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Topic: Planning new product
Prepared by: Mahrukh sheikh
outline New product planning as a
customer driven process Steps in new product Idea generation Screening , evaluating , and
business analysis Product and process
development marketing strategy and
testing Commercialization Variation in the generic new
product planning
Importance of a new product
• Innovation is essential to all the organizations’ continuing growth and performance in the global market place.
• Innovation takes many forms, including goods and services, organizational process, and business designs.
New product planning as a customer driven process
• New product classifications:
1. Newness to market2. Extent of customer
value created
• New product types:
– Transformational innovations
– Substantial innovation
– Incremental improvements
Customer value analysis
Objective is to identify needs for:
1. New products2. Improvements to
existing products3. Improvements in
production processes4. Improvements in
supporting services
Finding Customer Value Opportunities
Finding Customer Value Opportunities
Matching Capabilities to CustomerValue Opportunities
– Fit between capabilities and product offering
Transformational Innovations
– “new-to-the-world” ideas– Customers not always the
best guides
Characteristics of Successful Innovations
Creating an
Innovative Culture Selecting the
Right Innovation Strategy
Developing and Implementing Effective New
Product Processes
Making Resource
Commitments
Leveraging Capabilities
STRATEGIC INITIATIVES
Developing an Innovation Culture
Innovation Workshop for top executives to develop an innovation plan.
Innovation Statement highlighting objectives and senior management’s role and responsibilities.
Training programs for employees and managers.
Communicate the priority of innovation.
Speakers to expose employees to innovation authorities.
New product planningCustomer
NeedsAnalysis
IdeaGenerati
on
Screening
andEvaluatio
n
BusinessAnalysis
MarketingStrategy
Development
ProductDevelopme
nt
Testing
Commercialization
Idea generation
• Idea search: targeted or open-ended?• How extensive and aggressive?• What specific sources are best for
generating a regular flow of new product ideas?
• How can new ideas be obtained from customers?
• Where will responsibility for the new product ideas search be placed?
• What are potential threats from alternative (or disruptive) technologies?
Idea generation
Methods of generating idea
DirectSearch
LinkingMarketing
and Technology
FacilitatingLead UserAnalysis
CreativeMethods
National Policy
ExploratoryCustomerStudies
Alliances/Acquisition/Licensing
TechnologicalInnovation
Screening , evaluating and business analysis
Idea generation
Screening(fit/feasibility)
Concept evaluation
Business analysis
Business Analysis• Revenue Forecasts
• Preliminary Marketing Plan
• Cost Estimation
• Profit Projections
• Other Considerations
Product and process development
New product concept
Market strategy development
Product development
and use testing
Market testing
Launch
Product and process development• Development of the new product includes:
– Product design– Packaging design– Decisions to make or purchase product components
• Product Development Process:– Product Specifications– Industrial Design– Prototype– Use Tests– Process Development
• Collaborative Development
Marketing strategy and testing• Marketing Strategy Decisions
– Market Targeting
– Positioning Strategy
• Market Testing Options
– Simulated Test Marketing
– Scanner – Based Test Marketing
– Conventional Test Marketing
– Testing Industrial Products
– Selecting Test Sites
– Length of the Test
– External Influences
CommercializationThe Marketing Plan
– Complete marketing strategy
– Responsibilities for execution
– Cross – functional approach
Monitoring and Control
– Real – time tracking
– Role of the Internet
– Include product performance metrics with performance targets
Variation in generic product planning• Technology Push Processes
• Platform Products
• Process – Intensive Products
• Customized Products
