international product development strategy : few example
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LOVELY PROFESSIONAL UNIVERSITY, DEPARTMENT OF MANAGEMENT
SEMINAR ON CONTEMPORARY ISSUES IN INTERNATIONAL BUSINESS
On
International Product Development Strategy: Few Examples
Submittedto Lovely Professional University
In partial fulfilment of the requirements for the award of degree of
Master of Business Administration IB
Year-2013
Submitted to Submitted by:
Dr. Mahesh Chandra Joshi Pankaj Mishra
A-03
DEPARTMENT OF MANAGEMENT
LOVELY PROFESSIONAL UNIVERSITY
JALANDHAR NEW DELHI GT ROAD
PHAGWARA
PUNJAB
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INDEX
Serial No. Topic Name
1. Introduction
2. Objectives
3. Review Of Literature
4. Several Subset Of PDS
5. Basic Steps of PDS
6. Few Example7. McDonalds in india
Introduction
Strategy
Business model
8. Volkswagen in india
Introduction
Strategy9. Conclusion
10. References
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INTRODUCTION
In business and engineering,new product development (NPD) is the complete
process of bringing a new product to market. A product is a set of benefits offered for
exchange and can be tangible (that is, something physical you can touch) or
intangible (like a service, experience, or belief). There are two parallel paths involved
in the NPD process: one involves the idea generation, product design and detail
engineering; the other involves market research and marketing analysis. Companies
typically see new product development as the first stage in generating and
commercializing new product within the overall strategic process ofproduct life cycle
management used to maintain or grow their market share.
What is the Product Development Strategy?
Product Development Strategy means those theDeveloping new products or
modifying existing products so they appear new, and offering those products to
current or new markets. There is nothing simple about the process. It requires keen
attention to competitors and customer needs now and in the future, the ability to
finance prototypes and manufacturing processes, and a creative marketing andcommunications plan.
Given the rapid changes in consumer tastes technology arid competition
companies must develop a steady stream of new products and services A firm can
obtain-new products m two ways. One is through acquisition by buying a whole
company a patent or a license to produce someone elses product .The other as
through new-product development m the companys own research -and-
development department By new products we mean original products product
improvements product modifications and new brands that the firm develops through
its own research-and-development efforts.
When an organization introduces a product into a market they must ask
themselves a number of questions.
1. Who is the product aimed at?
2. What benefit will they expect?
3. How do they plan to position the product within the market?
4. What differential advantage will the product offer over their
competitors?
https://en.wikipedia.org/wiki/Businesshttps://en.wikipedia.org/wiki/Engineeringhttps://en.wikipedia.org/wiki/Product_(business)https://en.wikipedia.org/wiki/Product_designhttps://en.wikipedia.org/wiki/Marketinghttps://en.wikipedia.org/wiki/Product_life_cycle_managementhttps://en.wikipedia.org/wiki/Product_life_cycle_managementhttps://en.wikipedia.org/wiki/Product_life_cycle_managementhttps://en.wikipedia.org/wiki/Product_life_cycle_managementhttps://en.wikipedia.org/wiki/Marketinghttps://en.wikipedia.org/wiki/Product_designhttps://en.wikipedia.org/wiki/Product_(business)https://en.wikipedia.org/wiki/Engineeringhttps://en.wikipedia.org/wiki/Business -
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Objectives of Product Development strategies:
Provide a product which supports both Dicom as well as related Non-Dicom data
and is open for expansion to new image modalities and non image formats
Reduce time spent tracking, collating and preparing clinical image data for use in
biomarker development
Allow improved decision making by providing timely access to clinical image data
including viewing of the data
Provide tools for standardizing the handling of imaging and data
Enable secondary analysis of clinical images which will lead to improved clinical
trial and product outcomes
Provide a collaborative environment for internal and external collaborators
Implement a solution that is compliant with regulatory requirements and whichconforms to international data standards
Integration of core data with other systems
Use state-of-the-art technologies providing the required flexibility and cost savings
to the customer.
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Review of Literature
Product strategiesWhen an organization introduces a product into a market they must ask
themselves a number of questions.
Who is the product aimed at?
What benefit will they expect?
How do they plan to position the product within the market?
What differential advantage will the product offer over theircompetitors?
Tailor.P, 7/00, We must remember that Marketing is fundamentally about providing
the correct bundle of benefits to the end user, hence the saying Marketing is not
about providing products or services it is essentially about providing changing
benefits to the changing needs and demands of the customer
Philip Kotler in Principles of Marketing devised a very interesting concept
of benefit building with a product
For a analysis the book of Principles of Marketing by P.Kotler.
