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New Product develoPmeNt

        Presented By-
      Rameshwar Swami
        M.Phil Student
     Management SRTMUN
       ...
Definition
 New product development (NPD) is the
  complete process of bringing a new product to
  the market till its co...
Definition
 New product development (NPD) is the
  complete process of bringing a new product or
  service to market.
 N...
Examples

 This type of development is considered the
  preliminary step in product or service
  development and involves...
Agenda

   Market Research/Opportunity Scan
   Concept Testing
   Prototype Development
   Market Testing
   Product ...
Why New Products?
 New product development is essential to any
  business that must keep up with market trends
  and chan...
Product Development
 Must be alert to quickly develop opportunities
 Focus on markets or product categories
  consistent...
Industrial New Product Ideas
   Company sources other than R&D    36.2%
   Analysis of the competition       27.0%
   R...
New Products necessity
 A way of getting new and keeping old
  customers
 Effective way of obtaining a competitive
  adv...
New Product Categories
 New to the world products
 New product lines
 Product line extensions
 Improvements and revisi...
Product Development Process
                                                       Product
                               ...
Marketing
 Very important to product development success
 Key to successful marketing is imaginative,
  effective, creat...
Marketing Strategies
 Increase the number of customers
 Increase the average transaction
 Increase the frequency of rep...
Marketing Concepts
   Consumer orientation
   Customer service orientation
   Profit orientation
   Society Benefit.
Market Research
 Who is my target audience?
 Are there enough members of this target group to
  make the business worthw...
Market Opportunity and Threats
Societal Focus             Economic Realities
                          •GNP
•Population Sh...
Market Placement
1)Identify target markets
     Size and growth potential
     Ability and ease of reaching segment
   ...
Market Placement
2)Determine opportunity
     Segment size
     Annual usage potential
     Anticipated annual growth r...
Pricing Strategies
 Goal is to achieve a target profit
 Can you hold a product’s manufacturing costs
  down to less than...
Concept Testing
Concept testing is the process of using
quantitative methods and qualitative methods
to evaluate consumer ...
Concept Testing
Determine
     Critical success factors
     Financial objectives
     Marketing mix strategies
      ...
Prototype Development
 Prototype development is the process of
  preparing a device, technique or system that
  demonstra...
Test Marketing
 Test marketing is an experiment conducted in
  a field laboratory ( test market) comprising of
  actual s...
Prototype and Test Marketing

   Do you prefer this product over your current
    product?
   Does this product meet the...
Promotion and Product Launch
 Publicity
     Trade journals
     Conferences
 Personal selling
 Word of mouth
Reasons For New Product Failures
   Poor marketing research
   Technical problems
   Insufficient marketing effort
   ...
Summary
 New product development drives growth.
 Market research is critical to the success of a
  new product launch.
...
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New product devlopment ppt

  1. 1. New Product develoPmeNt Presented By- Rameshwar Swami M.Phil Student Management SRTMUN Sub Center Latur
  2. 2. Definition  New product development (NPD) is the complete process of bringing a new product to the market till its consumption & feedback from the end user of the business chain through the systematic procedure & parameter.  It may be a Consumable product, service or idea.
  3. 3. Definition  New product development (NPD) is the complete process of bringing a new product or service to market.  New product development may be done to develop an item to compete with a particular product or may be done to improve an already established product.
  4. 4. Examples  This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market.  Fair & lovely.  Bajaj Pulsar.  Samsung Mobile
  5. 5. Agenda  Market Research/Opportunity Scan  Concept Testing  Prototype Development  Market Testing  Product Launch
  6. 6. Why New Products?  New product development is essential to any business that must keep up with market trends and changes.  Approximately one-third of the revenue a business generates is coming from products they did not sell five years ago  Changing environment creates new demands and needs
  7. 7. Product Development  Must be alert to quickly develop opportunities  Focus on markets or product categories consistent with organization’s objectives, resources, capabilities and strengths  Securing a competitive advantage
  8. 8. Industrial New Product Ideas  Company sources other than R&D 36.2%  Analysis of the competition 27.0%  Research & Development 24.3%  Product users 15.8%  Supplier suggestions 12.5%  Product user research 10.5%  Published information 7.9%
  9. 9. New Products necessity  A way of getting new and keeping old customers  Effective way of obtaining a competitive advantage  Source of growth and excitement
  10. 10. New Product Categories  New to the world products  New product lines  Product line extensions  Improvements and revisions to existing products  Repositionings  Cost reductions
  11. 11. Product Development Process Product Launch Test Marketing Prototype Development Concept Testing Market research and Opportunity scan
  12. 12. Marketing  Very important to product development success  Key to successful marketing is imaginative, effective, creative communication  Find a need and fill it.  Mutually beneficial exchange relationships
  13. 13. Marketing Strategies  Increase the number of customers  Increase the average transaction  Increase the frequency of repurchase
  14. 14. Marketing Concepts  Consumer orientation  Customer service orientation  Profit orientation  Society Benefit.
  15. 15. Market Research  Who is my target audience?  Are there enough members of this target group to make the business worthwhile?  How large is the potential market and how much of that potential market can I capture?  Who is my competition and what would make someone choose my product over their current?
  16. 16. Market Opportunity and Threats Societal Focus Economic Realities •GNP •Population Shifts •Disposable Income •Values •Discretionary Income •Attitudes •Competition •Trends Technological Development •Advance in Legal & Regulatory technology Condition •Market receptiveness •Laws to technology •Regulations
  17. 17. Market Placement 1)Identify target markets  Size and growth potential  Ability and ease of reaching segment  Good fit with organizational objectives  Greatest revenue generation with least investment
  18. 18. Market Placement 2)Determine opportunity  Segment size  Annual usage potential  Anticipated annual growth rate  Margin  Value in use 3)Evaluate competition  Strengths/Limitations  Implications
  19. 19. Pricing Strategies  Goal is to achieve a target profit  Can you hold a product’s manufacturing costs down to less than 25% of its perceived value?  Estimating manufacturing costs  Obtain price quotes from several suppliers
  20. 20. Concept Testing Concept testing is the process of using quantitative methods and qualitative methods to evaluate consumer response to a product idea prior to the introduction of a product to the market.
  21. 21. Concept Testing Determine  Critical success factors  Financial objectives  Marketing mix strategies  Product, Pricing, Promotion, Placement  Marketing plan initiatives  Activity, Budget, Timing
  22. 22. Prototype Development  Prototype development is the process of preparing a device, technique or system that demonstrates the feasibility of a solution to a problem. For-  1) Experimentation and learning in the product development process  2) Testing and proofing product concepts  3)Communicating concepts to the product development team members, management and customers.
  23. 23. Test Marketing  Test marketing is an experiment conducted in a field laboratory ( test market) comprising of actual stores and real-life buying situations, without the buyers knowing they are participating in an evaluation exercise.  Test marketing may last from few weeks to several months.
  24. 24. Prototype and Test Marketing  Do you prefer this product over your current product?  Does this product meet the need you thought it would?  Does the way the product works provide an important benefit?
  25. 25. Promotion and Product Launch  Publicity  Trade journals  Conferences  Personal selling  Word of mouth
  26. 26. Reasons For New Product Failures  Poor marketing research  Technical problems  Insufficient marketing effort  Bad timing  The wrong group was targeted.  Unrealistic forecast.  Insufficient level of awareness.
  27. 27. Summary  New product development drives growth.  Market research is critical to the success of a new product launch.  Market research is a continuous process as customer needs, your business and the environment changes.
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