New product development ppt
- 3. Definition: The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche. PRODUCT DEVELOPMENT
- 4. THE SEVEN STEPS ARE: NEW PRODUCT STRATEGY. IDEA GENERATION. IDEA SCREENING. BUSINESS ANALYSIS. DEVELOPMENT. TEST MARKETING. COMMERCIALIZATION AND NEW PRODUCT. REVIEW OF MARKET PERFORMANCE.
- 6. A firm can obtain new products through: Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product. New product development refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development.
- 8. RISKS ASSOCIATED TO PRODUCT DEVELOPMENT : STRATEGIC PRODUCT DEVELOPMENT RISK; PRODUCT PORTFOLIO RISK; TECHNICAL RISK; SUPPLY CHAIN RISK; TALENT RISK.
- 9. EXAMPLE OF BAD PRODUCT DEVELOPMENT
- 10. TYPES OF PRODUCT DEVELOPMENT
- 11. Example of customer centered product development : This approach focuses on finding new ways to solve customer problems and create more customer satisfying Experiences for them.
- 12. Example of team-based product development It is a development approach where company departments work closely together in cross-functional teams, overlapping in the product- development process to save time and increase effectiveness……BUT THERE ARE CERTAIN LIMITATIONS AS WELL.., THIS APPROACH CAN CREATE ORGANISATIONAL TENSION AND CONFUSION.
- 13. Example of Systematic product development Highly systematic and calculated approach; Specific needs of customers are targeted through the strategic innovation approach It is an innovative development approach that collects, reviews, evaluates, and manages new product ideas ; Creates an innovation-oriented culture ; Yields a large number of new-product ideas. Example : APPLE…
- 14. WHAT NEXT…??? • AFTER PRODUCT HAS BEEN DEVELOPED, IT GOES THROUGH VARIOUS STAGES COMMONLY KNOWN AS PRODUCT LIFE-CYCLE. Introduc tion maturity growth decline
- 15. ADDITIONAL CONSIDERATIONS WHILE DEVELOPING A PRODUCT PRODUCT DECISIONS AND SOCIAL RESPONSIBILITY. PUBLIC POLICY AND REGULATIONS REGARDING DEVELOPING PRODUCTS, PATENT PROTECTION, PRODUCT QUALITY AND SAFETY, AND PRODUCT WARRANTIES. CUSTOMS. VALUES AND LAW OF CONCERNED PLACE WHERE THE PRODUCT IS TO BE LAUNCHED.
- 16. CONCLUSION Implementation of new product development process has helped businesses focus their new product investment on the most potentially rewarding projects. It has reduced the time between idea and revenue by simplifying the complex activities required for commercial success. New product development drives growth and gives a competitive advantage over rivals.