Managing new product development process
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Transcript of Managing new product development process
![Page 1: Managing new product development process](https://reader036.fdocuments.us/reader036/viewer/2022062300/55cad216bb61ebcc5f8b481e/html5/thumbnails/1.jpg)
MANAGING THEProduct Development
Process
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IdeaGeneration…
Step 1
• IS the Idea worth Considering ?
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INTERACTION WITH OTHERS
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INTERACTION WITH EMPLOYEES
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STUDYING COMPETITORS
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IdeaScreening…
Step 2
• IS the Idea compatible with company objectives and goals?
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Two Possible ErrorsIn
Screening…
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Dismissing a Good Idea…
1.Drop Error..
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Not Dismissing a Bad Idea…
2.NOT Dismissing a Poor Idea Early
Enough..
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Concept Development and
Testing..
Step 3
• Can we find a concept the customer would try ?
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Concept Development
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Concept Development
Stage 1. Category Concept
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Concept Development
Stage 2. Brand Concept
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CONCEPT TESTING
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Marketing Strategy And
Development
Step 4
• Can we find a affordable marketing Strategy ?
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Three part Strategy….
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Part 1 describes :
(a)Market Size
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Part 1 describes :
(b)Market Structure
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Part 1 describes:
(c)Market Behaviour
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Part 1 describes:
(d)Planned Market Postioning
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Part 2 describes :
(a)Planned Price..
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Part 2describes :
(b)Distribution Strategy
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Part 3 describes:
(c)Marketing Budget
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Part 3 describes :
(a)Long run sales..
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Part 3 describes :
(b)Profit Goals
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Part 3 describes:
(c)Marketing Mix Strategy
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Business Analysis
Step 5
• Will the product meet our profit goal ?
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Estimating Total Sales..
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Estimating Costs and
Profits…
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Product Development
Step 6
• Have we got a technically and commercially sound product ?
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Quality Functional DeploymentQFD
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Quality Functional DeploymentQFD
(a)Customer Attributes(CA)
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Quality Functional DeploymentQFD
(b)Engineering Attributes (EA)
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Physical Prototypes
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Customer Tests
Alpha Testing: Within Company
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Customer Tests
Beta Testing: Outside Company
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Market Testing
Step 7
• Has the product met sales expectations ?
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Consumer Goods Market Testing
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1.Sales Wave Research
Consumer Goods Market Testing
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2.Simulated Test Marketing
Consumer Goods Market Testing
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3.Test MarketsHow many cities? Which ones ?
Duration ?
Consumer Goods Market Testing
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Business GoodsMarket Testing
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Commercialization
Step 8
• Are products meeting Sales expectations ?
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WHEN?Timing!
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WHEN?Timing!
1.First EntryMaybe good. My backfire.
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WHEN?Timing!
2.Parallel EntryMarket Pays more attention.
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WHEN?Timing!
3.Late EntryMay address faults and hence
succeed.
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WHERE??
Place!
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To WHOM??
Target Market Prospects!
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HOW ?
Introductory Market Startegy.
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RECAP
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Thank You !
Chandra Has Dondapati