Ch19-3

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


THE MASTER PLAN

(CREATE)


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)


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


CONCEPT DEVELOPMENT• Conceptualizing the idea

into a user friendly product or service

• On the ground testing of the concept with reviews from consumers


BUSINESS ANALYSIS• Understanding profitability

of the service

• Product positioning, marketing strategy, target market be identified/created


PRODUCT DEVELOPMENT• Creation of a prototype/limited production model

• Consumer testing to get feedback on design and specifications.


MARKET TESTING• Introduction of the

prototype in line with the proposed marketing strategy


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


THE LAUNCH• A detailed launch plan with assisting marketing strategies to

reach out to the target segment

Business

Ch19-3