new product development
This document discusses new product development. It explains that developing new products is important for meeting changing customer needs and driving business growth through technological innovation. The new product development process consists of creating ideas, evaluating their sales and profit potential, designing, testing, and marketing the product. Key decisions include what to make/buy, packaging, pricing, and sales. The main task of product planners is to identify customer needs and align the company's capabilities with changing market demands. The development process involves generating ideas, screening ideas, assessing commercial feasibility, designing and testing the product, and launching it. Symptoms of an unsuccessful product include declining sales, profits, higher than expected costs, and a failure to understand market changes.
new product development
- 1. Presented by :- AKANKSHA SINGH Enrollment no. 35 M.B.A (General) 1st semester - A
- 2. INTRODUCTION Development of new products is a continuous Function of marketing management in the Present day environment. The products offered by a firm to the customer must be suitable to meet the changing needs of the customers. The life of the firm is closely related to the development of new products through technological innovations. The technological innovations are important to the growth of the established business as well as to the development of new business. Businessmen must make a detailed study of the market in relation to the products because NEW PRODUCT MEANS NEW PROFIT.
- 3. New product development consists of the creation of new ideas, their evaluation in terms of sales potentials & profitability, production facilities resources available, designing & production testing & marketing of the product. Product development includes a number of decisions, namely, What to manufacture or buy, How to have its packaging, How to fix its price & How to sell it. The main task of product planners is to identify specific customer needs & expectations & align companys capabilities with the changing market demands.
- 4. The main task of product planners is to identify specific customer needs & expectations & align companys capabilities with the changing market demands. In each of these stages, the management must decide: Whether to move on to next stage To abandon the product To seek additional information
- 5. GENERATION OF NEW IDEAS SCREENING OF IDEAS COMMERCIAL FEASIBILITY PRODUCT DESIGNING & EVALUATION TEST MARKETING LAUNCHING THE PRODUCT
- 6. SYMPTOMS DECLINING SALES VOLUME DECLINING PROFIT MARGINS HIGHER THAN EXPECTED COSTS
- 7. Conception of product idea may be faulty Design of product may not match with needs of customers Cost of production may be higher than expected cost Market changes may not be understood properly Inadequate promotion Faulty pricing of the product Poor packaging, inappropriate size, etc Products may be introduced in the market untimely