Presentation Transcript
New product development :New product development NPD is a process which is designed to develop, test and consider the viability of product which are new to the market in order to ensure the growth or survival of the organisation.
What is a new product? :What is a new product? A product that opens up an entirely new market.
A product that adapts up or replace an existing product.
A product that significantly broadens the market for an existing product.
An old product introduced in a new market.
An old product packaged in different way.
An old product marketed in a different way.
Why develop new products? :Why develop new products? To add to product portfolio
To create stars and cash cows for future
To replace the declining product
To take advantage of new technology
To maintain/increase market share
To defeat rivals
To keep up with rivals
To make competitive advantages