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Nitesh New Product Development

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Nithish Kumar L
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16 views

Nitesh New Product Development

Uploaded by

Nithish Kumar L
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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New

Product
Development
Nitesh kumar L
23M01227
MEANING
New product development is the process of converting an idea into a
workable software Product .
In other words, New product development (NPD) is a process of taking a
product or service from conception to market. The process sets out a series
of stages that new products typically go through, beginning with ideation and
concept generation, and ending with the
product’s introduction to the market
Stages of the New Product Development

Idea Generation 01
02 Idea Screening
Concept Development
& Testing 03
Market Strategy /
04 Business Analysis
Product Development 05
06 Market Testing
Market
Commercialization
07
01
Idea Generation
The new product development process starts with idea
generation. Idea generation refers to the systematic
search for new-product ideas. Two sources of new ideas
can be identified:
1. Internal idea sources
2. External idea sources
1. Internal idea sources: the company finds new ideas internally. That means
R&D, but also contributions from employees.
2. External idea sources: the company finds new ideas externally. This refers to
all kinds of external sources

Examples:- distributors and suppliers, but also competitors. The


most important external source is customers, because the new
product development process should focus on creating customer
value.
02
Idea Screening
The new product development process
starts with idea generation. Idea
generation refers to the systematic search
for new-product ideas.
.
03
Concept Development & Testing

A product concept is a detailed version of the new-product idea


stated in meaningful consumer terms. The product concept is a
synthesis or a description of a product idea that reflects the
core element of the proposed product. Marketing tries to have
the most accurate
04
Market Strategy/Business Analysis

When a concept has been developed and tested, it is time to design


an initial marketing strategy for the new product based on the
product concept for introducing this new product to the market.
Once decided upon a product concept and marketing strategy,
management can evaluate the business attractiveness of the
proposed new product. This involves a review of the sales, costs and
profit projections for the new product to find out whether these
factors satisfy the company‘s objectives.
05
Product Development
The product concept passes the business test, it must
be developed into a physical product to ensure that
the product idea can be turned into a workable
market offering. The R&D department will develop
and test one or more physical versions of the
Product concept.
06
Market Testing
Test marketing is the final stage before
commercialization; the objective is to test all the
variables in the marketing plan including elements of
the product. Test marketing represents an actual
launching of the total marketing program.
07
Market Entry/Commercialization

Commercialization means introducing a new product


into the market. At this point, the highest costs are
incurred. The company may need to build or rent a
manufacturing facility. Large amounts may be spent on
advertising, sales promotion and other marketing
efforts in the first year
Thank
YOU

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