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04/10/23Winning at New Products - R.G. Cooper1
New Product New Product DevelopmentDevelopment
Kent
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04/10/23Winning at New Products - R.G. Cooper2
Introduction Introduction
Overview New Product Development Process– 5 Stage Process
Competitive Weapon – SpeedCompetitive advantageHigher ProfitabilityFewer Surprises – New Product captures
conceived market opportunity
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IdeationIdeation
Categories of New Products:1. New-to-the-World Products
2. New Product Lines
3. Additions to Existing Product Lines
4. Improvements or revisions to existing products
5. Repositioning
6. Cost Reductions
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Roles & ResponsibilitiesRoles & Responsibilities
Interdisciplinary Teams– Marketing, Product Management, R&D, Technology
Group, Sales, Operations, Treasury, Finance, Legal, Compliance, Risk, Privacy, Communications
Finance Touch Points– Approves R&D expenditures, Funding requests for
technology, market studies, etc. – Business Case Development– Planning and Forecasting– Partners with Treasury, Product Management, Line of
Business Owner(s), Sales, etc.
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Preliminary Investigation Preliminary Investigation (Stage 1)(Stage 1)
Initial Screening Preliminary Market Assessment Detailed Market Study
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Build Business Case Build Business Case (Stage 2)(Stage 2)
Sixty-three percent of firms conduct a business or financial analysis prior to moving into Development– Determine Time to Break-even (recovery of
development costs)– Need more multi-departmental inputs, more
market information & inputs from customers– Need more formal/consistent procedures
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Product Development Product Development (Stage 3)(Stage 3)
Design and Development of the Product– Technology – Sales Training– Communications – External and Internal
Changes in Product Design– Technology solution may dicate product
changes In-House Product Testing
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Customer Product Testing Customer Product Testing (Stage 4)(Stage 4)
Undertaken in 66% of projectsGive a sample or prototype of product to
the customer at no charge or let try it with feedback loop
Rigorously designed customer test, complete with written testing procedures
On-site customer user test (IBMs Usability Testing lab)
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Trial SellTrial Sell
Test market– Less than 1/4th of projects feature an attempt
to gauge market acceptance based on a limited sell
Trial Production– Test the production system itself
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Pre-Rollout Business AnalysisPre-Rollout Business Analysis
Full Pre-Launch Business Review– Detailed Financial Analysis– Market Information Review
Sales forecasting Marketing costs
– Detailed Cost Review– Final Go/No Go decision based on market
acceptance or test market study review
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Full Production and Market Full Production and Market Launch Launch (Stage 5) (Stage 5)
Production Start up– Straightforward, few changes
Market Launch – Formal, distinct, and identifiable date– Clear Marketing Objectives– Coordinated launch between sales, service,
production and advertising– Sales force trained and ready
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PitfallsPitfalls
Primary reasons New Product Launch’s fail:– From Idea to Launch took too long– Financial reward not realized - fell below sales
and profit targets– Lack of quality process
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QuestionsQuestions
Q&A