...NEW PRODUCT DEVELOPMENT This means the development of original products, product improvements, product modification and new brands through the firm’s own research and development efforts. Give the rapid changes in consumer tastes, technology and competition; companies development a steady stream of new products and services. A company can obtain new products in two ways: Acquisition – to buy a whole company, a patent or a license to produce someone else’s products New product development – through the company’s research and development department. Why new products can fail: ▪ The market size may be overwhelmed even if the idea is good. ▪ The actual product was not designed as well as it should have been. ▪ It is incorrectly positioned in the market, priced too high or advertised poorly. ▪ A high level executive might push a favourite idea despite poor marketing research findings. ▪ Costs of development are higher than expected. ▪ The competitors might at times fight back harder than expected. The new product development process involves these major steps: 1) Idea Generation Idea generation means the systematic search of new product ideas. A well known management consultant said, ‘for every 1000 ideas, only 100 ideas will have enough commercial promise to merit a small-scale experiment, only 10 of these will warrant substantial financial commitment and of these only a couple will turn out to be qualified success.’ Major sources...
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...New-Product Development and Product Life-Cycle Strategies Based on: Philip Kotler et al., Principles of Marketing International Marketing Prof. Dr. Thomas Laukamm Objectives - Understand how companies find and develop newproduct ideas. - Learn the steps in the new-product development process. - Know the stages of the product life cycle. - Understand how marketing strategies change during the product’s life cycle. Fach, Dozent, Semester International Marketing Prof. Dr. Thomas Laukamm 1 Definition - New Product Development + Development of original products, product improvements, product modifications, and new brands through the firm’s own R & D efforts. Fach, Dozent, Semester International Marketing Prof. Dr. Thomas Laukamm 2 New Product Development Strategy - New products can be obtained via acquisition or development. - New products suffer from high failure rates. - Several reasons account for failure. Fach, Dozent, Semester International Marketing Prof. Dr. Thomas Laukamm 3 New Product Development Strategy - New Product Development Process: + Stage 1: Idea Generation • Internal idea sources: R&D • External idea sources: Customers, competitors, distributors, suppliers Fach, Dozent, Semester International Marketing Prof. Dr. Thomas Laukamm 4 New Product Development Strategy - New Product Development Process: + Stage 2: Idea Screening • Product development costs increase substantially in later...
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...Lecturer Saud Ahmed Department of Finance Jagannath University, Dhaka. Subject: To submit a report on “New-product development on- Natural Anti-insect.” Dear Sir, We are very delighted to submit the term paper on New-Product Development on Natural Anti-insect product as the course material. Our main incentive is to prepare this term paper according to your guidelines in accordance with your instructions. We have tried our best to produce our work as per your structures and hope we believe we have done an adequate job considering our level of experience and expertise and are able to relate the fundamental things with realistic applications. We are extremely grateful for the opportunities that you gave us to express our innovative ability and we earnestly hope that you will like the work that we have done. Furthermore, we stand by to answer all queries regarding our work and pledge that our New Product Development is a unique production culminated by the amalgamation of our varied skills and had work. Sincerely Yours On behalf of the group Mohammad Sakil Azad 1st year, 1st semester Roll: B110203095 Batch-6th (Finance) Acknowledgement All praise to Allah, our creator and sustainer, for giving us the strength to prepare this assignment. Our heart full thanks to our course teacher “Saud Ahmed” for giving us an important topic about the “New Product Development.” and also for giving suggestion as well as guideline, which helped me in completing this report. As we...
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...NEW PRODUCT DEVELOPMENT New product development is a process which is designed to develop, test and consider the viability of products which are new to the market in order to ensure the growth or survival of the organization. Some of the important features of new product development are:- * Development of original products. * Product improvement. * Product modification. * Inventing new product through R&D efforts. Therefore a new product development process deals with the design, creation, and marketing of new products. * Stages in new product development :- * Idea generation. * Idea screening. * Concept development and testing. * Market strategy development. * Business Analysis. * Product development. * Market testing. * Commercialization. The stages in managing the development process are defined below:- 1. Idea generation: The new product development process starts with the search of ideas. Some marketing experts believe the greatest opportunities and highest leverage with new products are found by uncovering the best possible set of unmet customer needs or technological innovation. It is a continuous, systematic search for new product opportunities. Ideas for new products can be obtained from SWOT analysis. Not only SWOT analysis, companies R&D department, competitors, employees, salespeople helps the organization to obtain ideas for new product development. 2. Idea screening: After the process of...
