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Product Management and New–Product Development. New Product Planning. What Is a New Product?. FTC Rule: 6 Months. Ethical Dilemmas Exist. 2. Screening. 3. Idea evaluation. 4.Development. 5. Commercial-ization. An Organized New-Product Development Process is Critical. 1. Idea generation.

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Presentation Transcript
new product planning
New Product Planning

What Is a New Product?

FTC Rule: 6 Months

Ethical Dilemmas Exist

an organized new product development process is critical

2. Screening

3. Idea evaluation

4.Development

5. Commercial-ization

An Organized New-Product Development Process is Critical

1. Idea generation

step 1 idea generation

1. Idea generation

  • Ideas from customers and users
  • Marketing research
  • Competitors
  • Other markets
  • Company people, intermediaries, etc.
Step 1: Idea Generation

1. Idea generation

2. Screening

3. Idea evaluation

4.Development

5. Commercial-ization

step 2 screening

2. Screening

  • Strengths and weaknesses
  • Fit with objectives
  • Market trends
  • Rough ROI estimate
Step 2: Screening

1. Idea generation

2. Screening

3. Idea evaluation

4.Development

5. Commercial-ization

step 2 screening and types of new product opportunities exhibit 10 5
Step 2: Screening and Types of New Product Opportunities (Exhibit 10-5)

1. Idea generation

2. Screening

3. Idea evaluation

Desirable products

Salutary products

4.Development

Pleasing products

Deficient products

5. Commercial-ization

step 3 idea evaluation

3. Idea Evaluation

  • Concept testing
  • Reactions from customers
  • Rough estimates of costs, sales, and profits
Step 3: Idea evaluation

1. Idea generation

2. Screening

3. Idea evaluation

4.Development

5. Commercial-ization

step 4 development

4. Development

  • R&D
  • Develop model or service
  • Test marketing mix
  • Revise plans as needed
  • ROI estimate
Step 4: Development

1. Idea generation

2. Screening

3. Idea evaluation

4.Development

5. Commercial-ization

step 5 commercialization

5. Commercialization

  • Finalize product and marketing plan
  • Start production and marketing
  • “Roll out” in select markets
  • Final ROI estimate
Step 5: Commercialization

1. Idea generation

2. Screening

3. Idea evaluation

4.Development

5. Commercial-ization

new product development a total company effort

Complete marketing plan

Effective transition to regular operations

Organized new-product development process

A basis for superior customer value

Effective design

New Product Development: A Total Company Effort

New-product success

new product development a total company effort exhibit 10 6

Top management support

Cross-functional team

Clear understanding of customer needs

Culture of innovation

Product champion with authority

Timely development cycle

Cost management (costs add value)

New Product Development: A Total Company Effort(Exhibit 10-6)

Organized new-product development process

managing product quality
Managing Product Quality

“This innovative cloth mask contains Nanosomes of Pro-Retinol A® and Par-Elastyl™ to firm skin and fight against the signs of aging. It’s infused with 7X your daily dosage of anti-wrinkle moisturizer, so you get a week’s worth of treatment in just 10 minutes.”

“The nanosome is used in particular to transport lipophilic active ingredients, that is those that are soluble in oil. Given that the interstices of the outer layer of skin measure about 100 nanometers, nanovectors offer the best solution to the problem of transporting and concentrating active ingredients in the skin.”

“The effectiveness of nanosomes and the superiority of vitamin E protection when it is incorporated into nanoparticles have been demonstrated in vivo.”

other issues in quality implementation efforts
Other Issues in Quality Implementation Efforts

Managers Lead the Effort

Specify Jobs and Benchmark

Get a Return on Quality

group assignment
Group Assignment
  • Go to: http://www.nanotechproject.org/inventories/consumer/browse/companies/ and select a company/product that interests you.
  • Assume that you worked for this company and explain the five step process that you would go through to launch this new nano product. That is explain, how this firm would actually do each new product activity for the product.
  • See the Hart Report online and read it. Based upon the report, do you think launching new nano products to households will be harder in the future? Please explain.