The document discusses the process of new product development, which includes market research, concept testing, prototype development, market testing, and product launch. It emphasizes the importance of market research to understand customer needs and identify opportunities. The development process then progresses through building prototypes, testing concepts with customers, and launching the new product in the market.
History shows that new products success rate in the market is low due to various reasons. The presentation looks at innovation , new product development process , reasons of failure with examples and also proposes a framework for improving the success rate
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New product development, types of new product, new product line, product line extensions, improvements and revision to existing products, re-positioning, cost reductions.
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Market development is a growth procedure that identifies and grow new market segments for current products. A market development procedure targets non-buying customers in currently select segments. It also targets new customers in new section.
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New product devlopment ppt
1. New Product develoPmeNt
Presented By-
Rameshwar Swami
M.Phil Student
Management SRTMUN
Sub Center Latur
2. Definition
New product development (NPD) is the
complete process of bringing a new product to
the market till its consumption & feedback
from the end user of the business chain
through the systematic procedure &
parameter.
It may be a Consumable product, service or
idea.
3. Definition
New product development (NPD) is the
complete process of bringing a new product or
service to market.
New product development may be done to
develop an item to compete with a particular
product or may be done to improve an already
established product.
4. Examples
This type of development is considered the
preliminary step in product or service
development and involves a number of steps
that must be completed before the product can
be introduced to the market.
Fair & lovely.
Bajaj Pulsar.
Samsung Mobile
6. Why New Products?
New product development is essential to any
business that must keep up with market trends
and changes.
Approximately one-third of the revenue a
business generates is coming from products
they did not sell five years ago
Changing environment creates new demands
and needs
7. Product Development
Must be alert to quickly develop opportunities
Focus on markets or product categories
consistent with organization’s objectives,
resources, capabilities and strengths
Securing a competitive advantage
8. Industrial New Product Ideas
Company sources other than R&D 36.2%
Analysis of the competition 27.0%
Research & Development 24.3%
Product users 15.8%
Supplier suggestions 12.5%
Product user research 10.5%
Published information 7.9%
9. New Products necessity
A way of getting new and keeping old
customers
Effective way of obtaining a competitive
advantage
Source of growth and excitement
10. New Product Categories
New to the world products
New product lines
Product line extensions
Improvements and revisions to existing
products
Repositionings
Cost reductions
11. Product Development Process
Product
Launch
Test
Marketing
Prototype
Development
Concept
Testing
Market research
and
Opportunity scan
12. Marketing
Very important to product development success
Key to successful marketing is imaginative,
effective, creative communication
Find a need and fill it.
Mutually beneficial exchange relationships
13. Marketing Strategies
Increase the number of customers
Increase the average transaction
Increase the frequency of repurchase
14. Marketing Concepts
Consumer orientation
Customer service orientation
Profit orientation
Society Benefit.
15. Market Research
Who is my target audience?
Are there enough members of this target group to
make the business worthwhile?
How large is the potential market and how much of
that potential market can I capture?
Who is my competition and what would make
someone choose my product over their current?
16. Market Opportunity and Threats
Societal Focus Economic Realities
•GNP
•Population Shifts
•Disposable Income
•Values
•Discretionary Income
•Attitudes
•Competition
•Trends
Technological
Development
•Advance in Legal & Regulatory
technology Condition
•Market receptiveness •Laws
to technology •Regulations
17. Market Placement
1)Identify target markets
Size and growth potential
Ability and ease of reaching segment
Good fit with organizational objectives
Greatest revenue generation with least investment
18. Market Placement
2)Determine opportunity
Segment size
Annual usage potential
Anticipated annual growth rate
Margin
Value in use
3)Evaluate competition
Strengths/Limitations
Implications
19. Pricing Strategies
Goal is to achieve a target profit
Can you hold a product’s manufacturing costs
down to less than 25% of its perceived value?
Estimating manufacturing costs
Obtain price quotes from several suppliers
20. Concept Testing
Concept testing is the process of using
quantitative methods and qualitative methods
to evaluate consumer response to a product
idea prior to the introduction of a product to
the market.
22. Prototype Development
Prototype development is the process of
preparing a device, technique or system that
demonstrates the feasibility of a solution to a
problem. For-
1) Experimentation and learning in the
product development process
2) Testing and proofing product concepts
3)Communicating concepts to the product
development team members, management and
customers.
23. Test Marketing
Test marketing is an experiment conducted in
a field laboratory ( test market) comprising of
actual stores and real-life buying situations,
without the buyers knowing they are
participating in an evaluation exercise.
Test marketing may last from few weeks to
several months.
24. Prototype and Test Marketing
Do you prefer this product over your current
product?
Does this product meet the need you thought it
would?
Does the way the product works provide an
important benefit?
25. Promotion and Product Launch
Publicity
Trade journals
Conferences
Personal selling
Word of mouth
26. Reasons For New Product Failures
Poor marketing research
Technical problems
Insufficient marketing effort
Bad timing
The wrong group was targeted.
Unrealistic forecast.
Insufficient level of awareness.
27. Summary
New product development drives growth.
Market research is critical to the success of a
new product launch.
Market research is a continuous process as
customer needs, your business and the
environment changes.