managing new product development

Managing

New Product Development

By – Mausumi Mohanta

Requires Management

Product Development

Starting With :

Ideas !!

Generating Ideas

With An Unbiased View And Outside-in Perspective

Of Demand Opportunities

Create A Platform

For

• Interaction With Employees

• Interaction With Customers

• Studying Competitors

• Adopting Creativity

Techniques

Managing the Idea Screening Process

Overall Probability Of Product Success

Probability Of

Technical

Completion *

Probability Of

Commercialization

Given Technical

Completion

* Probability Of

Economic

Success Given Commercialization

Managing Development

Of

Concept To Strategy

Consumers Buy product Concepts

Not Ideas

All Aspects of Product like

Brand-positioning, Product-positioning

Is Done By Concept Testing.

Conjoint Analysis -

A Popular Concept

And Development

Testing Tool.

What Is Conjoint Analysis ?

Deriving Utility Values That

Consumers Attach To varying Levels

Of Product Attributes.

ADA - Adaptive Conjoint Analysis

• Developing Market Strategy

• Doing Business Analysis

• Estimating the Total Sales

• Estimating the Costs, and Profits

Managing the Development

Process: Development to

Commercialization

The Product Prototype is now

Introduced to the Customer

• Alpha testing

• Beta testing

Managing Market Testing

• Consumer-Goods Market Testing

- Estimate trial, first repeat,

adoption and Purchase frequency

Methods For Consumer-Goods

Market Testing

• Sales-Wave Research

• Simulated Test Marketing

• Controlled Test Marketing

• Test Markets

Managing Market Testing

• Business-Goods Market Testing

- Exposes unanticipated problems

of safety and servicing

Commercialization

The Process or/cycle of Introducing

A new Product or Service to the Market.

New product

Campaign Based on :

• When (Timing)

• Where(Geographic Strategy)

• To Whom (Target Market)

• How (Introductory Market

Strategy)

Company Needs To Manage

All Stages Of

New Product Development :

Conceptualization

to

Product Launch