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    Prepared By: Gagan Deep Kaur (52) Gurleen Hora

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    ggagan
    PREPARED BY: GAGAN DEEP KAUR(52) GURLEEN HORA (59) NEW PRODUCT DEVELOPMENT INTRODUCTION COMPANIES FACE PROBLEM, THEY MUST DEVELOP NEW PRODUCTS BUT THE ODD WEIGH HEAVILY AGAINST SUCCESS IN ALL, TO CREATE SUCCESSFUL NEW PRODUCTS, A COMPANY MUST UNDERSTAND ITS CUSTOMERS, MARKETS & COMPETITORS & DEVELOP PRODUCTS THAT DELIVER SUPERIOR VALUE TO CUSTOMERS. 8-STEPS ‡ BUSINESS ANALYSIS ‡ PRODUCT DEVELOPMENT IDEA GENERATION IDEA SCREENING CONCEPT DEVELOPMENT & TESTING MRKTING STRATEGY DEVELOPMENT

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    Prepared By: Gagan Deep Kaur (52) Gurleen Hora

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    ggagan
    214 views12 pages
    PREPARED BY: GAGAN DEEP KAUR(52) GURLEEN HORA (59) NEW PRODUCT DEVELOPMENT INTRODUCTION COMPANIES FACE PROBLEM, THEY MUST DEVELOP NEW PRODUCTS BUT THE ODD WEIGH HEAVILY AGAINST SUCCESS IN ALL, TO CREATE SUCCESSFUL NEW PRODUCTS, A COMPANY MUST UNDERSTAND ITS CUSTOMERS, MARKETS & COMPETITORS & DEVELOP PRODUCTS THAT DELIVER SUPERIOR VALUE TO CUSTOMERS. 8-STEPS ‡ BUSINESS ANALYSIS ‡ PRODUCT DEVELOPMENT IDEA GENERATION IDEA SCREENING CONCEPT DEVELOPMENT & TESTING MRKTING STRATEGY DEVELOPMENT

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    NEW PRODUCT DEVELOPMENT

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    PREPARED BY: GAGAN DEEP KAUR(52) GURLEEN HORA (59) NEW PRODUCT DEVELOPMENT INTRODUCTION COMPANIES FACE PROBLEM, THEY MUST DEVELOP NEW PRODUCTS BUT THE ODD WEIGH HEAVILY AGAINST SUCCESS IN ALL, TO CREATE SUCCESSFUL NEW PRODUCTS, A COMPANY MUST UNDERSTAND ITS CUSTOMERS, MARKETS & COMPETITORS & DEVELOP PRODUCTS THAT DELIVER SUPERIOR VALUE TO CUSTOMERS. 8-STEPS ‡ BUSINESS ANALYSIS ‡ PRODUCT DEVELOPMENT IDEA GENERATION IDEA SCREENING CONCEPT DEVELOPMENT & TESTING MRKTING STRATEGY DEVELOPMENT

    Copyright:

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    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    214 views12 pages

    Prepared By: Gagan Deep Kaur (52) Gurleen Hora

    Uploaded by

    ggagan
    PREPARED BY: GAGAN DEEP KAUR(52) GURLEEN HORA (59) NEW PRODUCT DEVELOPMENT INTRODUCTION COMPANIES FACE PROBLEM, THEY MUST DEVELOP NEW PRODUCTS BUT THE ODD WEIGH HEAVILY AGAINST SUCCESS IN ALL, TO CREATE SUCCESSFUL NEW PRODUCTS, A COMPANY MUST UNDERSTAND ITS CUSTOMERS, MARKETS & COMPETITORS & DEVELOP PRODUCTS THAT DELIVER SUPERIOR VALUE TO CUSTOMERS. 8-STEPS ‡ BUSINESS ANALYSIS ‡ PRODUCT DEVELOPMENT IDEA GENERATION IDEA SCREENING CONCEPT DEVELOPMENT & TESTING MRKTING STRATEGY DEVELOPMENT

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    of 12

    PREPARED BY:

    GAGAN DEEP KAUR(52)


    GURLEEN HORA (59)
    NEW PRODUCT DEVELOPMENT
    INTRODUCTION
    “COMPANIES FACE PROBLEM, THEY MUST
    DEVELOP NEW PRODUCTS BUT THE ODD WEIGH
    HEAVILY AGAINST SUCCESS”
    IN ALL, TO CREATE SUCCESSFUL NEW PRODUCTS,
    A COMPANY MUST UNDERSTAND ITS
    CUSTOMERS, MARKETS & COMPETITORS &
    DEVELOP PRODUCTS THAT DELIVER SUPERIOR
    VALUE TO CUSTOMERS.
    8-STEPS
    • BUSINESS ANALYSIS • PRODUCT
    DEVELOPMENT

