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A product that opens an entirely new market A product that adpts or replaces 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 a different way An old product marketed in a different way Why develop NDP : Why develop NDP To add to product portfolio To create stars and cash cows for the future To replace declining product To take advantage of new technology To defeat rivals To maintain/increase market share To keep up with rivals To maintain competitive advantage To full gap in the market New product can be used : New product can be used Increase/defend market share by offering more choice or updating older products Appeal to new segments Diversify into new markets Improve relationship with distributors Maintain the firm’s reputation a leading edge company Even out peaks and troughs in demand Make better use of the organization's resources Types of new product : Types of new product New product the world products – innovative products New product lines – to allow the firm to enter an existing market Addition to product line – to supplement the firm’s existing product line Improvements and revisions of existing product Repositioned products – existing products targets at new market Cost reduction new product that provide similar performance at lower cost Examples of new products : Examples of new products New to the world – high definition TV, ipod, flat screen TV New products lines – Mars ice creams Addition to the products line – weetabix launched fruitibix Product improvement & replacement new car model New product planning : New product planning This is the strategic stage The firm assesses It current product portfolio Opportunities and threats The firm then determines the type of product which would best fit in with the corporate strategy Stages in NDP : Stages in NDP Idea Generation Idea Screening Concept development and testing Market strategy development Business development Test marketing Commercialization Idea Generation : Idea Generation Idea generation is continuous, systematic search for new product opportunities. It involves delineating sources of new ideas and methods for generating them. Product Screening : Product Screening In product screening poor, unsuitable or otherwise unattractive ideas are weeded out form further actions Concept testing : Concept testing Concept testing present the consumer with a proposed product and measure attitudes and intention at this early stage of development Business & financial Analysis : Business & financial Analysis Business and financial analysis for the remainning product concepts is much more detailed than product screening Product Development : Product Development Product development converts a product idea into a physical form and identifies a basic marketing strategy Test Marketing : Test Marketing Test marketing involves placing a product for sale in one or more selected areas and observing its actual performance under the proposed marketing plan Commercialization : Commercialization Commercialization involves implementing a total marketing plan and full production Key success factors in New Product Development : Key success factors in New Product Development Operating Philosophy Organization Structure The Experience Effect Management Style You do not have the permission to view this presentation. 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