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New product development

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New product development

  1. 1. New Product Development• New Product (a) Acquisition 1.Buy Other Company 2 Acquire patents, 3. Buy Franchise (b)Development
  2. 2. An Insight• Organic growth represents the true growth for the core of the company. It is a good indicator of how well management has used its internal resources to expand profits. Organic growth also identifies whether managers have used their skills to improve the business.
  3. 3. Inorganic Growth• A growth in the operations of a business that arises from mergers or takeovers, rather than an increase in the companies own business activity. Firms that choose to grow inorganically can gain access to new markets and fresh ideas that become available through successful mergers and acquisitions.
  4. 4. Types of New products• New to the World products:• Fewer than 10-15% product are truly innovative or new.• Amul Prolife Probiotic Wellness Ice cream.• Modifying and Improving existing products:• LML Vs (Bajaj, Hero Honda, TVS)
  5. 5. Some Links• http://www.pcworld.com/article/130207/the _50_best_tech_products_of_all_time.html
  6. 6. Worlds Most Innovative Company• 1. Apple• 2. Google• 3. Toyota Motors• 4.General Electric• 5. Microsoft.
  7. 7. Six categories of NEW PRODUCT• New to the world of products• New Product Lines• Addition to the existing product lines• Improvements and revisions of existing products• Repositionings• Cost Reductions
  8. 8. WHY Do Some Only?• Innovation in their businesses• Positive Attitude towards business• Risk Takers• Routinized Innovation• Practice teamwork• Allow their people to experiment and fail• They understand continuous innovation is necessary.
  9. 9. New Product Success• Incremental Innovation: Established Company• Disruptive technologies: Newer Companies• Cooper & Kleinschmidt Study:• Domestic product designed only for domestic market show a higher failure rate rather than product with international orientation.
  10. 10. New Product Failure1. Market/marketing failureSmall size of potential market.No clear product differentiationPoor positioningMisunderstanding customer needs.2. Financial failureLow return on investment
  11. 11. New Product Failure3.Timing failure Late in the market“Too” early –market yet not developed4. Technical FailureProduct did not workBad design
  12. 12. NPF5.Organizational failurePoor fit with the organizational cultureLack of Organizational support.6. Environmental failureGovernment regulationsMacroeconomic factors.
  13. 13. Budgeting for NPDStage Number of Ideas Pass Ratio Cost Per Total Cost $ Product Idea $1.Idea 64 1:4 1000 64,000screening2.Concept 16 1:2 20000 320,000testing3. Product 8 1:2 200,000 1,600,000Dev4. Test Mktg 4 1:2 500,000 2,000,0005.National 2 1:2 5,000,000 10,000,000Launch Tot 5,721,000 Tot 13,984,000
  14. 14. IDEA GENERATION• Attribute Listing• Forced Relationships• Reverse Analysis• New Contexts• Mind mapping
  15. 15. Idea Screening• DROP ERROR – Fault Finding Chester Carlson copying machine IBM andEastman Kodak rejected it.IBM thought PC market was small.• Go ERROR – Poor Idea LaunchedIridium Project
  16. 16. Concept Development and Testing• Listening Music while walking.• Powder to add to milk to increase nutritional value.Who will use this product.What is the primary benefitWhen will they consume the product.
  17. 17. Concept Development and TestingExpensive InexpensiveSlow QuickProduct Positioning MAP High Price/Gram Low Price/ Gram Low in Calories High in calories Brand Positioning Map
  18. 18. Concept Testing• Rapid Prototyping• Virtual Reality• What is looked at1. Need Level2. Gap Level3. Perceived Value4. Purchase intention5. User Targets
  19. 19. Marketing Strategy• First Part – Market Size, Structure and behaviour, sales, market share, and profit goals sought in few years.• Second part – Planned Price, distribution strategy and marketing budget.• Third Strategy- Long Run sales and profit goals
  20. 20. Business Analysis 0y 1 2y 3y 4y 5y ySales RevenueCost of Goods SoldGross marginDevelopment Cost -3500Marketing CostAllocated OverheadGross Contribution -3500SupplementaryCont.Discounted Cont --3500Cumulative -3500Discounted cashflow
  21. 21. Product Development• Quality Function deployment – Customer attributes + Engineering Attributes
  22. 22. Market Testing• Sales Wave Research• Simulated test market• Controlled Test marketing• Test Markets
  23. 23. Commercialization• When – First Entry , Parallel Entry, Late Entry• Where –Market Potential, Company Local reputation, Cost of the filling of the pipeline, Competitve penetration.• Whom – Early adpoters, Innovators
  24. 24. Diffusion Theory
  25. 25. Diffusion of Innovation
  • samanshahzeb

    Apr. 18, 2013

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