    IDEA IDEA
    GENERATION SCREENING

    CONCEPT MRKTING
    DEVELOPMENT STRATEGY
    & TESTING DEVELOPMENT

    • TEST MARKETING •
    COMMERCIALIZATIO
    N
    IDEA
    STEP1 GENERA
    -TION

     NPD STARTS WITH IDEA GENERATION-A SYSTEMATIC SEARCH


    FOR NEW PRODUCT IDEAS.
     A COMPANY TYPICALLY GENERATES 100’S OF IDEAS,EVEN
    1000’S,IN ORDER TO FIND A FEW GOOD ONES.

    FOR INSTANCE,

    IDEA
    STEP2 SCREENIN
    G

    THE PURPOSE OF SUCCEEDING STAGES IS TO REDUCE THAT NUMBER.


    IT HELPS SPOT GOOD IDEAS & DROP POOR ONES AS SOON AS POSSIBLE.

    ONE MARKETING EXPERT PROPOSED AN R-W-W (“REAL,WIN,WORTH IT”)


    NEW PRODUCT SCREENING FRAMEWORK THAT ASKS 3 QUESTIONS.
    1ST IS IT REAL?
    2ND CAN WE WIN?
    3RD IS IT WORTH DOING?
    THE COMPANY SHOULD BE ABLE TO ANSWER TO ALL 3 R-W-W QUESTIONS BEFORE DEVELOPING THE NEW PRODUCT IDEA FURTHER
    CONCEPT
    STEP3 DVT &
    TESTING

     AN ATTRACTIVE IDEA MUST BE DEVELOPED INTO A


    PRODUCT CONCEPT.
     IT IS IMPORTANT TO DISTINGUISH BETWEEN A PRODUCT
    IDEA, A PRODUCT CONCEPT & A PRODUCT IMAGE.
    MRKTING
    STEP4 STRATEGY
    DVT

     DESIGNING AN INITIAL MARKETING STRATEGY FOR


    INTRODUCING CAR TO THE MARKET.
     THE MARKETING STRATEGY STATEMENT CONSIST OF 3
    PARTS :

    i. DESCRIBES THE TARGET MARKET.


    ii. THE PLANNED VALUE PROPOSITION.
    iii. THE SALES,MARKET SHARE & PROFIT GOALS
    FOR THE 1ST FEW
    YEARS.
    BUSINES
    STEP5 ANALYSI
    -S

     ONCE MANAGEMENT HAS DECIDED ON ITS PRODUCT


    CONCEPT & MARKETING STRATEGY, IT CAN EVALUATE
    THE BUSINESS ATTRACTIVENESS OF THE PROPOSAL.
     BUSINESS ANALYSIS INVOLVES A REVIEW OF THE
    SALES,COSTS,& PROFIT PROJECTIONS FOR A NEW
    PRODUCT TO FIND OUT WHETHER THEY SATISFY THE
    COMPANY’S OBJECTIVES..,IF THEY DO,THE PRODUCT CAN
    MOVE TO THE PRODUCT DEVELOPMENT STAGE.
    PRODUT
    STEP6 DVT

     IF THE PRODUCT CONCEPT PASSES THE BUSINESS TEST, IT


    MOVES INTO PRODUCT DEVELOPMENT.
     HERE, RESEARCH & DEVELOPMENT DEVELOPS THE
    PRODUCT CONCEPT INTO A PHYSICAL PRODUCT.
     THE PRODUCT DEVELOPMENT STEP, HOWEVER, NOW
    CALLS FOR A LARGE JUMP IN INVESTMENT. IT WILL
    SHOW WHETHER THE PRODUCT IDEA CAN BE TURNED
    INTO A WORKABLE PRODUCT.
    TEST
    STEP7 MARKT
    -ING

     IT GIVES THE MARKETEER EXPERIENCE WITH


    MARKETING THE PRODUCT BEFORE GOING TO THE
    GREAT EXPENSE OF FULL INTRODUCTION.
    COMMER
    STEP8 CIALIZAT
    -ION

     TEST MARKETING GIVES MANAGEMENT THE


    INFORMATION NEEDED TO MAKE A FINAL DECISION
    ABOUT WHETHER TO LAUNCH THE NEW PRODUCT.
     IF THE COMPANY GOES AHEAD WITH
    COMMERCIALIZATION-INTRODUCING THE NEW PRODUCT
    INTO THE MARKET-IT WILL FACE HIGH COSTS.

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