New product development
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The document outlines the 7 key steps in a new product development process: 1) idea generation and screening, 2) concept development and testing, 3) marketing strategy development, 4) business analysis, 5) product development, 6) test marketing, and 7) commercialization. It provides details on the activities in each step, including generating ideas from various internal and external sources, screening ideas based on criteria, developing and testing product concepts with customers, formulating a marketing strategy, analyzing business projections, developing the product, and test marketing in various ways before commercialization.
New product development
- 1. New Product Development http://www.manishparihar.co.in/
- 2. New Product Development Process 1. Idea Generation and Screening 2. Concept Development and Testing 3. Marketing Strategy 4. Business Analysis 5. Product Development 6. Test Marketing 7. Commercialization
- 3. New Product Development Process Step 1. Idea Generation Systematic Search for New Product Ideas Internal sources Customers Competitors Distributors Suppliers
- 4. New Product Development Process Step 2. Idea Screening • Process to spot good ideas and drop poor ones • Criteria – Market Size – Product Price – Development Time & Costs – Manufacturing Costs – Rate of Return
- 5. New Product Development Process Step 3. Concept Development & Testing 1. Develop Product Ideas into Alternative Product Concepts 2. Concept Testing - Test the Product Concepts with Groups of Target Customers 3. Choose the Best One
- 6. New Product Development Process Step 4. Marketing Strategy Development Marketing Strategy Statement Formulation Part One - Overall: Target Market Planned Product Positioning Sales & Profit Goals Market Share Part Two - Short-Term: Product’s Planned Price Distribution Marketing Budget Part Three - Long-Term: Sales & Profit Goals Marketing Mix Strategy
- 7. New Product Development Process Step 5. Business Analysis Step 6. Product Development Business Analysis Review of Product Sales, Costs, and Profits Projections to See if They Meet Company Objectives If No, Eliminate Product Concept If Yes, Move to Product Development
- 8. New Product Development Process Step 7. Test Marketing Standard Controlled Test Market Test Market Full marketing campaign A few stores that have in a small number of agreed to carry new representative cities. products for a fee. Simulated Test Market Test in a simulated shopping environment to a sample of consumers.