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New Product Development Process
The document outlines an 8-step new product development process: 1) Idea Generation, 2) Idea Screening, 3) Concept Development and Testing, 4) Marketing Strategy Development, 5) Business Analysis, 6) Product Development, 7) Market Testing, and 8) Commercialization. It describes techniques for generating ideas such as attribute listing and mind mapping. It also provides details on screening ideas, developing product concepts, testing concepts, determining marketing strategy, analyzing business factors, and discouraging overly cautious statements about new ideas.
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New Product Development Process
- 1. NEW PRODUCT DEVELOPMENT PROCESS I) II) III) IV) V) VI) VII) VIII) IDEAGENER ATION IDEA SCREENING CONCEPT DEVELOPMENT AND TESTING MARKETING STRATEGY DEVELOPMENT BUSINESS ANALYSIS PRODUCT DEVELOPMENT MARKET TESTING COMMER CIALISATION
- 2. IDEA GENERATION Interacting withothers Creativity techniques Attribute listing Forced relationship Morphological analysis Reverse assumption analysis New contexts Mind mapping
- 3. IDEA SCREENING Avoid errorsas follows Drop error Go error
- 4. Product Idea RatingDevice (Weighted Index Method) Product Success Requirements Relative weight (a) Product Score (b) Product Rating (c=axb) Unique or Superior Product 0.4 0.8 0.32 High Performance-tocost ratio 0.3 0.6 0.18 High Marketing dollar support 0.2 0.7 0.14 Lack of strong competition 0.1 0.5 0.05 Total 1.00 0.69 0.00 to 0.30 POOR, 0.31 to 0.60 FAIR, 0.61 to 0.80 GOOD, Min. Acceptance rate 0.61
- 5. CONCEPT DEVELOPMENT Who willus e the p ro d uc t? Wha t p rim a ry be ne fit s ho uld this p ro d uc t p ro vid e ? Whe n will this p ro d uc t be c o ns um e d ? Thus a transition from a ‘product idea’ to a ‘product concept’
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- 7. CONCEPT TESTING Test theproduct concept based on following parameters Communicability and Believability Need level Gap level Perceived value Purchase intention User targets, purchase occasions, purchasing frequency
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- 9. BUSINESS ANALYSIS Estimating totalsales Estimating costs and profits
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- 13. DISCOURAGING STATEMENTS FORNEW PRODUCT IDEAS It won’t work here! We’ve tried it before! This isn’t the right time! It can’t be done! This is not the way we do things! We’ve done alright without it! It will cost too much! Let’s discuss it at our next meeting!
Editor's Notes
- #2 REFER CASE STUDY ‘SYNGENTA’