New product development
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New product development is an important ongoing process for marketing management. It involves creating new product ideas, evaluating their sales and profit potential, designing and testing production, and marketing the product. The main stages are generating new ideas, screening ideas, assessing commercial feasibility, designing and evaluating the product, test marketing, and launching the product. Products can fail for reasons such as a faulty initial idea, poor design that doesn't meet customer needs, higher than expected production costs, inadequate understanding of market changes, insufficient promotion, incorrect pricing, or issues with packaging. Careful consideration at each stage of development is needed to avoid product failure.
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This presentation provides an overview of the new product development process. It discusses the major stages in NPD, including idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. The presentation notes that only 10% of new consumer products succeed in the long run, and that most products fail due to factors like not fulfilling needs, overestimating the market, design flaws, incorrect positioning/pricing/promotion, being pushed despite poor research, going over budget, or facing strong competitive responses. The conclusion states that following a staged NPD process can help businesses focus investments and shorten the time from idea to revenue for new products.New Product Development, Consumer Adoption Process, Product Life Cycle and ma...
New Product Development, Consumer Adoption Process, Product Life Cycle and ma...viveksangwan007
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New Product Development, Consumer Adoption Process, Product Life Cycle, and marketing mix strategies.Nikhin marketting(titto sunny)
Nikhin marketting(titto sunny)Traum Academy
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This document outlines the 8 steps of the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. The process involves generating new product ideas, screening concepts, testing products with target consumers, developing marketing strategies, analyzing business potential, refining products based on testing, test marketing in small regions, and mass production for full commercial launch. The goal is to successfully develop new products that meet market needs and achieve business objectives.New product development (npd)
New product development (npd)MD FAZAL KHATEEB
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This document outlines the new product development process. It begins with idea generation, which can come from internal or external sources. Ideas are then screened to eliminate poor concepts. Market research is conducted to understand customer needs and the size of the potential market. Concept testing evaluates consumer response to product ideas. Prototypes are developed and tested. Test marketing launches products on a small scale before full product launch. The goal is to bring new products and services to market through a rigorous process that identifies viable concepts and tests consumer demand.Product PDF
Product PDFAsraful Islam Rayhan
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The document discusses several topics related to product management:
1. It describes the 5 stages of a product's life cycle: development, introduction, growth, maturity, and decline. Marketing strategy changes at each stage.
2. It outlines the major steps in new product development: generating ideas, research, development, testing, analysis, and introduction to market.
3. It defines the role and responsibilities of a brand executive in a pharmaceutical company, which includes marketing brand strategies, analyzing sales data, and ensuring brand messaging resonates with prescribers.
4. It classifies products as either consumer products (convenience, shopping, specialty) or industrial products (materials/parts, capital items, supplies/19 Strategic Product Management - Strategy making & New Product Development (...
19 Strategic Product Management - Strategy making & New Product Development (...Rajesh Satpathy, Regional College of Management (RCM), Bhubaneswar
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New product development
- 1. NEW PRODUCT DEVELOPMENT Presented by :- AKANKSHA SINGHEnrollment no. 35M.B.A (General) 1st semester - A
- 2. NEW PRODUCT DEVELOPMENTINTRODUCTIONDevelopment 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. WHAT IS PRODUCT DEVELOPMENTNew 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,
- 4. How to have its packaging,
- 5. How to fix its price &
- 6. How to sell it. Themain 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
- 7. To abandon the product
- 8. To seek additional information STAGES IN NEW PRODUCT DEVELOPMENTGENERATION OF NEW IDEASSCREENING OF IDEASCOMMERCIAL FEASIBILITYPRODUCT DESIGNING & EVALUATIONTEST MARKETINGLAUNCHING THE PRODUCT
- 10. CAUSES OF PRODUCT FAILUREConception of product idea may be faulty
- 11. Design of product may not match with needs of customers
- 12. Cost of production may be higher than expected cost
- 13. Market changes may not be understood properly
- 15. Faulty pricing of the product
- 16. Poor packaging, inappropriate size, etc
- 17. Products may be introduced in the market untimelyTHANK YOU