final product developement new - copy - copy
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The creation of products withnew characteristics that offer
additional benefits tothe customers.
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To add to product portfolioTo replace declining product
To defeat rivals
To maintain/increase market shareTo maintain competitive advantage
Make better use of the organization's
resources
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New to the world high definition
TV, ipod, flat screen TV,tabs.
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Idea Generation
Product Screening Concept
Testing Business & FinancialAnalysis
Product Development Test
Marketing Commercialization
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Idea generation is the systematic search for new-product
ideas.
The purpose of idea generation is to create a large number
of ideas.
IBM recently held an Innovation Jam in which it
invited customers, employees worldwide to submit ideas
for new products and services. The brainstorming session
generated some 46,000 ideas in over three days. However,IBM had boiled down these huge number of ideas to only
10 products, businesses and services.
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Two major sources are- Internal idea sources
- External idea sources
Internal idea sources- formal R&D, employeesranging from executives to scientists, engineers,
manufacturing staff, sales people and the top
management.
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Cisco has set up an internal wiki called Idea
Zone or I-Zone, through which any Ciscoemployee can propose an idea for a new
product or comment on or modify someone
elses proposed idea. Since its inception, I-Zone has generated more than 400 business
ideas. So far twelve izones ideas have reached
the project stage.
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In product screening poor, unsuitable
or otherwise unattractive ideas areweeded out form further actions
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An attractive idea must be developed into a productconcept.
key terms-product idea, product concept.
Product idea- is an idea for a possible product thatthe company can see itself offering to the market.
Product Concept- is a detailed version of the idea
stated in meaningful consumer terms.
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Concept developmentEXAMPLE-
Suppose a car manufacturer wants tointroduce an affordable, mass market hybrid-powered car models.
A marketer might create the following
product concepts for the electric car.
Concept1 An affordably priced midsize cardesigned as a second family car to be used
around town.Concept2 A mid-priced sporty compactappealing to young singles and couples.
.
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After being exposed to the concept,consumers then may be asked to react to itby answering questions like
-do you understand the concept of a
battery powered electric car?- do you believe the claims about thecars performance?
- what improvements in the cars
features would you suggest?- what would be the reasonable price to
be charged for the car?
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The company projects cost, profit, return oninvestment and cash flow if the product is
placed on the market.
Projections of potential sales at various pricesneed to be made, as well as detailed cost
projections for different volumes of
production.
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Demand projections
CompetitionRequired investment
Profitability
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Product development converts a product idea into a
physical form and identifies a basic marketing
strategy.
R&D or engineering develops the product conceptinto product development
Products undergo rigorous tests to make sure that
they perform safely and effectively.
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Test marketing involves placing a productfor sale in one or more selected areas and
observing its actual performance under the
proposed marketing plan.
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Commercialization involves
implementing a total marketing plan and
full production
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Operating Philosophy
Organization Structure
The Experience Effect
Management Style
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Factor 2:A Clear and Well-
Communicated New ProductStrategy for the Business
There should be a clear goals forthe new product
The role of new product in achievingthe goal should be clearly
communicated to those who needs toknow that
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Factor 3:
Adequate Resources for NewProducts
Resources like people , moneyand marketing should be devoted
Completely to achieve new
innovation in the product.
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We can say that product development is
necessary to establish a competitive edge
for the organization.
For long term survival the organization
should make their product obsolete before
their customer do.
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Thank you