HOW TO MANAGE NEW PRODUCT DEVELOPMENT PROCESS

Stages of Development Process

Idea

Strategy Concept

Commercializatio

n

If I would asked people what they wanted, they would have said a faster horse

- Henry Ford

Management Development Process : Concept to Strategy

Concept Development and Testing

Marketing Strategy Development

Business Analysis

Concept Development and Testing

Different Stages of Concept Development

Conjoint Analysis

Concept Testing

Concept Development

Marketing Strategy Development

Preliminary Stages of Strategy Plan

I. Target market size, structure & behavior;

Planned product positioning;

Sales, market share & profit goal in first five years

II. Planned price, distribution strategy and marketing budget for first year

III. Long run sales and profit goals & marketing mix strategy over time

Business Analysis

Estimating Total Sales

Estimating Costs and Profits

Management Development Process : Commercialization

Product Development Market Testing Commercializatio

n

Physical Prototype

Customer Test

Product Development

Product Development

Market testing

Consumer goods

Sales wave research

Simulated test

marketing

Controlled test

marketingTest markets

Business goods

Market Testing

When? Where?

To whom? How?

Commercialization

Commercialization

Created By:

Rohit Kumar Mittal IIT (BHU), Varanasi

During an internship by:

Prof. Sameer Mathur IIM Lucknow