SERVICE MARKETING

PAWAR YASH RAVI

ROLL NO. 45
NEW PRODUCT DEVELOPMENT PROCESS
YEAR – 2020-21
 INTRODUCTION
 New product development process is nothing but a process of bringing a new
product to market place
 There are two terms:

INVENTION INNOVATION
NEW-PRODUCT DEVELOPMENT PROCESS
 IDEA GENERATION
INTERNAL SOURCE
1. RESEARCH AND DEVELOPMENT
2. EMPLOYEES

EXTERNAL SOURCES
3. CUSTOMERS
4. COMPETITORS
5. SUPPLIERS
6. DISTRIBUTORS
 IDEA SCREENING
• After generalizing various ideas, identify good ideas and drop poor
ideas.
• Think about is it real, can we win, it is worth doing etc.
 CONCEPT DEVELOPMENT AND TESTING

• Take a group of customers, ask them to use the product and get feedback.
• If they liked the product, go for it.
• If they give suggestions, consider those points, reframe it and make change as
per their needs and wants.
 MARKETING STRATEGY AND DEVELOPMENT

1. Understanding the customers

2. Analyse the market

3. Analyse the competitors

4. Analyse R&D channel

5. Financial analysis

6. review
 BISINESS ANALYSIS

• Analyse whether the product is

profitable or not.

•Whether we are on right tract.

•We will achieve the desired objectives

or not.
 PRODUCT DEVELOPMENT

• Here you are going to manufacture your actual product.

• Physical shape to the product

• And you are ready with your product.

 TEST MARKETING

•Marketers do not directly launch the product on large scale, because

competitors may take advantage of it.

•First they distribute only in the target market or in particular segment.

•Then analyse whether customers are purchasing or not?

•Are we getting good response?

 COMMERCIALIZATION

• If response is good then produce your product in bulk quantity and launch the
product on large scale.
• AND DECIDE,

1. WHEN
2. WHERE
3. WHOM
4. HOW
THANK YOU