Managing product-development
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This document outlines the process of managing new product development from generating ideas through commercialization. It discusses generating ideas through frameworks, employees, competitors and others. Ideas are then screened for success probabilities. Concepts are developed and tested, and marketing strategy and business analysis are conducted. Products are then developed, market tested, and commercialized through launch timing, sequencing, targeting, and strategies.
Managing product-development
- 2. MANAGING Generating Ideas Idea ScreeningIDEAS
- 3. GENERATING IDEAS Managed by DIG (demand-innovation-growth) framework Demand landscape Opportunity space Strategic blueprint
- 4. GENERATINGIDEAS Studying Competitors Adopting Creative Techniques Employees as idea source Interacting With Employees • Costumer …Retailer…..Distributors • Crowdsourcing Interacting With Others Studying competitors • Attribute listing • Forced relationship • Morphological analysis • Reverse assumption • New context • Mind mapping
- 6. MANAGING CONCEPT TO STRATEGY Concept development & testing Marketing strategy development Business Analysis
- 7. CONCEPT Development List all concepts Judge them on Product Positioning Map Brand Positioning Map
- 8. CONCEPT Testing Test using rapid prototyping & virtual reality products Analyze consumer responses Measure Product dimentions
- 9. MARKETING STRATEGY Development Divided in 3 parts
- 10. Target Market Planned Product Positioning Sales & Market Shares Future Profit Goals Part 1 describes
- 11. Part 2 Outlines for 1st year Planned Price Distribution Strategy Marketing budget
- 12. Part 3 Describes for long run Long-run Sales Profit Goals Marketing-mix Strategy
- 13. BUSINESS ANALYSIS ESTIMATING SALES Sales Time Sales Time Sales Time One-time Purchased product Infrequently Purchased product Frequently Purchased product
- 14. BUSINESS ANALYSIS ESTIMATING COST & PROFITS
- 15. MANAGING Development to Commercialization Product Development Market Testing Commercialization
- 16. PRODUCT DEVELOPMENT Step 1: Physical Prototype Step 2: Costumer tests • Alpha test- within the firm • Beta test- customer testing in lab
- 17. MARKET TESTING CONSUMER GOODS 4 Variables • Trial • First repeat • Adoption • Purchase frequency
- 18. 4 Methods • Sale-wave research (free trials) • Stimulated test (Made to shop freely by giving money) • Controlled test marketing (only avail at specific stores) • Test Market MARKET TESTING CONSUMER GOODS
- 19. MARKET TESTING BUSINESS GOODS • Alpha test within the firm • Beta test observing how customers use the product
- 20. COMMERCIALIZATION Launch timing Launch sequence of places Target Market Prospects Introductory Strategy