...New Product Idea Product Name We are planning to manufacture an energy or sports drink that is not yet manufactured in Bangladesh. Our product’s name is VERVE energy drink. We will name the drink based on the flavor it will have. For example, if it’s orange flavored then the energy drink’s name will be VERVE orange. Product Description VERVE energy drink will be fruit flavored. It will be available in different flavors like orange, mango, lemon, apple and pineapple. We are planning to market it in bottles and cans. The ingredients of this energy drink are listed below: * Water * High fructose corn syrup * Citric acid * Natural flavors * Sucrose and dextrose * Salt * Sodium citrate * Artificial colors * B vitamins The nutrition info is as follows: Per serving Per container | 250ml | %DV* | 500ml | %DV* | Calories | 50 | - | 130 | - | Total fat(g) | 0 | 0 | 0 | 0 | Sodium(mg) | 110 | 5 | 270 | 11 | Total carbs(g) | 14 | 5 | 34 | 11 | Sugars(g) | 14 | - | 34 | - | Protein(g) | 0 | - | 0 | - | Not a significant source of other nutrients. *Percent Daily Values (DV) are based on a 2,000 calorie diet. Calorie and nutrient values are rounded as required by the Food & Drug Administration. This can produce irregularities among sizes. More info: Per Container Per Serving | 250ml | 500ml | % Juice | 0 | 0 | Caffeine (mg) | 0 | 0 |...
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...Toolkits for idea competitions: a novel method to integrate users in new product development Frank T. Piller1,2 and Dominik Walcher1 TUM Business School, Technische Universitat Munchen, Leopoldstrasse 139, 80804 Munich, ¨ ¨ Germany. walcher@wi.tum.de 2 MIT Sloan School of Management, 50 Memorial Drive, E52-513, Cambridge, MA 02139, USA. piller@mit.edu 1 Research has shown that many innovations originate not in the manufacturer but the user domain. Internet-based toolkits for idea competitions (TIC) are a novel way for manufacturers to access innovative ideas and solutions from users. Idea competitions build on the nature of competition as a means to encourage users to participate at an open innovation process, to inspire their creativity, and to increase the quality of the submissions. When the contest ends, submissions are evaluated by an expert panel. Users whose submissions score highest receive an award from the manufacturer, which is often granted in exchange for the right to exploit the solution in its domain. Following the idea of evolutionary prototyping, we developed a TIC in cooperation with a manufacturer of sports goods. The TIC was launched as a pilot in one of the company’s markets. Submissions were evaluated using the consensual assessment technique. The evaluation of this study provides suggestions for further research, but also implications for managers willing to explore TIC in their organization. 1. Introduction T o acquire information from (potential)...
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...Product Innovation Best Practices Series Best Practices in the Idea-to-Launch Process and Its Governance Reference Paper #45 Robert G. Cooper and Scott J. Edgett Compliments of: Stage-Gate International and Product Development Institute Inc. This article appeared in Research Technology Management March-April, pp 43-54 For information call +1-905-304-8797 www.stage-gate.com © Product Development Institute Inc. 2000-2014 Product Development Institute Inc. and Stage-Gate are registered trademarks. Logo for Product Development Institute Inc. used under license by Stage-Gate International Logo for Stage-Gate used under license where appropriate. Best Practices in the Idea-to-Launch Process and Its Governance A study of new-product development practices at 211 businesses provides insights into best practices in both the idea-to-launch process and its governance. Robert G. Cooper and Scott J. Edgett OVERVIEW: Most firms now use some form of idea-to-launch process such as a Stage-Gate® system. The question is: Do these processes really work? And what are the elements of a best-in-class idea-to-launch system that really make a difference? A second and related question concerns the governance of the idea-to-launch model. Sadly there is a lack of hard evidence as to what governance structure works best and just what its impact is, if any. This article reports the results of an American Productivity & Quality Center (APQC) and Product Development Institute (PDI)...
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...Executive Summary Adapt + Evolve = Survive If modern organizations are to survive, these must believe and put into practice the above equation which results in the overpowering of their competition. To have a Competitive Edge, firms must angle themselves towards Innovation which Myers and Marquis (1969) defined as “….. not a single action but a total process of interrelated sub processes. It is not just the conception of a new idea, nor the invention of a new device, nor the development of a new Market. The process is all these things acting in an integrated fashion.” Since the inception of HNB Assurance PLC (HNBA) in 2001, company is considered the fastest growing composite insurance company within the Sri Lankan insurance domain. The rationale of this report is to identify how effective HNBA is in encouraging innovation for improvement of the processes, products and the services rendered to customers. The primary step of analyzing this fact is to identify the methods utilized to encourage, capture and manage ideas until successful implementation. The methods available and the inadequacy of methods employed are discussed in Task 01. To analyze the effectiveness further, a survey was carried out involving a sample of employees in different levels of the organization. A questionnaire was furnished which included aspects such as organization climate, current performance, policies and procedures adopted and the cognitive skills of the employees in encouraging innovation. The...
