Published on March 7, 2014
NEW PRODUCT DEVELOPMENT PROCESS I) II) III) IV) V) VI) VII) VIII) IDEA GENER ATION IDEA SCREENING CONCEPT DEVELOPMENT AND TESTING MARKETING STRATEGY DEVELOPMENT BUSINESS ANALYSIS PRODUCT DEVELOPMENT MARKET TESTING COMMER CIALISATION
IDEA GENERATION Interacting with others Creativity techniques Attribute listing Forced relationship Morphological analysis Reverse assumption analysis New contexts Mind mapping
IDEA SCREENING Avoid errors as follows Drop error Go error
Product Idea Rating Device (Weighted Index Method) Product Success Requirements Relative weight (a) Product Score (b) Product Rating (c=axb) Unique or Superior Product 0.4 0.8 0.32 High Performance-tocost ratio 0.3 0.6 0.18 High Marketing dollar support 0.2 0.7 0.14 Lack of strong competition 0.1 0.5 0.05 Total 1.00 0.69 0.00 to 0.30 POOR, 0.31 to 0.60 FAIR, 0.61 to 0.80 GOOD, Min. Acceptance rate 0.61
CONCEPT DEVELOPMENT Who will us e the p ro d uc t? Wha t p rim a ry be ne fit s ho uld this p ro d uc t p ro vid e ? Whe n will this p ro d uc t be c o ns um e d ? Thus a transition from a ‘product idea’ to a ‘product concept’
CONCEPT DEVELOPMENT PRODUCT MAPPING BRAND MAPPING
CONCEPT TESTING Test the product concept based on following parameters Communicability and Believability Need level Gap level Perceived value Purchase intention User targets, purchase occasions, purchasing frequency
MARKETING STRATEGY DETERMINE FOUR Ps
BUSINESS ANALYSIS Estimating total sales Estimating costs and profits
DISCOURAGING STATEMENTS FOR NEW PRODUCT IDEAS It won’t work here! We’ve tried it before! This isn’t the right time! It can’t be done! This is not the way we do things! We’ve done alright without it! It will cost too much! Let’s discuss it at our next meeting!
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