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New product development process - IDEA GENERATION IDEA SCREENING CONCEPT DEVELOPMENT AND TESTING MARKETING STRATEGY DEVELOPMENT BUSINESS ANALYSIS PRODUCT DEVELOPMENT MARKET TESTING COMMERCIALISATION
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NEW PRODUCT DEVELOPMENT PROCESS
I) IDEA GENERATION
II) IDEA SCREENING
III) CONCEPT DEVELOPMENT AND TESTING
IV) MARKETING STRATEGY DEVELOPMENT
V) BUSINESS ANALYSIS
VI) PRODUCT DEVELOPMENT
VII) MARKET TESTING
VIII) COMMERCIALISATION
IDEA GENERATION
Interacting with others Creativity techniques
Attribute listing Forced relationship Morphological analysis Reverse assumption analysis New contexts Mind mapping
IDEA SCREENING
Avoid errors as follows
Drop error
Go error
Product Success
Requirements
Relative weight (a)
Product Score
(b)
Product Rating (c=axb)
Unique or Superior Product
0.4 0.8 0.32
High Performance-to-
cost ratio
0.3 0.6 0.18
High Marketing dollar support
0.2 0.7 0.14
Lack of strong competition
0.1 0.5 0.05
Total 1.00 0.69
Product Idea Rating Device(Weighted Index Method)
0.00 to 0.30 POOR, 0.31 to 0.60 FAIR, 0.61 to 0.80 GOOD, Min. Acceptance rate 0.61
CONCEPT DEVELOPMENT
Who will use the product? What primary benefit should this product
provide? When will this product be consumed?
Thus a transition from a ‘product idea’ to a ‘product concept’
CONCEPT DEVELOPMENT
PRODUCT MAPPING
BRAND MAPPING
CONCEPT TESTING
Test the product concept based on following parameters
Communicability and Believability Need level Gap level Perceived value Purchase intention User targets, purchase occasions, purchasing
frequency
MARKETING STRATEGY
DETERMINE FOUR Ps
BUSINESS ANALYSIS
Estimating total sales
Estimating costs and profits
PRODUCT DEVELOPMENT
MARKET TESTING
COMMERCIALISATION
DISCOURAGING STATEMENTS FOR NEW PRODUCT IDEAS
It won’t work here!We’ve tried it before!This isn’t the right time!It can’t be done!This is not the way we do things!We’ve done alright without it!It will cost too much!Let’s discuss it at our next meeting!