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...Every business owner wants to grow their business but it is often difficult to determine the best way forward. Here is a straightforward description of four different growth strategies and an explanation of how to determine which is best for your business. Igor Ansoff suggested that business owners’ ability to grow their businesses comes down to how they market new or existing products in new or existing markets. He outlines four distinct strategies: - Market Penetration – selling more of the same things to more of the same customers - Market Development – selling more of the same things to different customers - Product Development – selling new products or services to the same customers - Diversification – selling new products or services to different customers Using Ansoff’s matrix, business owners can evaluate each of the growth strategies in turn to assess which is likely to result in the best possible return. Market Penetration Market penetration is the easiest way to grow in an expanding market. However, it becomes more difficult as the market matures and competition increases. The obvious step is to increase advertising or add more sales people to increase sales. Alternatively, business owners can win business from competitors through competitive pricing, discounting, vouchers or other offers. Business owners can also boost sales by providing additional incentives to sales staff through commissions, bonuses or other reward schemes or by introducing customer loyalty...
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...and how they are related 6. Understand the leader’s role in fostering creativity and innovation in individuals and teams 7. Understand the leader’s role in designing systems for fostering creativity and innovation in an organization Objectives of the Assignment ▪ To show ability in finding facts and defining the problems for the purpose of establishing the framework for idea generation. ▪ To display the competencies of using the creative tools and techniques for idea generation. ▪ To exhibit the competencies in evaluating ideas and making comparison against available alternatives. QUESTION You are Product Development Manager of an existing company that manufactures consumer products. The company plans to introduce a new product and sustain their competitive position in the market. As such, you are assigned by the company’s CEO to come up with a new product offering and present a proposal of the new product concept that appeal to the market. Your proposed product concept needs to be realistic and marketable within five (5) years. It is important that your product concept be able to show how innovative in comparison to the available alternatives in relation to Building security and control system. Source: http://theconstructor.org/building/building-security-control/6973/ In addition, the value it can specifically provide to the targeted market. You are required...
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...Strategic Elements of Product Development 2.The Importance of New Products a. Product development costs over a hundred billion dollars on the technical development phase alone. (Crawford, & Di Benedetto, 2015) b. The new products process is incredibly complex and difficult and when a product fails there is often public scrutiny. 3.Globalization and New Product Development a.”To a greater extent than ever before, firms are seeing new product development as a global process in order to take advantage of worldwide opportunities and increase their efficiency and effectiveness of innovation.” (Crawford, & Di Benedetto, 2015) b. Global innovation cultures are the most effective at producing results. 4. How Product Development Is Different a. Product development teams are composed of a wide-range of professionals from multiple disciplines. b. Product development requires a creative and planned process. 5. What Is a New Product, and What Leads to Success? a. New Products come in a variety of ways. Some are completely new to the market where as others are existing products that have a new line or new functioning. b. Products must be unique and superior in order to succeed. Consumers must feel as if the value added is worth the costs. 6. Does This Field of Activity Have a Unique Vocabulary a. As the field of product development is both global and contains a melting pot of individuals vocabulary is unique to the field. 7. Does the Field of New Products Offer Careers...
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...steps in the new product development process. • Step 1: Idea Generation – Begin from many sources: suggestions from customers, the sales force, R&D specialist, competing products, suppliers, retailers, and independent inventors. • Step 2: Screening – Separate ideas with commercial potential from those that cannot meet company objectives. – Some organizations maintain checklists of development standards in determining whether a project should be abandoned or considered further. – These checklists typically include factors such as product uniqueness, availability of raw materials, and the proposed product’s compatibility with current product offerings, existing facilities, and present capabilities. • Step 3: Business Analysis – A product idea that survives the initial screening must then pass a thorough business analysis. – This stage consists of accessing the new product’s potential market, growth rate, and likely competitive strengths. • Step 4: Development – Financial outlays increase substantially as a firm converts an idea into a visible product. – The conversion process is the joint responsibility of firm's development engineers, who turn the original concept into a product, – and its marketers, who provide feedbacks on consumer reactions to the product design, package, color, and other physical features. • Step 5: Test Marketing – Many firms test market their new-product offerings to gauge consumer reaction. – The purpose is to verify that the product will perform...
