New product development stages - marketing management

Stages of new product development, which is helpful in developing a new product in the market

1. NEW PRODUCT DEVELOPMENT STEPS Or stages C.DHARSHANAA, Assistant Professor V.V.Vanniaperumal College for Women, Virudhunagar Dharshanaa.C ( Marketing Management)

2. Dharshanaa.C ( Marketing Management) Dharshanaa.C ( Marketing Management)

3. NEW PRODUCT IDEA Generating new ideas – interactive with employees, study competitor, adopting creative techniques CROWD SOURCING- C rowdsourcing is a specific sourcing model in which individuals or organizations use contributions from internet users to obtain needed services or ideas. Three types of new product A) Innovative new product – X erox B) Emulative new product – C olour X erox C) Adaptive new product - watch added with digital format Innovative or emulative product is new to the company. Adaptive product is new to the consumer or customer. Dharshanaa.C ( Marketing Management)

4. Adopting creative technique Attribute listing Forced relationships Morphological analysis ( Laundry Bag) Mind Mapping Sony Walkman = audio + portable Cybercafés = cafeteria + internet Dharshanaa.C ( Marketing Management)

5. Idea screening Evaluate all ideas and inventions. Should avoid two errors A) Rejecting an idea that could become a more successful product. B) Accepting an idea that later fails. Dharshanaa.C ( Marketing Management)

6. CONCEPT DEVELOPMENT AND TESTING Choose the best among the alternative products. Who will use the product? What primary benefit should this product provide? When will they intake? Product positioning map (Breakfast Map) Need level, Gap level, Purchase intention and Perceived value . Dharshanaa.C ( Marketing Management)

7. BUSINESS ANALYSIS Market potential, Capital Investment, rate of return on capital etc., Market research , Cost benefit analysis and competition analysis. One-time purchased product Infrequently purchased product Frequently purchased product Dharshanaa.C ( Marketing Management)

8. Product development programme Dharshanaa.C ( Marketing Management)

9. Test marketing Consumer testing – consumers in Cities/ Rural areas. Market testing – brand, logo and packaging Sales wave research- offered at no cost- competitors product at reduced price Stimulated test marketing. Dharshanaa.C ( Marketing Management)

10. commercialization Advertising and promotional campaign. Mass production. First entry – first mover advantage Parallel entry - coincide with competitors entry Late entry – learn the size of the market WHERE , TO WHOM AND HOW Dharshanaa.C ( Marketing Management)