The document outlines an 8-step new product development process: 1) Idea Generation, 2) Idea Screening, 3) Concept Development and Testing, 4) Marketing Strategy Development, 5) Business Analysis, 6) Product Development, 7) Market Testing, and 8) Commercialization. It describes techniques for generating ideas such as attribute listing and mind mapping. It also provides details on screening ideas, developing product concepts, testing concepts, determining marketing strategy, analyzing business factors, and discouraging overly cautious statements about new ideas.

1. NEW PRODUCT
DEVELOPMENT PROCESS
I)
II)
III)
IV)
V)
VI)
VII)
VIII)
IDEA GENER
ATION
IDEA SCREENING
CONCEPT DEVELOPMENT AND TESTING
MARKETING STRATEGY DEVELOPMENT
BUSINESS ANALYSIS
PRODUCT DEVELOPMENT
MARKET TESTING
COMMER
CIALISATION

2. IDEA GENERATION


Interacting with others
Creativity techniques






Attribute listing
Forced relationship
Morphological analysis
Reverse assumption analysis
New contexts
Mind mapping

3. IDEA SCREENING

Avoid errors as follows

Drop error

Go error

4. Product Idea Rating Device
(Weighted Index Method)
Product
Success
Requirements
Relative weight
(a)
Product Score
(b)
Product Rating
(c=axb)
Unique or
Superior Product
0.4
0.8
0.32
High
Performance-tocost ratio
0.3
0.6
0.18
High Marketing
dollar support
0.2
0.7
0.14
Lack of strong
competition
0.1
0.5
0.05
Total
1.00
0.69
0.00 to 0.30 POOR, 0.31 to 0.60 FAIR, 0.61 to 0.80 GOOD, Min. Acceptance rate 0.61

5. CONCEPT DEVELOPMENT



Who will us e the p ro d uc t?
Wha t p rim a ry be ne fit s ho uld this p ro d uc t
p ro vid e ?
Whe n will this p ro d uc t be c o ns um e d ?
Thus a transition from a ‘product idea’ to a
‘product concept’

6. CONCEPT DEVELOPMENT

PRODUCT MAPPING

BRAND MAPPING

7. CONCEPT TESTING






Test the product concept based on following
parameters
Communicability and Believability
Need level
Gap level
Perceived value
Purchase intention
User targets, purchase occasions, purchasing
frequency

8. MARKETING STRATEGY
DETERMINE FOUR Ps

9. BUSINESS ANALYSIS

Estimating total sales

Estimating costs and profits

10. PRODUCT DEVELOPMENT

11. MARKET TESTING

12. COMMERCIALISATION

13. DISCOURAGING STATEMENTS FOR NEW
PRODUCT IDEAS
It won’t work here!
We’ve tried it before!
This isn’t the right time!
It can’t be done!
This is not the way we do things!
We’ve done alright without it!
It will cost too much!
Let’s discuss it at our next meeting!