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Information about ITFT- NPD

Published on April 26, 2014

Author: sl22



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 tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief).

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.

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