new product development process
DESCRIPTION
New product development process - IDEA GENERATION IDEA SCREENING CONCEPT DEVELOPMENT AND TESTING MARKETING STRATEGY DEVELOPMENT BUSINESS ANALYSIS PRODUCT DEVELOPMENT MARKET TESTING COMMERCIALISATIONTRANSCRIPT
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NEW PRODUCT DEVELOPMENT PROCESS
I) IDEA GENERATION
II) IDEA SCREENING
III) CONCEPT DEVELOPMENT AND TESTING
IV) MARKETING STRATEGY DEVELOPMENT
V) BUSINESS ANALYSIS
VI) PRODUCT DEVELOPMENT
VII) MARKET TESTING
VIII) COMMERCIALISATION
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IDEA GENERATION
Interacting with others Creativity techniques
Attribute listing Forced relationship Morphological analysis Reverse assumption analysis New contexts Mind mapping
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IDEA SCREENING
Avoid errors as follows
Drop error
Go error
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Product Success
Requirements
Relative weight (a)
Product Score
(b)
Product Rating (c=axb)
Unique or Superior Product
0.4 0.8 0.32
High Performance-to-
cost ratio
0.3 0.6 0.18
High Marketing dollar support
0.2 0.7 0.14
Lack of strong competition
0.1 0.5 0.05
Total 1.00 0.69
Product Idea Rating Device(Weighted Index Method)
0.00 to 0.30 POOR, 0.31 to 0.60 FAIR, 0.61 to 0.80 GOOD, Min. Acceptance rate 0.61
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CONCEPT DEVELOPMENT
Who will use the product? What primary benefit should this product
provide? When will this product be consumed?
Thus a transition from a ‘product idea’ to a ‘product concept’
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CONCEPT DEVELOPMENT
PRODUCT MAPPING
BRAND MAPPING
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CONCEPT TESTING
Test the product concept based on following parameters
Communicability and Believability Need level Gap level Perceived value Purchase intention User targets, purchase occasions, purchasing
frequency
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MARKETING STRATEGY
DETERMINE FOUR Ps
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BUSINESS ANALYSIS
Estimating total sales
Estimating costs and profits
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PRODUCT DEVELOPMENT
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MARKET TESTING
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COMMERCIALISATION
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DISCOURAGING STATEMENTS FOR NEW PRODUCT IDEAS
It won’t work here!We’ve tried it before!This isn’t the right time!It can’t be done!This is not the way we do things!We’ve done alright without it!It will cost too much!Let’s discuss it at our next meeting!