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Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
SYNOPSISWhat are the main stages in developing new products and services?Marketing Management - A South Asian Perspective, 14 edition, P. Kotler
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
IDEA GENERATION• Market Research
(Consumers Surveys, Industry benchmarks, Competitor analysis etc)
• SWOT analysis of the product/service (USP, differences from other existing services, if any)
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
IDEA SCREENING• Review of the pool of ideas
created by cross-functional teams/stage-gate systems to ensure synergy between the expectations of the product and the idea conceived
• Reviewing generally done by a group/committee formed in the organisation
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
CONCEPT DEVELOPMENT• Conceptualizing the idea
into a user friendly product or service
• On the ground testing of the concept with reviews from consumers
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
BUSINESS ANALYSIS• Understanding profitability
of the service
• Product positioning, marketing strategy, target market be identified/created
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
PRODUCT DEVELOPMENT• Creation of a prototype/limited production model
• Consumer testing to get feedback on design and specifications.
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
MARKET TESTING• Introduction of the
prototype in line with the proposed marketing strategy
Sai Chakradhar Araveti, Junior Undergraduate, IIT Delhi
COMMERCIALIZATION• Development of a pricing
model, variations in the product according to the income segments in the target market etc
• Detailed marketing and production plans to commercialize the prototype
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