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Kotler suggested that a product should be viewed in three
levels.
Level 1: Core Product. What is the core benefit your product offers?.
Customers who purchase a camera are buying more then just a camera they are
purchasing memories.
Level 2Actual Product: All cameras capture memories. The aim is to ensure that your
potential customers purchase your one. The strategy at this level involves
organizations branding, adding features and benefits to ensure that their product
offers a differential advantage from their competitors.
Level 3: Augmented product: What additional non-tangible benefits can you offer?
Competition at this level is based around after sales service,
warranties, delivery and so on. John Lewis a retail departmental store offers free five
year guarantee on purchases of their Television sets, this gives their `customers the
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additional benefit of peace of mind over the five years should their purchase develop
a fault.
Several subsets of product development strategy.
1. Product Development Diversification Strategy
This strategy is employed when a company's existing market is saturated, and
revenues and profits are stagnant or falling. There is little or no opportunity for
growth. A product development diversification strategy takes a company outside its
existing business and a new product is developed for a new market. An example of
this strategy is a company that has sold insurance products and decides to develop
a financial education program aimed at college students. The new product is not
revolutionary as there are other companies producing similar products, but it is new
to the company producing it.
2. Product Modification Strategy
Product modification strategies are generally aimed at existing markets, although aside benefit may be the capturing of new users for the new product. An example of
this strategy is toothpaste. Toothpastes that promote whitening ability or anti-cavity
attributes are built on existing plain toothpastes that only promise clean teeth.
3. Revolutionary Product Development
Revolutionary products are those for which there was no real prior need. Computers
and cell phones are good examples. Before these products appeared on the market,
consumers did not know they needed them. But, the germ of an idea on how to
better communicate resulted in products that have changed the world and havedrastically changed the competitive landscape.
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4. Benchmarking the Process
Whatever strategy is employed, the new product development process must be
carefully thought through. It also requires a series of benchmarks along the way.
These evaluate whether the process should be continued as new product
development is usually expensive and time consuming. For example, if a company is
in the process of developing a new product and a competitor beats that company to
market with a similar new product, the company must make a "go/no go" decision
about its own product development options.
5. Consumers Front And Center
Whatever product development strategy a company selects, consumers need to befront and center and involved in the process from start to finish. Set aside enough
budget for consumer evaluation of the new product at the concept, prototype and the
final product stage. Make sure you not only include those consumers who represent
your primary market, but also those to whom your company might appeal to
secondarily.
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Basic steps of the product development strategy:
1. Idea Generation
Ideas for new products can be obtained from basic research using a SWOT
analysis (Strengths, Weaknesses, Opportunities & Threats). Market and consumer
trends, company's R&Ddepartment, competitors, focus groups, employees,
salespeople, corporate spies, trade shows, or ethnographic discovery methods
(searching for user patterns and habits) may also be used to get an insight into new
product lines or product features. Lots of ideas are generated about the new product. Out of these ideas many are
implemented. The ideas are generated in many forms. Many reasons are
responsible for generation of an idea.
Idea Generation or Brainstorming of new product, service, or store concepts - idea
generation techniques can begin when you have done your OPPORTUNITY
ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next
development step).
2. Idea Screening
The object is to eliminate unsound concepts prior to devoting resources to them.
The screeners should ask several questions:
Will the customer in the target market benefit from the product?
What is the size and growth forecasts of the market segment / target market?
What is the current or expected competitive pressure for the product idea?
What are the industry sales and market trends the product idea is based on?
Is it technically feasible to manufacture the product?
Will the product be profitable when manufactured and delivered to the customer at
the target price?
3. Concept Development and Testing
Develop the marketing and engineering details
Investigate intellectual property issues and search patent databases
Who is the target market and who is the decision maker in the purchasing process?
What product features must the product incorporate?
https://en.wikipedia.org/wiki/SWOT_analysishttps://en.wikipedia.org/wiki/SWOT_analysishttps://en.wikipedia.org/wiki/R%26Dhttps://en.wikipedia.org/wiki/Target_markethttps://en.wikipedia.org/wiki/Intellectual_propertyhttps://en.wikipedia.org/wiki/Patenthttps://en.wikipedia.org/wiki/Patenthttps://en.wikipedia.org/wiki/Intellectual_propertyhttps://en.wikipedia.org/wiki/Target_markethttps://en.wikipedia.org/wiki/R%26Dhttps://en.wikipedia.org/wiki/SWOT_analysishttps://en.wikipedia.org/wiki/SWOT_analysis -
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What benefits will the product provide?
How will consumers react to the product?
