Developing New Products
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The document provides an overview of developing new products, including idea generation, evaluation, concept development, business analysis, securing capital, testing, implementation, marketing, launch, and commercialization. It discusses factors for success such as identifying customer needs and market trends, determining product benefits and target markets, conducting market testing, and flexibility. It also lists reasons why new products may fail such as not defining the target market or having an insignificant point of difference.
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Developing New Products
- 1. Developing New Products A PRACTITIONER REPORT
- 2. Idea Generation Market and consumer trends Ethnographic methods: Searching for user patterns and habits Find the market before developing the product Predictions and game changers Everything was first an idea
- 3. Idea Evaluation / Screening Market Need? Market Size? Market Saturation? Develop an Investor Mindset
- 4. What is the product? Basic functions Design & Packaging Customer Service Experience Usability Image Community
- 5. Classifications (Aspinwall) How much profit is obtained from each product? How flexible are the buyers' purchasing habits with regard to this product? How long will the product produce benefits for the user? How frequently is the product repurchased? How long will consumers shop for the product? Leo Aspinwall, 1958
- 6. NAICS North American Industry Classification System largely replaced the older Standard Industrial Classification (SIC)
- 7. Classifications II food cleaning products personal care product clothing products personal services electronic products household furnishings luxury automobiles jewelry expensive wine
- 8. Concept Development Product Benefits Target Market Production/Development Cost Production/Development Location(s) Model Successful Concepts!
- 9. Business Model / Business Analysis Customer Acquisition Cost Selling Price Breakeven Point Market Size Competition If nobody else is doing that there may be a reason for it!
- 10. SWOT / PESTEL Analysis S trengths W eaknesses O pportunities T hreats P olitical E conomic S ocial T echnological E nvironmental L egal
- 11. Securing Capital Self-funded and/or ‘Boot-Strapped’ Credit Cards Bank or Government Loans FF&F Angel Investment Venture Capital Know where you want to go!
- 12. Six Sigma Analysis: DMAIC 1. D efine the problem and the project goals. 2. M easure key aspects of the current process and collect relevant data. 3. A nalyze the data to investigate and verify cause-and-effect relationships. 4. I mprove or optimize. 5. Set future c ontrols.
- 13. Six Sigma Analysis: DMADV D efine goals consistent with customer demands. M easure and identify product capabilities, production process capability, and risks. A nalyze / Develop Alternatives. D esign Details Optimization. V erify the design (i.e. set up pilots).
- 14. Beta and Market Testing Beta Relase(s) Focus Groups LISTEN TO FEEDBACK! Most flexible approach will win (Law of Requisite Variety)
- 15. Implementation Preparation Product Development Roadmap Resource identification Scalability Contingency Planning
- 16. Marketing Mix* Name Package Price Promotion Distribution *Neil Borden, 1953
- 17. Marketing Mix 2011 SEM : PPC + SEO Social Media Email Mobile / in-app Affiliate Programs *Neil Borden, 1953
- 18. Pre Launch Considerations Marketing Strategy Pricing Product Mix Segmentation and Options BASE | PROFESSIONAL | SUPER!
- 19. Launch Inventory Scalability Training Support MVP – Minimum Viable Product
- 20. Commercialization Timing Placement Channel Development Distribution/Partnerships Channels/Resellers and OEMs Systems
- 21. Why New Products Fail No clearly defined target market . Insignificant point of difference. Too little market attractiveness. Poor product quality or sensitivity to customer needs on critical factors. Timing.
- 22. Resources Contact Christian Karl Kameir [email_address] Download http://kameir.com/services.pdf