Slide 2:
Definition of New Product Development Development of original products, product improvements, product modifications, and new brands through the firm’s own R & D efforts.
New Product Development Strategy :
New products can be obtained via acquisition or development.
New products suffer from high failure rates.
Several reasons account for failure. New Product Development Strategy
Causes of New Product Failures :
Causes of New Product Failures Overestimation of Market Size
Product Design Problems
Product Incorrectly Positioned, Priced or Advertised
Costs of Product Development
Competitive Actions
SUCCESS “MANTRA” :
SUCCESS “MANTRA” To create successful new products, the company must:
understand it’s customers, markets and competitors
develop products that deliver superior value to customers.
Types 0f New Product :
Types 0f New Product
Slide 8:
Major Stages in New-Product Development
New Product Development Process :
New Product Development Process Idea Generation
Idea Screening
Concept Development and Testing
Marketing Strategy
Business Analysis
Product Development
Test Marketing
Commercialization