New product development IDEA GENERATION AND IDEA SCREENING
1. IDEA GENERATION
IDEA SCREENING
IDEA DEVELOPMENT AND TESTING
BUSINESS ANALYSIS
BETA TESTING AND MARKET TESTING
TECHNICAL IMPLEMENTATION
COMMERCIALISATION
NEW PRODUCT PRICING
New Product
Development.
2. • BUSINESS EXISTENCE
• SHORT PRODUCT LIFE CYCLE
• LONG TERM OPERATIONS OF THE BUSINESS
• SHIFT IN CONSUMER PREFERENCE
• COMPETITION
• 40% CONSUMER PRODUCTS, 20% INDUSTRIAL PRODUCT AND
18% SERVICE PRODUCTS FAIL ( HOPKINS & BAILEY )
IMPORTANCE OF NEW PRODUCT
DEVELOPMENT.
4. * MEANING
• SYSTEMATIC SEARCH– INTERNALLY OR EXTERNALLY.
• PROCESS INVOLVING CREATIVE THINKING - LARGE AMOUNT OF
IDEAS
* CHARACTERSTICKS
• ON GOING
• SPECIFIC PURPOSE
• USE VARIETY OF METHODS
MEANING & CHARACTERSTICKS
8. * EXAMINING DEVELOPING PRIORITIZING EVALUATING
• BAD IDEAS DROPPED GOOD IDEAS TAKEN - RISK INVOLVED
• * DROPPING IDEAS TOO EARLY MAY END UP LOOSING
OPPORTUNITIES
• DEVELOPING A WRONG IDEA – WASTAGE OF RESOURCES
• FIRST DECISION TO INVEST RESOURCES
MEANING
9. • ALIGNMENT WITH PRODUCT INNOVATION STRATEGY
• COMPATIBILTY WITH COMPANY VALUES
• MARKET ATTRACTIVENESS
• FEASIBILITY
