotion, being pushed despite poor research, going over budget, or facing strong competitive responses. The conclusion states that following a staged NPD process can help businesses focus investments and shorten the time from idea to revenue for new products.
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Total Market Share PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Total Market Share Powerpoint Presentation Slides. We bring to you to the point topic specific slides with apt research and understanding. Putting forth our PPT deck comprises of fourty one slides. Our tailor made Total Market Share Powerpoint Presentation Slides editable presentation deck assists planners to segment and expound the topic with brevity. The advantageous slides on Total Market Share Powerpoint Presentation Slides is braced with multiple charts and graphs overviews analysis templates agenda slides etc. to help boost important aspects of your presentation. Highlight all sorts of related usable templates for important considerations. Our deck finds applicability amongst all kinds of professionals managers individuals temporary permanent teams involved in any company organization from any field.
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To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
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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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3. CONTENTS:
• What is new product development?
• New-Product Development Process
• New product failures
• Stages in NPD
• Conclusion
4. WHAT IS NEW PRODUCT DEVELOPMENT?
New product development (NPD) is the term used to describe the
complete process of bringing a new product to market.
New product development refers to original products, product
improvements, product modifications, and new brands
developed from the firm’s own research and development.
6. IDEA GENERATION
Where do ideas come from?
• Internal sources:-
Company employees at all levels:
• External sources :-
Customers
Distributors
Suppliers
Outsourcing partners
Study the products of competitors
7. IDEA SCREENING
• Keep the good ideas and drop the poor ones.
• Criteria :-
Market Size
Product Price
Development Time & Costs
Manufacturing Costs
Rate of Return
8. CONCEPT DEVELOPMENT AND
TESTING:
1.Develop a working description and
visualization of the product idea
and concept.
2. Concept Testing - Test the
Product Concepts with Groups
of Target Customers
3. Choose the Best One
9. MARKETING STRATEGY DEVELOPMENT:
• Part One - Overall:
• Target Market
• Planned Product Positioning
• Sales & Profit Goals
• Market Share
Part Two - Short-Term:
Product’s Planned Price
Distribution
Marketing Budget
Part Three - Long-Term:
Sales & Profit Goals
Marketing Mix Strategy
10. BUSINESS ANALYSIS
•Assess economic viability of the concept.
Business Analysis
Review of Product Sales, Costs,
and Profits Projections to See if
They Meet Company Objectives
If No, Eliminate
Product Concept
If Yes, Move to
Product Development
11. PRODUCT DEVELOPMENT
• Develop concept into physical product prototype.
• Large jump in investment – “point of no return”.
• Test and refine prototype until product passes consumer and
legal scrutiny.
12. TEST MARKETING:
Controlled
Test Market
A few stores that have
agreed to carry new
products for a fee.
Simulated
Test Market
Test in a simulated
shopping environment
to a sample of
consumers.
Standard
Test Market
Full marketing campaign
in a small number of
representative cities.
13. COMMERCIALIZATION:
• Broad launch of product if market test results are positive.
• Timing of launch is important.
• Potential Rollout plans
– Local
– Regional
– National
– International
– “Wider Test Market”
14. NEW-PRODUCT FAILURES
• Only 10% of new consumer products succeed in the long
run.
• Why do most products fail?
–Don’t fulfill a real need or want
–Overestimation of market size
–Design problems that compromise functionality
–Incorrectly positioned, priced or promoted (4 P’s)
–Pushed despite poor marketing research findings
–Development costs go over budget
–Competitive response
15. CONCLUSION
Implementation of a NPD process with stages has helped
businesses focus their New Product investment on the most
potentially rewarding projects.
It has shortened the time between idea and revenue by
orchestrating the complex set of activities required for the
commercial success of new products.