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New Product Innovation
Agenda
   Product Development
   Market Research
   Concept Testing
   Prototype Development
   Market Testing
   Product Launch
   Discussion
Why New Products?
 New product development is critical to long-
  term success
 Approximately one-third of the revenue a
  business generates is coming from products
  they did not sell five years ago
 Changing environment creates new demands
  and needs
Product Development
 Must be alert to quickly develop opportunities
 Focus on markets or product categories
  consistent with organization’s objectives,
  resources, capabilities and strengths
 Securing a competitive advantage
Industrial New Product Ideas
   Company sources other than R&D     36.2%
   Analysis of the competition       27.0%
   Research & Development           24.3%
   Product users                  15.8%
   Supplier suggestions            12.5%
   Product user research           10.5%
   Published information             7.9%
New Products
 A way of getting new and keeping old
  customers
 Effective way of obtaining a competitive
  advantage
 Source of growth and excitement
New Product Categories
 New to the world products
 New product lines
 Product line extensions
 Improvements and revisions to existing
  products
 Repositionings
 Cost reductions
Product Development Process
                                                       Product
                                                       Launch
                                             Test
                                           Marketing
                              Prototype
                             Development
                   Concept
                   Testing
Market research
     and
Opportunity scan
Marketing
 Very important to product development success
 Key to successful marketing is imaginative,
  effective, creative communication
 Find a need and fill it.
 Mutually beneficial exchange relationships
 Non-profit organizations have sometimes difficult
  task
Marketing Strategies
 Increase the number of customers
 Increase the average transaction
 Increase the frequency of repurchase
Marketing Concepts
   Consumer orientation
   Customer service orientation
   Profit orientation
   Society
Marketing Mix

            Price   Placement

Product                         Promotion
Market Research
 Who is my target audience?
 Are there enough members of this target group to
  make the business worthwhile?
 How large is the potential market and how much of
  that potential market can I capture?
 Who is my competition and what would make
  someone choose my product over their current?
Market Opportunity and Threats
Societal Focus             Economic Realities
                          •GNP
•Population Shifts
                          •Disposable Income
•Values
                          •Discretionary Income
•Attitudes
•Competition
•Trends
Technological
Development
•Advance in             Legal & Regulatory
technology              Condition
•Market receptiveness   •Laws
to technology           •Regulations
Market Placement
Identify target markets
     Size and growth potential
     Ability and ease of reaching segment
     Good fit with organizational objectives
     Greatest revenue generation with least investment
Market Placement
Determine opportunity
     Segment size
     Annual usage potential
     Anticipated annual growth rate
     Margin
     Value in use
Evaluate competition
     Strengths/Limitations
     Implications
Market Research – Pricing Strategies
 Goal is to achieve a target profit
 Can you hold a product’s manufacturing costs
  down to less than 25% of its perceived value?
 Estimating manufacturing costs
     Obtain price quotes from several suppliers
Concept Testing
Determine
     Critical success factors
     Financial objectives
     Marketing mix strategies
         Product, Pricing, Promotion, Placement
     Marketing plan initiatives
         Activity, Budget, Timing
Prototype and Test Marketing
Survey end-users
     Do you prefer this product over your current
      product?
     Does this product meet the need you thought it
      would?
     Does the way the product works provide an
      important benefit?
Promotion and Product Launch
 Publicity
     Trade journals
     Conferences
 Personal selling
 Word of mouth
Reasons For New Product Failures
   Poor marketing research
   Technical problems
   Insufficient marketing effort
   Bad timing
Marketing Plan
Audit
     Challenge and refine assumptions from current
      plan
     Evaluate success for input into next year’s plan
     Revise plan for new year incorporating
      marketplace learnings, marketing insights and
      current plan successes
Summary
 New product development drives growth
 Market research is critical to the success of a
  new product launch
 Market research is a continuous process as
  customer needs, your business and the
  environment changes

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New product innovation ppt

  • 2. Agenda  Product Development  Market Research  Concept Testing  Prototype Development  Market Testing  Product Launch  Discussion
  • 3. Why New Products?  New product development is critical to long- term success  Approximately one-third of the revenue a business generates is coming from products they did not sell five years ago  Changing environment creates new demands and needs
  • 4. Product Development  Must be alert to quickly develop opportunities  Focus on markets or product categories consistent with organization’s objectives, resources, capabilities and strengths  Securing a competitive advantage
  • 5. Industrial New Product Ideas  Company sources other than R&D 36.2%  Analysis of the competition 27.0%  Research & Development 24.3%  Product users 15.8%  Supplier suggestions 12.5%  Product user research 10.5%  Published information 7.9%
  • 6. New Products  A way of getting new and keeping old customers  Effective way of obtaining a competitive advantage  Source of growth and excitement
  • 7. New Product Categories  New to the world products  New product lines  Product line extensions  Improvements and revisions to existing products  Repositionings  Cost reductions
  • 8. Product Development Process Product Launch Test Marketing Prototype Development Concept Testing Market research and Opportunity scan
  • 9. Marketing  Very important to product development success  Key to successful marketing is imaginative, effective, creative communication  Find a need and fill it.  Mutually beneficial exchange relationships  Non-profit organizations have sometimes difficult task
  • 10. Marketing Strategies  Increase the number of customers  Increase the average transaction  Increase the frequency of repurchase
  • 11. Marketing Concepts  Consumer orientation  Customer service orientation  Profit orientation  Society
  • 12. Marketing Mix Price Placement Product Promotion
  • 13. Market Research  Who is my target audience?  Are there enough members of this target group to make the business worthwhile?  How large is the potential market and how much of that potential market can I capture?  Who is my competition and what would make someone choose my product over their current?
  • 14. Market Opportunity and Threats Societal Focus Economic Realities •GNP •Population Shifts •Disposable Income •Values •Discretionary Income •Attitudes •Competition •Trends Technological Development •Advance in Legal & Regulatory technology Condition •Market receptiveness •Laws to technology •Regulations
  • 15. Market Placement Identify target markets  Size and growth potential  Ability and ease of reaching segment  Good fit with organizational objectives  Greatest revenue generation with least investment
  • 16. Market Placement Determine opportunity  Segment size  Annual usage potential  Anticipated annual growth rate  Margin  Value in use Evaluate competition  Strengths/Limitations  Implications
  • 17. Market Research – Pricing Strategies  Goal is to achieve a target profit  Can you hold a product’s manufacturing costs down to less than 25% of its perceived value?  Estimating manufacturing costs  Obtain price quotes from several suppliers
  • 18. Concept Testing Determine  Critical success factors  Financial objectives  Marketing mix strategies  Product, Pricing, Promotion, Placement  Marketing plan initiatives  Activity, Budget, Timing
  • 19. Prototype and Test Marketing Survey end-users  Do you prefer this product over your current product?  Does this product meet the need you thought it would?  Does the way the product works provide an important benefit?
  • 20. Promotion and Product Launch  Publicity  Trade journals  Conferences  Personal selling  Word of mouth
  • 21. Reasons For New Product Failures  Poor marketing research  Technical problems  Insufficient marketing effort  Bad timing
  • 22. Marketing Plan Audit  Challenge and refine assumptions from current plan  Evaluate success for input into next year’s plan  Revise plan for new year incorporating marketplace learnings, marketing insights and current plan successes
  • 23. Summary  New product development drives growth  Market research is critical to the success of a new product launch  Market research is a continuous process as customer needs, your business and the environment changes