Published on April 26, 2014
New Product Development
Product • A product is anything that can be offered by the market to the customer to satisfy needs and wants. • A product is a combination of -Physical attributes -Subjective attributes Product Tangible Intangible
New Product Development
Introduction A new product is any product which is perceived by the customer as being new.
Reasons for NPD • Change the consumer needs • Technology • Good Image
New-Product Development Strategy Acquisition Research & Development
Categories Of New Product BOOZ, ALLEN & HARMILTON have identified 6 categories of new products, such as: 1: New to the world. 2: New to the product lines. 3: Additions to the existing product line. 4: Improvements & revisions of existing products. 5: Repositioning. 6: Cost reductions.
New Product Failures • Only10% of new products still on the market and profitable after 3years. • Failure rate for industrial products as high as 30%. • Why? • Overestimation of market size • Design problems • Incorrectly positioned, priced, or advertised • Pushed despite poor marketing research findings • Development costs Competition
Process Of New Product Development
New Product Development Process
Step 1- Idea Generation New product ideas come from interacting with various groups & from using creativity generation techniques like BRAINSTORMING, etc. External Sources Customer Questions & Complaints Distributor Feed backs Compotators activates e.g. their Ads as a clue Internal Sources R&D Cell Employees feed backs
Step 2: Idea Screening • Purpose - To drop poor ideas as early as possible. • Thus an idea committee is formed to classify the proposed ideas into 3 categories: • Promising • Marginal • Rejects
Selection Decision Outcomes Accept Reject Successful Unsuccessful Correct Decisions Reject Errors Accept Error Correct Decision
Step 3: Concept Development & Testing A concept is an elaborated version of a product idea expressed in meaningful consumer terms. Example: Following concepts can came across: Concept 1: Fruit Juice For Young & Grown Ups As A Funny Thirst Quenching Item. Concept 2: Fruit Juice For Children As A Health Supplements. Concept 3: For Adults As A Nutritional Energy Supplements.
Step 4: Business Analysis Main aim- To find out whether the product satisfies the company objective or not.. Analysis Profit Cost Sales
Step 5: Prototyping & Market Testing The product idea can be translated into technically & commercially feasible product???? Major Testing Alpha Testing Beta Testing
Step 6: Technological Implementation Involves- • the technological relevance of current technologies • the firm’s knowledge & experience of the techniques • manpower in handling those technologies etc.
Step 7: Commercialization Company takes decision like to go in for large scale production marketing of the new product. The important factors to which strategists should focus here are: Market entry timing period. Whether to lunch the product in a single locality, a region, several regions, nationally or internationally, i.e. geographic strategy. To whom the new product should target for i.e. targeting & segmenting.
new product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be ...
ITFT- NPD. Npd presentation-g6-latifi,mostafavi,felfeli. Npd final. Login or Join. Processing Login successful. The system will automatically switch to the ...
f~.:utr ttpOflrc Itft, :pa ,as fi: ... I1b'af/mftt. 1}11.npD «ltlUl8':pttqll_~ mGltafpa1aJI 3lt1tlr_ (t:pe aat:£iffimo. 6I.41Ias' CII,oe, «r
Search the history of over 469 billion pages on the Internet. search Search the Wayback Machine
The Internet Engineering Task Force (IETF) is an organized activity of the Internet Society (ISOC). ISOC is a non-profit organization founded in 1992 to ...
There are 8 professionals named Dr Guleria, ... Sr. Vice Principal at ITFT College ... liasoning for Ayush products, quality & food safety, NPD. Location
Search the history of over 478 billion pages on the Internet. search Search the Wayback Machine