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8/11/2019 New Product Development (NPD) Process
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New Product Development(NPD)
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The 4 Elements of The Marketing Mix
Product Price Place Promotion
Marketing Mix
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Defining Product
Anything that you can sell
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The 8-Stage New ProductDevelopment (NPD) Process
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1. Idea Generation & 2. Idea Screening
Generation: Firms are always on the look-outScreening:
Fit with manufacturing anddistribution expertiseFeasibility
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3. Concept Screening
Prototype or storyboardFocus group: Would you be interestedin a service that . . .Approximation of willingness to pay
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4. Marketing Strategy Development and 5.Business Analysis
Marketing strategy:Developing credible marketing planswith positioning, target andMarketing Mix
Business analysis:Is there a high chance of a goodpayoff?
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6. Product Development
E.g. battery life in iPod
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7. Market Testing
Some firms (fashion goods) dont test themarket: Put it out there, see if people buy it
(the costs of this must be small)= Market test by roll out Simulated test market (dummy store) newproduct is mixed in with familiarsTest markets: Several cities let us tweak theMarketing Mix but rivals may attemptdisruption
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8. Possible roll -out strategies during commercialization
By geographyBy market sizeBy customer type(business/consumer/government)By channel of distribution (Rx/OTC)By use (special occasion/every day)By benefit sought
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Product ManagerWhat Does A ProductManager Actually Do?
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Product Management is a strategic and business-oriented role ,focused on delivering solutions to market needs.
Product Managers...
Identify profitable opportunities that meet market needs Launch products into the market Oversee products already in themarket
Wind down products that no longer meet market needs
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Communicates with customers & prospective customers
Conducts usability tests
Surveys
Keeps an ongoing record of compliments/complaints
Actually uses the product regularly
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Research, research, researchIs aware of, and understands, the competition...
... but is not just slavishly copying their feature sets
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Creates Relevant, UsableDocumentation
BRD: Business Requirements Document - Identifiesbusiness problems, solutionsMRD: Market Requirements Document - Functional,non-functional requirementsPRD: Product Requirements Document - Featuredetails, user interface, flow
FSD: Functional Specifications Document -
Engineers, screen by screenNote: Not every company uses these acronyms--ordocs--in the same way!
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Your job is to meet market demands and actuallymake it to market
But understand the importance of not falling behindthe curve
Timing is crucial
Realize that pioneering doesnt always pay
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Face to face
Blog
TelephoneSocial networks
Clear, not jargon
Concise, not convoluted
Confident, not weasel words
CourteousCompletely understands theissue
The Means... The 5-C Method...
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Sales
Marketing Communications
Engineering
Design
Customer ServiceQA
Operations
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Manages the brand
Generates sales leads
Responsible for the profit & loss of the product
Brings new products to life... maximizes profits in existing
products... winds down unsuccessful productsChampions the product, internally and externally
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How To Be A Good Product Manager:http://www.goodproductmanager.com Pragmatic Marketing:http://www.pragmaticmarketing.com
All Top Product Management:http://product-management.alltop.com The Cranky Product Manager:http://crankypm.com On Product Management:http://onproductmanagement.wordpress.com
http://www.goodproductmanager.com/http://www.goodproductmanager.com/http://www.pragmaticmarketing.com/http://www.pragmaticmarketing.com/http://product-management.alltop.com/http://product-management.alltop.com/http://blog.pdma.org/http://blog.pdma.org/http://onproductmanagement.wordpress.com/http://onproductmanagement.wordpress.com/http://onproductmanagement.wordpress.com/http://blog.pdma.org/http://product-management.alltop.com/http://product-management.alltop.com/http://product-management.alltop.com/http://www.pragmaticmarketing.com/http://www.goodproductmanager.com/8/11/2019 New Product Development (NPD) Process
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