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Summary

This video discusses the process of new product development, as part of a marketing management course. The speaker explains the eight stages involved, including idea generation, concept testing, and market introduction. They also cover the two main approaches to product development: acquisition and in-house development. The video highlights challenges like high development costs and market unpredictability, while also discussing factors contributing to successful product development, such as deep consumer insights, high performance-to-cost ratios, and early competitor introduction. The content aims to equip viewers with a comprehensive understanding of how products are developed and launched in the market.

Takeaways

• 😀 New product development (NPD) is a process aimed at creating new products to maintain or increase sales through innovation or product replacement.
• 😀 The first stage of NPD is idea generation, where companies identify the target product and market, and define the objectives for the new product.
• 😀 Idea screening is the second stage, where good ideas are selected and bad ones are discarded using specific techniques.
• 😀 The third stage involves concept development and testing, where promising ideas are refined into testable product concepts.
• 😀 Developing a marketing strategy is the fourth step, planning the strategy to introduce the product to the market.
• 😀 Business analysis, the fifth stage, evaluates the business potential of the new product by forecasting sales, costs, and profits.
• 😀 The sixth stage, product development, involves creating the actual physical product.
• 😀 Market testing is the seventh step, where the product is tested in real-world consumer environments to gauge reactions.
• 😀 The final stage, commercialization, is when the product is introduced to the market on a larger scale.
• 😀 Two primary methods of new product development are acquisition (buying companies, patents, or licenses) and internal development (creating products in-house or through research collaborations).
• 😀 Challenges in NPD include unrealistic market size estimates, high development costs, poor product design, and competition from rivals.
• 😀 Success factors for NPD include a deep understanding of consumer needs, early product introduction, strong managerial support, and extensive promotional efforts.

Q & A

What is the definition of new product development?

New product development refers to the series of actions a company takes to create and introduce new products to the market. It involves creating substitute products to maintain or increase sales.

Why is it essential for companies to continuously develop new products?

It is essential for companies to continuously develop new products to sustain or boost sales, meet evolving customer needs, and stay competitive in the market.

What are the 8 stages of the new product development process?

The 8 stages are: 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.

What happens during the 'idea generation' stage?

During the idea generation stage, the company identifies potential products and target markets, and defines the goals of the new product.

What is the purpose of the 'idea screening' stage?

The purpose of the idea screening stage is to evaluate and select viable ideas while discarding less promising ones using specific techniques.

How is 'concept development and testing' different from the previous stages?

In the 'concept development and testing' stage, promising ideas are refined into concepts that can be tested with consumers to gauge their potential before product development begins.

What does the 'business analysis' stage evaluate?

The business analysis stage evaluates the attractiveness of the product in terms of projected sales, potential profits, and overall financial viability.

What are the two main methods for developing new products?

The two main methods are acquisition, where companies buy patents, franchises, or other companies, and internal development, where companies create products in-house or through contracts with external researchers.

What are some challenges faced in new product development?

Some challenges include executive pressure, inaccurate market size estimates, poor product design, high development costs, competition, and lack of funding.

According to Medichure and Zieger, what factors contribute to successful product development?

Successful product development is influenced by understanding consumer needs, high performance-to-cost ratios, early market introduction, large profit margins, strong marketing support, top management backing, cross-functional cooperation, and involving customers in early stages.