The document outlines the new product development process that will be covered in a seminar. It includes generating ideas, screening ideas, conducting business analysis, prototyping, test marketing, and commercializing. Attendees will learn how to develop and evaluate new product ideas, conduct business analysis to determine viability, and create prototypes to test ideas. The agenda covers generating ideas, scoring ideas, analyzing shortlisted ideas, and how to prototype and commercialize a selected product. The seminar will guide attendees through each step of the new product development process.

1. Principles of Business: Stage 2 Marketing
Seminar:
New Product Development Process
Topic Number:3

2. Overview
You have been brought in as a consultant to help an organisation
of your choosing develop a brand new product. Your task today is
to use the new product development framework to come up with
a new product that you will present to the board of directors. The
product needs to meet customer needs, be commercially viable
and be differentiated from competitors.
Your task is to utilise the new product development framework
and come up with an original idea. This involves a number of
steps including:
• Idea generation
• Idea screening
• Business analysis
• Prototyping
• Test marketing
• Commercialisation

3. 3
Learning outcomes of this seminar
• Be able to develop and articulate a range of ideas that
could be taken to market
• Put together a robust testing framework to assess a
potential set of new ideas to be taken forward
• Understand and conduct business analysis to determine the
most commercially sound propositions to take to market
• Come up with a variety of ways to prototype a short listed
set of ideas

4. Agenda for this seminar
Articulate a number of ideas that were generated in the idea
generation session
Put together a scorecard to assess the ideas that were put together
Conduct a business analysis on the short-listed set of ideas
Explain how you would go about developing a prototype and
commercialise your idea

5. Structure for the session
You will have
15 minutes to
discuss each
question
We will have a
de-brief at the
end of each 15
minutes to hear
your thoughts
on each area
Feel free to ask
questions but
please do not
have separate
conversations
‘we are all in
this together’!

6. The Product Development Process

7. Articulate a number of
ideas that were
generated in the idea
generation session

8. Gathering Insights and Knowledge
Customers Market Internal
Understanding
your customers
needs and wants
Getting an idea
for opportunities
and gaps that
exist in the
market
Internal sources
of ideas can be
very powerful
given prior
experience of the
customers and
market

9. How do you come up with an insight?
• Know what you know first
• Put yourself in your
customers shoes
• Give yourself time to think
• Keep digging
• Test the insight in action

10. The Ideation Process
Identify high level
concepts
Bringing together
ideas with
similarities and
commonalities to
form bigger
concepts/initiative
s
Selecting the best
and most
interesting ideas
for development
into opportunities

11. 3 main techniques
Workshopping
Enables, rapid
collaborative
ideation
Desk-based
Research
Using validation
sources to support
your ideas
Stretch and Build
Ensures ideas are
more fully formed

12. Put together a
scorecard to assess the
ideas that were put
together

13. Key Criteria for a Scorecard
Would customers
want to buy it?
Is it commercially
viable?
What is the
regulatory position?
Does it fit with our
brand, ethos and
values?

14. The Risk/Reward Equation

15. Balance between risk and reward
Reward
Risk
Quick Wins
Incremental
Improvement
Speculate
Reconsider

16. Conduct a business
analysis on the short-listed
set of ideas

17. A proposition contains the following

18. Is it commercially attractive?
Market Structure
Describe the key players
in the market
How profitable is the
market
Market Size
What's the size of the
market?
Consider both the current
and future growth
potential
Trends
Describe the key trends that are
driving the market?
Conduct a PESTEL analysis to
determine the key trends
What are the future
developments that are likely to
take place in the market?

19. Does it fit in with the organisation vision and
goals?
Strategic
rationale
Does it fit with
the vision and
strategy of the
business?
Organisation
Can the
organisation
scale the
product?
Does it fit the
culture?
Brand Fit
Is in line with
the brand?

20. Financially sound?
Total Market
Addressable Market
Target Market
Expected Market Share
What Will Customers
Pay?

21. Explain how you would
go about developing a
prototype and
commercialise your
idea

22. Consider the customer journey
Chronologica
l walk
through
Customer
actions
Thoughts
and Feelings
Business
Delivery
Guiding
Principles

23. Detailing Exact Requirements
Cross
functional
stakeholders
End to end
walkthrough
Gap analysis

24. Getting a prototype ready to test using
Focus groups
Co-creation
workshops
Depth
interviews
Online
discussion
groups
Quantitative
survey
Omnibus
questions

25. Finally, concept stress testing
Identify risks
Commercial
impact
Likelihood of
risks
Mitigating
risks

26. End of Seminar
Note: This recording is for your
personal use only and not for further
distribution or wider review.
© Pearson College 2013