This document outlines the key stages in the new product development (NPD) process. It begins with idea generation which can come from internal or external sources. Ideas are then screened using criteria like market size and costs. Selected ideas are developed into product concepts and prototypes which undergo customer concept testing and business analysis to assess economic viability. Successful concepts then proceed to product development, test marketing in small markets, and commercialization through broader launches if testing is positive. The systematic NPD process helps businesses focus investment on promising projects and shorten the time to revenue.
this is ppt presentation on product management . it covers features of product ,product levels ,product classification ,product mix and product life cycle stratagies
The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
Micro environment refers to the forces closely influencing the company and directly affect the organization’s relationships. The factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the general public. These forces can sometimes be controlled or influenced and are explained in more detail in Porter’s 5 Forces.
Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
The PESTLE Analysis is a framework used to scan the organization’s external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental.
Setting Product Strategy
What is a Product?
Components of the Market Offering
Durability and Tangibility
Use
Consumer Goods Classification
The Product Hierarchy (using life insurance example)
Product Systems and Mixes
Product Line Analysis
Packaging , labeling warranties
Packaging Objectives
Functions of Labels
Ansoff's Matrix is a classic model of marketing and business strategy that business students can use very effectively in their exams. This revision presentation outlines the key features of the model.
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.
Marketing (Product Strategy) - Discuss about levels of product, product classification, brand strategies, packaging and labeling of the consumer products.
this is ppt presentation on product management . it covers features of product ,product levels ,product classification ,product mix and product life cycle stratagies
The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
Micro environment refers to the forces closely influencing the company and directly affect the organization’s relationships. The factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the general public. These forces can sometimes be controlled or influenced and are explained in more detail in Porter’s 5 Forces.
Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
The PESTLE Analysis is a framework used to scan the organization’s external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental.
Setting Product Strategy
What is a Product?
Components of the Market Offering
Durability and Tangibility
Use
Consumer Goods Classification
The Product Hierarchy (using life insurance example)
Product Systems and Mixes
Product Line Analysis
Packaging , labeling warranties
Packaging Objectives
Functions of Labels
Ansoff's Matrix is a classic model of marketing and business strategy that business students can use very effectively in their exams. This revision presentation outlines the key features of the model.
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.
Marketing (Product Strategy) - Discuss about levels of product, product classification, brand strategies, packaging and labeling of the consumer products.
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 ...
Institutions Supporting Small Business Enterprises.pptxshrinivas kulkarni
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The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
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Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
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3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
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New product development strategy
1.
2. Contents:
What is new product development??
Challenges in NPD
Overcoming these challenges
NPD Strategies
New product failures
Stages in NPD
Conclusion
5. 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
7. Idea Generation
Where do ideas come from?
• Internal sources:-
– Company employees at all levels: “Intrapraneuring”
• External sources :-
Customers
Competitors
Distributors
Suppliers
Outsourcing partners
8. Idea Screening
Keep the good ideas and drop the poor ones.
Criteria :-
Market Size
Product Price
Development Time & Costs
Manufacturing Costs
Rate of Return
9. 1.Develop a working description and
visualization of the product idea
and concept.
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
2. Concept Testing - Test the
Product Concepts with Groups
of Target Customers
3. Choose the Best One3. Choose the Best One
10. Part Two - Short-Term:
Product’s Planned Price
Distribution
Marketing Budget
Part Two - Short-Term:
Product’s Planned Price
Distribution
Marketing Budget
Part Three - Long-Term:
Sales & Profit Goals
Marketing Mix Strategy
Part Three - Long-Term:
Sales & Profit Goals
Marketing Mix Strategy
Part One - Overall:
Target Market
Planned Product Positioning
Sales & Profit Goals
Market Share
Part One - Overall:
Target Market
Planned Product Positioning
Sales & Profit Goals
Market Share
12. Business AnalysisBusiness Analysis
Business Analysis
Review of Product Sales, Costs,
and Profits Projections to See if
They Meet Company Objectives
Business Analysis
Review of Product Sales, Costs,
and Profits Projections to See if
They Meet Company Objectives
If Yes, Move to
Product Development
If Yes, Move to
Product Development
If No, Eliminate
Product Concept
If No, Eliminate
Product Concept
Assess economic viability of the concept.
13. 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.
14. Test Marketing:
Standard
Test Market
Full marketing campaign
in a small number of
representative cities.
Standard
Test Market
Full marketing campaign
in a small number of
representative cities.
Simulated
Test Market
Test in a simulated
shopping environment
to a sample of
consumers.
Simulated
Test Market
Test in a simulated
shopping environment
to a sample of
consumers.
Controlled
Test Market
A few stores that have
agreed to carry new
products for a fee.
Controlled
Test Market
A few stores that have
agreed to carry new
products for a fee.
After test marketing the “Go Active”
meal (an adult happy meal) in 150
markets in Indiana, McDonald’s decided
to sell it across the U.S.
15. 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”
16. 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.
17. Top 20 awesome products
https://www.youtube.com/watch?v=Kmdw77L6bGM