New product Development

‡ 6000 BC:camel carvan(speed8miles/hr) ‡ 1600 BC: Chariot(Speed-20mph) ‡ 1784 AD: Rail engine(Spped10mph) ‡ 1880 AD: Steam Locomotive(100mph) ‡ 1939: Aeroplane(400mph) ‡ 1959: -Do- (800mph)

New to the country ‡ 4.New to the market ‡ 4.New Innovations ‡ 3.When is a new product new ‡ 1.New Technology ‡ 2.New category to the company .

Repositioning .New Brand 6.New to a product line 9.New Package 8.New channels of distribution 7.‡ ‡ ‡ ‡ ‡ 5.

New product Introduction ‡ ‡ ‡ ‡ ‡ It will double because: Technological advance-90% Changing consumer need-72% Shortening PLC-55% Increasing foreign market access-53% ‡ Increasing foreign competition48% ‡ Increasing labour cost-35% .

‡ Govt. Regulations-35% ‡ Increasing costs-18% .

New Product Development Process Marketing Strategy Development Concept Development and Testing Idea Screening Idea Generation Business Analysis Product Development Market Testing Commercialization .

New Product Development Process .

Ad Agencies Marketing Research Firms Publications .Idea Generation Sources-Customers Channel Intermediaries Employees Competitors Top Mgmt.1.

‡ Techniques: ‡ Attribute Listing ‡ Forced relationship (Trigger Response) ‡ Morphological Analysis ‡ Need/Problem Identification ‡ Brain storming ‡ Synectics ‡ Checklist .

Concept Generation & Evaluation .2.

Choose the Best One . Develop Product Ideas into Alternative Product Concepts 2.Test the Product Concepts with Groups of Target Customers 3.Concept Development & Testing 1. Concept Testing .

‡ Idea vs Concept: ‡ Attribute+Benefit(S)=Product ‡ concept Form Technology .

Concept Development ‡ Techniques: ‡ 1.Attribute Analysis ‡ Dimensinal Analysis ‡ Check List ‡ Gap Analysis ‡ Trade off Analysis ‡ Benefit Analysis contd«. .

.‡ Function Analysis ‡ Use Analysis ‡ Attribute Extension ‡ Relative Brand profile ‡ Pseudo product test ‡ System Analysis contd«.

‡ Unique Properties ‡ Hierarchial Design ‡ Weakness ‡ Achille·s Hill .

Relationship Analysis .‡ 2.

Wave Research Test offering trail to a sample of consumers in successive periods.Consumer-Goods Market Testing Simulated Test Market Test in a simulated shopping environment to a sample of Sales. . Standard Test Market Full marketing campaign in a small number of representative cities. Controlled Test Market A few stores that have agreed to carry new products for a fee.consumers.

Commercialization Whom When Where Product Price Place Promotion .

Adopter Categorization of the Basis of Relative Time of Adoption of Innovations 34% Early majority 2 1/2% Innovators 13 1/2% Early adopters 34% Late majority 16% Laggards Time of adoption of innovations .

Sign up to vote on this title
UsefulNot useful