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...Food Marketing APEC 4451 Fall Semester 2010 New Product Development Process Targeting and Segmentation Dennis J. Degeneffe The Food Industry Center University of Minnesota Why Introduce New Products? • The Case For Introducing New Products – – – “Organic Growth” - Shareholder value Competitive Position Capacity Utilization • The Case Against Introducing New Products – – Risk – the odds against success • High Odds of Failure* • High Cost of Failure “Cannibalization” of existing business. • Therefore introducing new products is a risky business! New Product Development Process • A systematized approach for the development of new products to manage risk. • A general approach that is followed by most major consumer goods companies. – Includes the infusion of creativity… – … and the rigor of evaluative decision points – or “Stage Gates” New Product Development Process Overall Process is made up of 8 stages. Opportunity Identification Idea Generation Concept Development Concept Concept Testing Product Development Positioning Development STM Confirmation Advertising Testing Test Test Marketing Commercialization New Product Development Process … Some are “developmental” sages, and some are “evaluative” stages. Opportunity Identification Idea Generation Concept Development Concept Testing* Product Development Positioning Development STM Confirmation Advertising Testing Test Marketing* Commercialization *”Stage Gates” ...
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...New product development in modern business strategy and its importance. The survival of a business in a world faced with pressures of globalization or global competition depends on the adaptation of strategies to anticipate response and to adapt to market change both locally and internationally. It is vital that firms remain responsive to the local market while ensuring the integration and coordination of operations across world market to allow for the transfer of knowledge. To ensure growth company’s need to plan and adapt a growth strategy. The growth strategy a company adopts is highly dependent on its current success and position within the market place. Using Ansoff’s Matrix below the four growth strategies can be understood. | Existing Product | New Product | Existing Market | Market Penetration | Product Development | New Market | Market Development | Diversification | Product development growth strategy captures a framework focus on company product or service as well as product development process. This strategy examines the company’s capabilities as it relates to its strengths, weaknesses and core competencies, the competitors capabilities as it relates to their strength, weakness, core competency and strategy and the market needs and opportunities, goals as well as financial resources. The need for new product development are many inclusive of the following: 1) Companies need to adapt to the changing needs of the consumer example the need for...
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...Article Review Managing the New Product Development process: Strategic Imperatives Aditi Rana Ankita Khaniya Ashish Silwal Sujal Dhungana Managing Operations and Technology, MBA Term II Arjun Shrestha February 24, 2013 Background: Published by “Academy of Management”, Melissa A. Schilling and Charles W. L. Hill have co-authored the article is “Managing the New Product Development process: Strategic Imperatives”. This article has been extracted from “The Academy of Management Executive (1993-2005), Vol. 12, No. 3 (Aug., 1998), pp. 67-81”. “Managing the new product development process: Strategic imperatives” explores into the new product development (NPD) process and the strategies involved with it. Unprecedented importance goes into the study and implementation of the NPD process by various departments of businesses, and it has become a key driver of competition between firms in majority of industries. Researchers have tried to conclude on strategies that could be key to enhance the NPD process. Two major factors have been found to go into consideration for the creation of those strategies: maximizing the fit of products/services with customer needs, and, minimizing the lead-time to the market. Although it may appear that these two factors might create conflicting mandates in a business; researchers have increasingly found indications that businesses may employ...
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...New Product Development Why is it importand to launch a new product? * A successful new product does more for an organization than any other thing can do * Today a high percentage of sales and profits come from new products (> 30% avg) * The process is extremely difficult * Companies take big risks * Failure rate is quite high (40% avg) * It is fun and exciting! A product can be tangible = Goods A product can be intangible = Services B2B =Business to Business BSC =Consumer Products * New product process does not usually start with a new product idea: it begins with an amount of Strategy * Marketing does not start when the procut is finished: it often starts before ideation * The process is not over when the product is launched=It ends when the new products is successful * Very few are taken to launch and only a small fraction succeed: high risks! * Most new ideas are epresed as lie extensions of existing brands= Parent Brands awareness+values * Most new ideas....are not that new: what’s new for you may not be new for consumers Opportunity An opportunity is a business or technology gap that a company or individual realizes that exists between the current situation and an envisioned future in ordert o capture competitive advantage, respond to a threat, solve a problem or ameliorate a difficulty A Strategy: It is necessary, because it ist he foundation for a new product management A new product development...
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... | |Md. Miraj |B110203047 | |Md. Asif Ahsan |B110203092 | |Nishit Datta |B110203036 | Letter of Transmittal 6th May, 2012 Saud Ahmed Lecturer Department of Finance Jagannath University Subject: To submit a report on “New Product Development” Dear Sir, This is to inform you that I have completed my report on “New Product Development” Here I tried my best to give an overview of Cucumber Juice as a new product. In preparing this report I have followed the instructions of yours. I will be glad to clarify any discrepancy that may arise. Thank you for your cooperation. Sincerely, SPARKER'Z BBA...
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...Task Two – Target 1200 words QN: Identify the skills needed for successful New Product Development and where they will be found within or outside the organisation, with consideration to the roles of the team members. Answer Developing a successful drive for new products and product development of TSS’ product range is a very complex process with the main difficulties, from a marketer’s perspective, being the integration of a team of various people or departments involved in the product development. Belbin (2004) concluded that there were only a few ways that people could contribute to teamwork with the essential contributions comprising of the following; Co-ordinating the efforts of the team, Creating ideas, Motivating and driving the team forward, Exploring resources, Evaluating options, Organising the work, Following up on detail, Supporting others and Providing expertise NPD like any other process involves numerous stages for it to be complete and in order for us to identify a team with the appropriate skills and capabilities needed for successful new product development in TSS, the analysis of the stages involved in this NPD process below combined with Belbin (2004)’s suggestions for teamwork would provide a job analysis benchmark for the team that will be sourced to carry out these developments. Idea Generation According to Jobber and Chadwick (2013), the sources of new product ideas can be internal to the company through marketers, salespeople, consumers especially...
