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New –Product Development Strategy - PowerPoint PPT Presentation


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New –Product Development Strategy. New Product Development The development of original products, product improvements, product modifications, and new brands through the firm’s own product-development efforts. The New Product Development Process. Marketing strategy development.

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Presentation Transcript
slide1

New –Product

Development

Strategy

slide2

New Product Development

The development of original products, product improvements, product modifications, and new brands through the firm’s own product-development efforts.

The New Product Development Process

Marketing strategy development

Concept development and testing

Idea Generation

Idea screening

Commercialization

Business analysis

Product development

Test marketing

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Idea Generation

The systematic search for new-product ideas.

Internal Idea Sources

External Idea Sources Distributors and supplies

Competitors

Online collaborative communities

Idea Screening

Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible

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Concept Development and testing

Product Concept

A detailed version of the new-product idea stated in meaningful consumer terms.

Concept Testing

Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

Marketing Strategy Development

Designing an initial marketing strategy for a new product based on the product concept.

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Business analysis

A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.

Product Development

Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.

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Test Marketing

The stage of new-product development in which the product and marketing program are tested in realistic market settings.

Standard test Markets

Controlled Test Markets

Stimulated Test Markets

Commercialization

Introducing a new product into the market.