How will the product be produced most cost effectively?
Prove feasibility through virtual computer aided rendering and rapid prototyping
What will it cost to produce it?
Testing the Concept by asking a number of prospective customers what they think of
the idea - usually via Choice Modelling.
4. Business Analysis
Estimate likely selling price based upon competition and customer feedback
Estimate sales volume based upon size of market and such tools as the Fourt-
Woodlock equation
Estimate profitability and break-even point
5. Test Marketing Produce a physical prototype or mock-up
Test the product (and its packaging) in typical usage situations
Conduct focus group customer interviews or introduce at trade show
Make adjustments where necessary
Produce an initial run of the product and sell it in a test market area to determine
customer acceptance
6. Technical Implementation
New program initiation
Finalize Quality management system
Resource estimation
Requirement publication
Publish technical communications such as data sheets
Engineering operations planning
Department scheduling
Supplier collaboration Logistics plan
https://en.wikipedia.org/wiki/Concept_testinghttps://en.wikipedia.org/wiki/Choice_Modellinghttps://en.wikipedia.org/wiki/Fourt-Woodlock_equationhttps://en.wikipedia.org/wiki/Fourt-Woodlock_equationhttps://en.wikipedia.org/wiki/Packaginghttps://en.wikipedia.org/wiki/Quality_management_systemhttps://en.wikipedia.org/wiki/Factors_of_productionhttps://en.wikipedia.org/wiki/Technical_communicationhttps://en.wikipedia.org/wiki/Data_sheethttps://en.wikipedia.org/wiki/Engineeringhttps://en.wikipedia.org/wiki/Logisticshttps://en.wikipedia.org/wiki/Logisticshttps://en.wikipedia.org/wiki/Engineeringhttps://en.wikipedia.org/wiki/Data_sheethttps://en.wikipedia.org/wiki/Technical_communicationhttps://en.wikipedia.org/wiki/Factors_of_productionhttps://en.wikipedia.org/wiki/Quality_management_systemhttps://en.wikipedia.org/wiki/Packaginghttps://en.wikipedia.org/wiki/Fourt-Woodlock_equationhttps://en.wikipedia.org/wiki/Fourt-Woodlock_equationhttps://en.wikipedia.org/wiki/Choice_Modellinghttps://en.wikipedia.org/wiki/Concept_testing -
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Resource plan publication
Program review and monitoring
Contingencies - what-if planning
7. Commercialization (often considered post-NPD)
Launch the product
Produce and place advertisements and otherpromotions
Fill the distribution pipeline with product
Critical path analysis is most useful at this stage
8. New Product Pricing
Impact of new product on the entire product portfolio
Value Analysis (internal & external)
Competition and alternative competitive technologies
Differing value segments (price, value and need)
Product Costs (fixed & variable)
Forecast of unit volumes, revenue, and profit
https://en.wikipedia.org/wiki/Advertisinghttps://en.wikipedia.org/wiki/Promotion_(marketing)https://en.wikipedia.org/wiki/Distribution_(business)https://en.wikipedia.org/wiki/Critical_path_analysishttps://en.wikipedia.org/wiki/Critical_path_analysishttps://en.wikipedia.org/wiki/Distribution_(business)https://en.wikipedia.org/wiki/Promotion_(marketing)https://en.wikipedia.org/wiki/Advertising -
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FEW EXAMPLES
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McDonalds in India
The McDonalds Story - GenesisThe story of McDonalds started in 1954, when its founder Raymond Kroc saw a
hamburger stand in San Bernardino, California and envisioned a nationwide fast
food chain. Kroc proved himself as a pioneer who revolutionized the American
restaurant industry. Today McDonalds is the worlds largest fast food chain serving
47 million customers daily. McDonalds is now one of the most valuable brands
globally, worth more than $25 billion. The Golden Arches and its mascot Ronald
McDonald have gained universal recognition. Though the company has roots in the
US, McDonalds today has become an accepted citizen of the world.
McDonalds entered India in 1996. McDonalds India has a joint venture with
Connaught Plaza Restaurants and Hard Castle Restaurants. Connaught Plaza
Restaurants manages operations in North India whereas Hard Castle Restaurants
operates restaurants in Western India. McDonald's Corporation(NYSE: MCD) is the
world's largest chain ofhamburger fast food restaurants, serving around 68
million customers daily in 119 countries. Headquartered in the United States, the
company began in 1940 as a barbecue restaurant operated by Richard and
Maurice McDonald; in 1948 they reorganized their business as a hamburger stand
using production line principles. Businessman Ray Krocjoined the company as a
franchise agent in 1955. He subsequently purchased the chain from the McDonald
brothers and oversaw its worldwide growth.