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...pretotyping - within mature companies looking to improve the effectiveness of their front-end innovation processes. My colleague and friend Alberto Savoia is the originator of the term pretotype and much of the theoretical foundation for pretotyping. For an entertaining and rapidly-digestible primer on the method, I commend his excellent book Pretotype It1. I owe Alberto - and his many collaborators at Google, where pretotyping abounds - a profound debt, and I heartily acknowledge his prior art. This book is based upon the Pretotyping@Work workshop materials I developed with Alberto that makes pretotyping a teachable, repeatable method. As the book is intended to be readable by those new to pretotyping, there will be some duplication for the initiated, for which I compensate with new tools and perspectives. For invaluable feedback, reinforcement, and tempering challenge I must also thank both my wife Petra and Alberto for patiently reviewing manuscript drafts. Thanks finally to...
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...Factors which influence decision making in new product evaluation q Muammer Ozer * Department of Management, City University of Hong Kong, 83 Tat Chee Avenue, Kowloon, Hong Kong Received 16 October 2001; accepted 7 November 2003 Available online 31 December 2003 Abstract New product development is indeed very important for companies. However, developing new products is a risky and uncertain process. In order to reduce the risks and uncertainties, companies need to evaluate their new product initiatives carefully and make accurate decisions. Although the outcome of a new product evaluation decision can be influenced by the environmental uncertainties that are beyond a companyÕs control, companies can successfully improve the accuracy of their new product evaluation decisions. This article presents an integrated framework for understanding how various factors affect decision making in new product evaluation and provides guidelines for reducing their negative impacts on new product decisions. The results indicate that the quality of new product evaluation decisions is affected by four major sets of factors, namely the nature of the task, the type of individuals who are involved in the decisions, the way the individualsÕ opinions are elicited and the way the opinions are aggregated. Ó 2003 Elsevier B.V. All rights reserved. Keywords: New product evaluation; Research and development; Production; Marketing 1. Introduction 1.1. Background New product development (NPD) has been an important...
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...Student: Professor: Course: Date: Product development Why new products fail in the market a). The most concerning issue we've experienced is absence of readiness: Companies are so centred on planning and assembling new products that they forget the vital work of getting prepared to market them. New products that were well thoroughly considered, obviously met a market need, had the right set of peculiarities and were legitimately planned, designed. Remedy A profound and definite comprehension of your customer is vital to the success of a product. Specifically, one has to comprehend what makes them purchase: what issue they need marketed and what they will pay to have it go away. One may have more than one customer. To discover more about them: meet with them, address and watch every customer. That is the level of point by point information about your market that you require in the event that you don't need your item, and all your diligent work in making it, to become lost despite a general sense of vigilance. b). Moreover, there are new products that, as in the recent past, were well thoroughly considered, plainly met a market require and had the right set of peculiarities. On top of that, the dispatch was likewise effective and produced a ton of investment. Therefore, there was solid introductory footing for these new items and all signs indicated achievement. Then again, before long, different operational issues (dependability, ease of use, execution, and so forth...
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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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...distinguished amenities, room service, no cover charge. Augment: accessibility to local attractions, atmosphere of the restaurant/ bar/ casino, interactions with employees or other guests. 3. ARAMARK might believe that attaching a brand like “ Burger King” to their product that they are different themselves from the other competition. By attaching themselves to a hamburger brand, they are ensuring a level of quality in their food. ARAMARK is making itself look like the dominant presence in the market to customer who might not have been familiar with it. Using brand of equity of Burger King will attract the regular customers. 4. Making the process for new product development Idea Generation: create a large range of possible ideas. Idea Screening: sort through all ideas to find the good ones. Concept development: determining market and fits. Marking strategy: molding the concept to the market. Product development: product into a prototype Market testing: test product in realistic setting Commercialization: launching of a product. 5. It does not because new product ideas are created prior to them becoming a complaint or issue with the customer. 6. I would consider cities where new product would be most appreciated or purchased. 7. People have expectation for brands and they know that expect in terms of what they are getting. 8. To keep a hotel form the declining stage, the...
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...definition 8 3.2 Total market size 8 3.3 Market need 8 3.4 Estimated segment size 9 Using a product development process 10 Process application – Opportunity identification and selection 10 Concept generation 10 Concept/Project evaluation 10 Defining the product protocol 11 Conclusion 12 Recommendations 13 References 14 Executive Summary New product development in tourism companies has been a nearly ignored theme in tourism marketing. Research on product development has in major studies handled destinations, development of resorts or sites as a total tourist product. We will aim to identify the major problems as well as key phases of the new product development process in tourism. We will have the challenge to innovate more and more attractive activities to fulfil the customers’ needs for emotional experiences. The theoretical framework is based on the traditional product (and services) development theory, which suggests it to be a process of following stages: idea generation, service concept development and evaluation, business analysis, service development and testing, market testing, commercialisation and post introduction evaluation. We will evaluate the usefulness of the traditional product development model in the direction of creating a service to give adventurous experiences to tourists. INTRODUCTION The service concept, the core product is built on an idea of e.g. hard adventure, soft adventure, water sports etc. The concept is then developed in accordance...
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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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