The document discusses product development, outlining the seven key steps as new product strategy, idea generation, idea screening, business analysis, development, test marketing, and commercialization. It notes that firms can develop new products through acquisition of other companies or licenses, or through internal research and development. Risks of product development include strategic, portfolio, technical, supply chain, and talent risks. It provides examples of customer-centered, team-based, and systematic approaches to product development.

1. PRODUCT DEVELOPMENT
PPT
--BY ROHAN
SINGH

3. Definition:
The creation of products with new or different
characteristics that offer new or additional benefits to the
customer.
Product development may involve modification of an
existing product or its presentation, or formulation of an
entirely new product that satisfies a newly defined customer
want or market niche.
PRODUCT DEVELOPMENT

4. THE SEVEN STEPS ARE:
NEW PRODUCT STRATEGY.
IDEA GENERATION.
IDEA SCREENING.
BUSINESS ANALYSIS.
DEVELOPMENT.
TEST MARKETING.
COMMERCIALIZATION AND NEW PRODUCT.
REVIEW OF MARKET PERFORMANCE.

6. A firm can obtain new products through:
 Acquisition refers to the buying of a whole
company, a patent, or a license to produce
someone else’s product.
 New product development refers to original
products, product improvements, product
modifications, and new brands developed from
the firm’s own research and development.

8. RISKS ASSOCIATED TO PRODUCT
DEVELOPMENT :
STRATEGIC PRODUCT DEVELOPMENT RISK;
PRODUCT PORTFOLIO RISK;
TECHNICAL RISK;
SUPPLY CHAIN RISK;
TALENT RISK.

9. EXAMPLE OF BAD PRODUCT DEVELOPMENT

10. TYPES OF PRODUCT DEVELOPMENT

11. Example of customer centered product
development :
This approach focuses on finding new ways to solve customer problems
and create more customer satisfying Experiences for them.

12. Example of team-based product development
It is a development approach where company departments work closely
together in cross-functional teams, overlapping in the product-
development process to save time and increase effectiveness……BUT
THERE ARE CERTAIN LIMITATIONS AS WELL..,
THIS APPROACH CAN CREATE ORGANISATIONAL TENSION AND CONFUSION.

13. Example of Systematic product development
 Highly systematic and calculated approach;
Specific needs of customers are targeted through the strategic
innovation approach
It is an innovative development approach that collects, reviews,
evaluates, and manages new product ideas ;
 Creates an innovation-oriented culture ;
 Yields a large number of new-product ideas.
Example : APPLE…

14. WHAT NEXT…???
• AFTER PRODUCT HAS BEEN DEVELOPED, IT GOES THROUGH VARIOUS
STAGES COMMONLY KNOWN AS PRODUCT LIFE-CYCLE.
Introduc
tion
maturity
growth
decline

15. ADDITIONAL CONSIDERATIONS WHILE
DEVELOPING A PRODUCT
 PRODUCT DECISIONS AND SOCIAL RESPONSIBILITY.
 PUBLIC POLICY AND REGULATIONS REGARDING DEVELOPING
PRODUCTS, PATENT PROTECTION, PRODUCT QUALITY AND SAFETY,
AND PRODUCT WARRANTIES.
 CUSTOMS. VALUES AND LAW OF CONCERNED PLACE WHERE THE
PRODUCT IS TO BE LAUNCHED.

16. CONCLUSION
 Implementation of new product development process has
helped businesses focus their new product investment on the
most potentially rewarding projects.
 It has reduced the time between idea and revenue by
simplifying the complex activities required for commercial
success.
 New product development drives growth and gives a
competitive advantage over rivals.