GROUP

ALI KHAN SYED AHMAD WAQAS S. AMIR ULLAH BBA 7TH

TOPIC:NEW PRODUCT DEVELOPMENT PROCESS

STEPS:
1) IDEA GENERATION 2) IDEA SCREENING/CONCEPT EVALUATION 3)CONCEPT TESTING 4)BUSINESS ANALYSIS 5)PROUCT and MARKETING MIX DEVELOPEMENT 6)MARKET TESTING

IDEA GENERATION

Focus groups SOURC Market research employees RND

ES

Competitors Distributors Customers

SCREENING AND EVALUATION

Eliminates/Filters non feasible ideas Saves cost and time Ideas generated are filtered here and evaluated Marketing (cross-Functional) (Effort) Finance

CONCEPT TESTING
Left with a few Ideas after screening Attempts are made to get initial FEEDBACK Focus groups are used Ideas are presented in the form of Multimedia MARKETERS are interested in : LIKES AND DISLIKES, LEVEL OF INTERSET, JUDGE THE DEMAND and THE AMOUNT

BUSINESS ANALYSIS
IDEAS ARE REDUCED TO 1 OR 2 DEPENDENCE IS ON MARKETING RESEARCH Feasibility of ideas OBJECTIVES Forecast Market size Is the idea integrated Product costs with COs Mission and Sales and profits STRATERGY?

PRODUCT AND MARKETING MIX DEVELOPEMENT Initial design and Prototype

Customer input Customers are exposed to real experience and as well as other elements of marketing mix (ADS, PRICING ,AND DISTRIBUTION)

Market Testing
Products are ready to be tested as full products Usually product is made available on a small scale in a selective small segment e.g A CITY This small segment is exposed to full marketing Effort as a commercialized product is Marketers must convince the shop owners to place this new product in their

COMMERCIALIZATION
Positive response in market testing leads to Commercialization Product is offered to the wide market

WE THANK YOU ALL FOR YOUR COOPERATION !! HAVE A BLESSED DAY !!!!