A McDonald's restaurant is operated by either a franchisee, an affiliate, or the
corporation itself. The corporation's revenues come from the rent, royalties and
fees paid by the franchisees, as well as sales in company-operated restaurants.
McDonald's revenues grew 27 percent over the three years ending in 2007 to $22.8
billion, and 9 percent growth in operating income to $3.9 billion.
McDonald's primarily sells hamburgers, cheeseburgers, chicken, french
fries, breakfast items, soft drinks, milkshakes and desserts. In response to changing
http://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://www.nyse.com/about/listed/lcddata.html?ticker=mcdhttp://en.wikipedia.org/wiki/Hamburgerhttp://en.wikipedia.org/wiki/Fast_food_restauranthttp://en.wikipedia.org/wiki/Richard_and_Maurice_McDonaldhttp://en.wikipedia.org/wiki/Richard_and_Maurice_McDonaldhttp://en.wikipedia.org/wiki/Production_linehttp://en.wikipedia.org/wiki/Ray_Krochttp://en.wikipedia.org/wiki/Franchiseehttp://en.wikipedia.org/wiki/Affiliate_(commerce)http://en.wikipedia.org/wiki/Hamburgerhttp://en.wikipedia.org/wiki/Cheeseburgerhttp://en.wikipedia.org/wiki/Chicken_(food)http://en.wikipedia.org/wiki/French_frieshttp://en.wikipedia.org/wiki/French_frieshttp://en.wikipedia.org/wiki/Breakfasthttp://en.wikipedia.org/wiki/Soft_drinkhttp://en.wikipedia.org/wiki/Milkshakehttp://en.wikipedia.org/wiki/Desserthttp://en.wikipedia.org/wiki/Desserthttp://en.wikipedia.org/wiki/Milkshakehttp://en.wikipedia.org/wiki/Soft_drinkhttp://en.wikipedia.org/wiki/Breakfasthttp://en.wikipedia.org/wiki/French_frieshttp://en.wikipedia.org/wiki/French_frieshttp://en.wikipedia.org/wiki/Chicken_(food)http://en.wikipedia.org/wiki/Cheeseburgerhttp://en.wikipedia.org/wiki/Hamburgerhttp://en.wikipedia.org/wiki/Affiliate_(commerce)http://en.wikipedia.org/wiki/Franchiseehttp://en.wikipedia.org/wiki/Ray_Krochttp://en.wikipedia.org/wiki/Production_linehttp://en.wikipedia.org/wiki/Richard_and_Maurice_McDonaldhttp://en.wikipedia.org/wiki/Richard_and_Maurice_McDonaldhttp://en.wikipedia.org/wiki/Fast_food_restauranthttp://en.wikipedia.org/wiki/Hamburgerhttp://www.nyse.com/about/listed/lcddata.html?ticker=mcdhttp://en.wikipedia.org/wiki/New_York_Stock_Exchange -
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consumer tastes, the company has expanded its menu to
includesalads, fish, wraps, smoothies and fruit.
McDonalds Strategy:
McDonalds studied the behaviour of the Indian customer and provided a totally
different menu as compared to its International offering.
It dropped ham, beef and mutton burgers from the menu.
India is the only country where McDonalds serve vegetarian menu.
Even the sauces and cheese used in India are mostly vegetarian.
McDonalds came up with chicken, lamb and fish burgers to suite the Indian palatefor non-vegetarian.
McVeggie burger and McAlooTikki for vegetarian.
Target segments are vegetarian people and children, youth and the young urban
family.
Strategy aim at making McDonalds a fun place to eat.
In addition, facilities like Wi-Fi are also provided to attract students to the outlets like
the one at Vile Parle in Mumbai
http://en.wikipedia.org/wiki/Saladhttp://en.wikipedia.org/wiki/Fish_(food)http://en.wikipedia.org/wiki/Wrap_(food)http://en.wikipedia.org/wiki/Smoothieshttp://en.wikipedia.org/wiki/Smoothieshttp://en.wikipedia.org/wiki/Wrap_(food)http://en.wikipedia.org/wiki/Fish_(food)http://en.wikipedia.org/wiki/Salad -
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Business Model:
Franchise Model Only 15% of the total number of restaurants are owned by the
Company. The remaining 85% is operated by franchises. The company follows a
comprehensive framework of training and monitoring of its franchises to ensure that
they adhere to the Quality, Service, Cleanliness and Value propositions offered
by the company to its customers.
