New Product Development & Product Life-cycle Stages

New Product Development
Causes of New Product Failures
New Product Development Process
New Product Development method
New Product Development Project
New Product Development Steps
Steps of New Product Development Process
Product Life Cycle Stages
Introduction Stage of the PLC
Growth Stage of the PLC
Maturity Stage of the PLC
Decline Stage of the PLC
  • New Product Development
  • Causes of New Product Failures
  • New Product Development Process
  • New Product Development method
  • New Product Development Project
  • New Product Development Steps
  • Steps of New Product Development Process
  • Product Life Cycle Stages
  • Introduction Stage of the PLC
  • Growth Stage of the PLC
  • Maturity Stage of the PLC
  • Decline Stage of the PLC

Project/Slides/Presentation Transcript

Topic – New Product Development & Product Life-cycle Stages

Slide 1 – New Product Development & Product Life-cycle Stages

Slide 2 – Causes of New Product Failures

—Overestimation of Market Size

—Product Design Problems

—Product Incorrectly Positioned, Priced or Advertised

—Costs of Product Development

—Competitive Actions

—To create successful new products, the company must:

  • understand it’s customers, markets and competitors
  • develop products that deliver superior value to customers

Slide 3 – New Product Development Process

  • —Idea Generation and Screening
  • —Concept Development and Testing
  • —Marketing Strategy
  • —Business Analysis
  • —Product Development
  • —Test Marketing
  • —Commercialization

Slide 4 – New Product Development Process

Step 1 – Idea Generation

Systematic Search for New Product Ideas

  • Internal sources
  • Customers
  • Competitors
  • Distributors
  • Suppliers

Slide 5 – New Product Development Process

Step 2 – Idea Screening

—Process to spot good ideas and drop poor ones

—Criteria

  • Market Size
  • Product Price
  • Development Time & Costs
  • Manufacturing Costs
  • Rate of Return

Slide 6 – New Product Development Process

Step 3 – Concept Development & Testing

  • Develop Product Ideas into Alternative Product Concepts
  • Concept Testing – Test the Product Concepts with Groups of Target Customers
  • Choose the Best One

Slide 7 – New Product Development Process

Step 4 – Marketing Strategy Development

Part One – Overall:

  • Target Market
  • Planned Product Positioning
  • Sales & Profit Goals
  •  Market Share

Part Two – Short-Term:

  • Product’s Planned Price
  • Distribution
  • Marketing Budget

Part Three – Long-Term:

  • Sales & Profit Goals
  • Marketing Mix Strategy

Slide 8 – New Product Development Process

Step 5 – Business Analysis

Step 6 – Product Development

Business Analysis

Review of Product Sales, Costs, and Profits Projections to See if  they Meet Company Objectives

  • If No, Eliminate Product Concept
  • If Yes, Move to Product Development

Slide 9 – Last stage of Product Development Process

Step 7 – Test Marketing

StandardTest Market

Full marketing campaign in a small number of representative cities.

Controlled Test Market

A few stores that have agreed to carry new products for a fee.

Simulated Test Market

Test in a simulated shopping environment to a sample of consumers.

Slide 10 – Product Life Cycle

Slide 11 – Introduction Stage of the PLC

Slide 12 – Growth Stage of PLC

Slide 13 – Maturity Stage of the PLC

Slide 14 – Decline Stage of the PLC

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