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...LP 1 New Product Development Idea Generation: This is the stage where the idea is created and designed Development: The CDs will be designed and tested, during this stage manufacturing process will be considered in developing the CD it must play the highest quality and should be durable. Test Marketing: During the testing stage it should be tested in the lab, friend and families before proceeding to the real customers. Business Analysis: Information should be collected by recording label on the market competition, estimated sales, estimated cost, expected rate of return and profitability (this should be easy as the company is been run from the garage of the band leader who is not expecting to receive any pay for the next 3 years. Introduction/Launch: Once the CDs have been tested to make sure it works the way it should, it is made available to customers, most times some companies will launch it at once or launch it to a select group or in phases. The similarities can be seen the ideas stated above and the New-Product development process in the text book such as the Concept Development which can be compared to the idea generation, development stage some of the stages intertwine with another. The Product design which is the stage of designing the actual product which is similar to the development and testing phase of the product to ensure it meets the specifications and durability expected. Pilot Production/ Testing in this stage the products requires testing before they...
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... |Rafiqul Alam Khan |B110203126 | |02. |Rakibul Haque |B110203079 | |03. |Helal Chowdhury |115315 | |04. |Reshma Akter |B1102030 | |05. |Alim Ehsan Dipon | B110203105 | Letter of Transmittal 30th April, 2012 Saud Ahmed Lecturer Department of Finance Jagannath University, Dhaka. Subject: To submit an assignment of “New Product Development.” Dear Sir, This is informed you that we have completed our Assignment on “New Product Development”. Here we tried our best to give an overview of product development, types of information, and its contribution to overall marketplace and a practical example of it, related to our course ‘Principles of Marketing’. In preparing this Assignment we have followed the instruction of yours, we will be glad to clarify any discrepancy that may arise. Thank you for your...
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...3) increase of product variety. Food production and assembly will take place in the kitchen of the restaurant 10.4 (2010) (286-300. Business Source Premier). Fresh vegetables, meat and dairy products will be used to crate most of the dishes from scratch. The chef will exercise strict standards of sanitation, quality production, and presentation or packaging over the kitchen and service staff. Product Development Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions may choose to often follow set procedures for bringing products to market. New product development relies on bringing together different disciplines to make sure the new product has the required functionality and appeals to a target market. As a result, companies have to implement specific organizational structures that promote effective new product development and strategies. There are several components of successful restaurant marketing Branding is one of the key components. There has been lots of hype over...
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...Acknowledgement At the very outset I want to congratulate our honorable course teacher Dr. Riazur Rahman Chowdhury to give me a chance to preparing a Feasibility Plan of a New Product. It has been a great honor for us to take part in such a prestigious opportunity. I express our gratitude to all the well wishers who supported me all the time with their helping hands. Executive Summary I want to market Green Coconut Water. I have prepared this feasibility plan on that basis. I have assigned a name for the product as “Jaul”. Since the raw materials are very much available in our country, we have decided to give the product an indigenous image. Jaul is a kind of soft drink that provides the consumers with processed green coconut water in bottles. For the marketing purpose of the product we have decided to launch three product lines. The Jaul would be launched in the market at 250 ml. 500 ml. and 1 Litre bottle. I have set a reasonable price for the product so that all kinds of people can afford to buy this soft drink. I have followed the Target Costing pricing approach. I would gain a competitive advantage, as this is a first hit in the market. I have targeted a huge market segment for the product. Bangladesh is a large populated country. Lots of people are looking for such a product. Green Coconuts are not available all the time. For example: a person walking on the street. Suddenly he feels thirsty. Now if he wishes to drink green coconut water he cannot find it easily...
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...DEVRY INC. New Sports Simulator By: Ryan Cattell D01052763 9/9/2012 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] Sports Simulator I am currently coaching high potential baseball camps as well as am a head coach for travel teams in the Chicago land area. As a coach we are always trying to find new ways of relaying the information to the student in order for them to understand what they are doing right and more importantly how to fix the things they are doing wrong. You may know that sometimes when teaching at any level people learn different ways, but one of the most important ways is to see what you’re doing wrong and being able to compare it with someone who is doing things right. This is where the sports simulator comes in. The simulator helps students see what they are doing while comparing their athletic motion to one of their favorite players, now this is not just for baseball but can be for all sports. What we would do is design a program that has different professional athletes, say a pitcher for example, to have video taken of them throwing a baseball from the wind up and the stretch. Once we have these videos we can down load them into a data base which allows us to access them at any time. When we have a student that is trying to get better at pitching...
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