A NEW PRODUCT DEVELOPEMENT

PRESENTED BY:T KHAGESWARA RAO

GUIDED BY:P K CHEKRAVARTHY SIR

WHAT IS A NEW PRODUCT?

New products are goods and services that differ significantly in their characteristics or intended uses from products previously produced by the firm

A NEW PRODUCT DEVELOPEMENT PROCESS

IDEA GENERATION

screening criteria need to be set for this stage

looking at ROI

affordability and market potential

IDEA SCREENING

Ideas can, and will come, from many different directions.

The best place to start is with a SWOT analysis, (Strengths, Weaknesses, Opportunities and Threats), which incorporates current market trends.

Concept Development & Testing

Concept testing present the consumer with a proposed product and measure attitudes and intention at this early stage of development.

Concept testing of prototypes can help avoid costly mistakes.

marketing strategy

The marketing strategy is the foundation of a marketing plan.

Marketing strategy includes all basic, short-term, and long-term activities in the field of marketing

Business Analysis

Estimate likely selling price based upon competition and customer feedback

Estimate sales volume based upon size of market

Estimate profitability and break even point

Product developement

it will be passed to the technical and marketing development stage. This is when a prototype or a limited production model will be created

Test Marketing

Test marketing involves placing a product for sale in one or more selected areas and observing its actual performance under the proposed marketing plan

Commercialization

Commercialization involves implementing a total marketing plan and full production

Launch the product

Produce and place advertisements and other promotions

Fill the distribution pipeline with product

Example:
watch band