Description
This presentation is about new product development process.
New Product Development Process & Branding Decisions
Stages of Development Process
• Idea Generation
Idea Generation
• Defining Target Market • Concept Development and Testing • Feasibility Analysis
• Product Development • Test Marketing • Commercialization
Idea Generation
New Product Idea
Employees Idea Generation
Changing customer needs
Foreign Markets & Media Laboratories
Competitors
R&D Scientists
Defining Target Market
Identify Target Consumer Groups
Target Market
Identify Success Factors in different product Ideas
Concept Development and Testing
Choose the best product concept
Choose the best product concept
After new product idea has been identified in the idea stage as having potential ? Product idea is: – Further developed and refined through interaction with consumers – Tested to determine consumer acceptance ? Look at new product versus competitive products – Price, promotion and distribution
Choose the best product concept
Feasibility Analysis
Estimation of Demand in Target Market at Different Price Levels Estimate Sales Volume Based on Demand Estimation Estimating the Cost of Serving the Market Segment Estimate Profitability and Break Even Point
Product Development
Feature
• Product Development converts a product idea into a physical form and identifies a basic marketing strategy
The R&D and Manufacturing departments should keep the customer feedback in mind
Test Marketing
Test Marketing: Involves Placing a Product for Sale in selected areas and observing its performance
Standard Test Market Controlled Test Market
Simulated Test Market
Commercialization
Timing Place Strategy
Commercialization Involves a Total Marketing Plan and Full Production
•Launch the Product •Product and Place Advertisements and Other Promotions •Fill the Distribution Pipeline with the Product
Thank You
doc_588961405.pptx
This presentation is about new product development process.
New Product Development Process & Branding Decisions
Stages of Development Process
• Idea Generation
Idea Generation
• Defining Target Market • Concept Development and Testing • Feasibility Analysis
• Product Development • Test Marketing • Commercialization
Idea Generation
New Product Idea
Employees Idea Generation
Changing customer needs
Foreign Markets & Media Laboratories
Competitors
R&D Scientists
Defining Target Market
Identify Target Consumer Groups
Target Market
Identify Success Factors in different product Ideas
Concept Development and Testing
Choose the best product concept
Choose the best product concept
After new product idea has been identified in the idea stage as having potential ? Product idea is: – Further developed and refined through interaction with consumers – Tested to determine consumer acceptance ? Look at new product versus competitive products – Price, promotion and distribution
Choose the best product concept
Feasibility Analysis
Estimation of Demand in Target Market at Different Price Levels Estimate Sales Volume Based on Demand Estimation Estimating the Cost of Serving the Market Segment Estimate Profitability and Break Even Point
Product Development
Feature
• Product Development converts a product idea into a physical form and identifies a basic marketing strategy
The R&D and Manufacturing departments should keep the customer feedback in mind
Test Marketing
Test Marketing: Involves Placing a Product for Sale in selected areas and observing its performance
Standard Test Market Controlled Test Market
Simulated Test Market
Commercialization
Timing Place Strategy
Commercialization Involves a Total Marketing Plan and Full Production
•Launch the Product •Product and Place Advertisements and Other Promotions •Fill the Distribution Pipeline with the Product
Thank You
doc_588961405.pptx