Product Consistency By developing a sophisticated supplier networked operation
and distribution system, the company has been able to achieve consistent product
taste and quality across geographies.
Act like a retailer and think like a brand McDonalds focuses not only ondelivering sales for the immediate present, but also protecting its long term brand
reputation.
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Volkswagen In India
Volkswagen India Private Limited is a subsidiary ofVolkswagen Group Sales India
Private Limited that assembles, manufactures and distributes Volkswagen vehicles
in India. It was established in 2007. Volkswagen (VW) is a German automobile
manufacturer headquartered in Wolfsburg, Lower Saxony, Germany. Volkswagen is
the original and top-selling marque of the Volkswagen Group, the biggest German
automaker and the second biggest automaker in the world.
Volkswagen has three cars in the top 10 list of best-selling cars of all time compiled
by the website 24/7 Wall St: the Volkswagen Golf, the Volkswagen Beetle, and
the Volkswagen Passat. With these three cars, Volkswagen has the most cars of any
automobile manufacturer in the list that are still being manufactured. Volkswagen
ranks first in spending the most money of any automaker on research and
development.
Volkswagen strategies in India
As a first step, the Volkswagen brand launched the globally successful Passat
Product range extends from low-consumption small cars to luxury class vehicles and
trucks.
Volkswagen Group India, the Indian subsidiary is a part of Volkswagen AG.
It has its headquarters in Pune, Maharashtra (India).
Volkswagen Group is represented by three brands in India: Volkswagen, Audi and
Skoda.
http://en.wikipedia.org/wiki/Subsidiaryhttp://en.wikipedia.org/wiki/Volkswagen_Group_Sales_Indiahttp://en.wikipedia.org/wiki/Volkswagen_Group_Sales_Indiahttp://en.wikipedia.org/wiki/Volkswagenhttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Wolfsburghttp://en.wikipedia.org/wiki/Lower_Saxonyhttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Marquehttp://en.wikipedia.org/wiki/Volkswagen_Grouphttp://en.wikipedia.org/wiki/Volkswagen_Golfhttp://en.wikipedia.org/wiki/Volkswagen_Beetlehttp://en.wikipedia.org/wiki/Volkswagen_Passathttp://en.wikipedia.org/wiki/Volkswagen_Passathttp://en.wikipedia.org/wiki/Volkswagen_Beetlehttp://en.wikipedia.org/wiki/Volkswagen_Golfhttp://en.wikipedia.org/wiki/Volkswagen_Grouphttp://en.wikipedia.org/wiki/Marquehttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Lower_Saxonyhttp://en.wikipedia.org/wiki/Wolfsburghttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Volkswagenhttp://en.wikipedia.org/wiki/Volkswagen_Group_Sales_Indiahttp://en.wikipedia.org/wiki/Volkswagen_Group_Sales_Indiahttp://en.wikipedia.org/wiki/Subsidiary -
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Volkswagen is the highest volume brand of VW Group.
Volkswagen presents itself in a variety of segments as a premium manufacturer of
high-volume models.
Aggressive price tags and high-decibel advertisements.
It will be positioned at the upper-end of the country's mid-sized sedan segment.
Volkswagen India has adopted a top-down strategy to arrive at competitive pricing.
Strive for success in terms of profitability, customer satisfaction and quality,
accessing new markets and increasing production output, and attractiveness as an
employer.
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Conclusion
The strategy behind the developing and implementing of product is not an easy thing
most of organization struggling in this part of business. As I mention in my practical
study Procter & gamble says this process the initiative. The whole process is not
based on well idea which can took from research department internal or external
sources of organization. Idea screening is also very important it is essential to pick
the positive values of idea and refine the negative one. Marketing strategy and
business analysis is also significant potion. Without dealing market situation andcompetitor movement it is very dangerous to work some new product development.
Product development is not an easy stage its contain different kind of planning like
resources planning, strategic planning. The resources of any organization play a vital
role in product developing big organization normally rely on there internal resources
which are much benefited for them. If we conceder all the part of test marketing it is
the key of conclusion the organization understand who much they are good in
research or they have good idea of market. Commercialization is also imperative.
High class commercialization can create a huge impact and arrange fine plate foam
for the product.
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References
Tailor.P, 7/00,Marketing is not about providing products or services it is essentially
about providing changing benefits to the changing needs and demands of the
customer
Kotler Philip, Principles of Marketing devised a very interesting concept
ofbenefit building with a product.
Website :
http://learnmarketing.net/product.htm
http://www.businessplans.org/Market.html
http://www.proddev.com/pdf/Succeeding_at_New_Products_the_PG_
Way.pdf
http://www.pg.com
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