Scribd Logo
Upload

Welcome to Scribd!

  • 1K views

    New Product Innovation

    Uploaded by

    Babasab Patil (Karrisatte)
    This document outlines the new product development process. It begins with market research to understand customer needs and identify opportunities. Concepts are then tested through prototypes and further market research. Products move from prototype development to market testing before full launch. New products allow companies to gain new customers, competitive advantages, and growth over the long term. The entire process requires cross-functional collaboration and continuous marketing research and planning.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    New Product Innovation

    Uploaded by

    Babasab Patil (Karrisatte)
    1K views23 pages
    This document outlines the new product development process. It begins with market research to understand customer needs and identify opportunities. Concepts are then tested through prototypes and further market research. Products move from prototype development to market testing before full launch. New products allow companies to gain new customers, competitive advantages, and growth over the long term. The entire process requires cross-functional collaboration and continuous marketing research and planning.

    Original Description:

    New Product Innovation Ppt Bec Bagalkot Mba 2009

    Original Title

    New Product Innovation Ppt

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPT, PDF, TXT or read online from Scribd

    Read this document in other languages

    Did you find this document useful?

    Is this content inappropriate?

    This document outlines the new product development process. It begins with market research to understand customer needs and identify opportunities. Concepts are then tested through prototypes and further market research. Products move from prototype development to market testing before full launch. New products allow companies to gain new customers, competitive advantages, and growth over the long term. The entire process requires cross-functional collaboration and continuous marketing research and planning.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    1K views23 pages

    New Product Innovation

    Uploaded by

    Babasab Patil (Karrisatte)
    This document outlines the new product development process. It begins with market research to understand customer needs and identify opportunities. Concepts are then tested through prototypes and further market research. Products move from prototype development to market testing before full launch. New products allow companies to gain new customers, competitive advantages, and growth over the long term. The entire process requires cross-functional collaboration and continuous marketing research and planning.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 23
    At a glance
    Powered by AI
    Some of the key takeaways are that new product development is critical for long-term business success, approximately one-third of revenue comes from products launched in the last 5 years, and market research is important throughout the product development and launch process.

    Companies develop new products for reasons like long-term success, obtaining approximately one-third of revenue from new products launched in the last 5 years, adapting to changing customer needs and demands, and gaining a competitive advantage.

    The main stages of the product development process discussed are market research and opportunity identification, concept testing, prototype development, test marketing, and product launch.

    New Product Innovation

    Agenda
    Product Development Market Research Concept Testing Prototype Development Market Testing Product Launch Discussion

    Why New Products?


    New product development is critical to longterm success Approximately one-third of the revenue a business generates is coming from products they did not sell five years ago Changing environment creates new demands and needs

    Product Development
    Must be alert to quickly develop opportunities Focus on markets or product categories consistent with organizations objectives, resources, capabilities and strengths Securing a competitive advantage

    Industrial New Product Ideas


    Company sources other than R&D 36.2% Analysis of the competition 27.0% Research & Development 24.3% Product users 15.8% Supplier suggestions 12.5% Product user research 10.5% Published information 7.9%

    New Products
    A way of getting new and keeping old customers Effective way of obtaining a competitive advantage Source of growth and excitement

    New Product Categories


    New to the world products New product lines Product line extensions Improvements and revisions to existing products Repositionings Cost reductions

    Product Development Process


    Product Launch Test Marketing

    Prototype Development
    Concept Testing

    Market research and Opportunity scan

    Marketing
    Very important to product development success Key to successful marketing is imaginative, effective, creative communication Find a need and fill it. Mutually beneficial exchange relationships Non-profit organizations have sometimes difficult task

    Marketing Strategies
    Increase the number of customers Increase the average transaction Increase the frequency of repurchase

    Marketing Concepts
    Consumer orientation Customer service orientation Profit orientation Society

    Marketing Mix
    Price Product Placement Promotion

    Market Research
    Who is my target audience? Are there enough members of this target group to make the business worthwhile? How large is the potential market and how much of that potential market can I capture? Who is my competition and what would make someone choose my product over their current?

    Market Opportunity and Threats


    Societal Focus
    Population Shifts Values Attitudes Competition Trends

    Economic Realities
    GNP Disposable Income Discretionary Income

    Technological Development
    Advance in technology Market receptiveness to technology

    Legal & Regulatory Condition


    Laws Regulations

    Market Placement
    Identify target markets

    Size and growth potential Ability and ease of reaching segment Good fit with organizational objectives Greatest revenue generation with least investment

    Market Placement
    Determine opportunity

    Segment size Annual usage potential Anticipated annual growth rate Margin Value in use Strengths/Limitations Implications

    Evaluate competition

    Market Research Pricing Strategies


    Goal is to achieve a target profit Can you hold a products manufacturing costs down to less than 25% of its perceived value? Estimating manufacturing costs

    Obtain price quotes from several suppliers

    Concept Testing
    Determine

    Critical success factors Financial objectives Marketing mix strategies

    Product, Pricing, Promotion, Placement

    Marketing plan initiatives

    Activity, Budget, Timing

    Prototype and Test Marketing


    Survey end-users

    Do you prefer this product over your current product? Does this product meet the need you thought it would? Does the way the product works provide an important benefit?

    Promotion and Product Launch


    Publicity

    Trade journals Conferences

    Personal selling Word of mouth

    Reasons For New Product Failures


    Poor marketing research Technical problems Insufficient marketing effort Bad timing

    Marketing Plan
    Audit

    Challenge and refine assumptions from current plan Evaluate success for input into next years plan Revise plan for new year incorporating marketplace learnings, marketing insights and current plan successes

    Summary
    New product development drives growth Market research is critical to the success of a new product launch Market research is a continuous process as customer needs, your business and the environment changes

    You might also like