a new product developement preocess in 8 steps

1. A NEW PRODUCT DEVELOPEMENT
PRESENTED BY:
T KHAGESWARA RAO
●
●
●
● GUIDED BY:
P K CHEKRAVARTHY SIR

2. 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

3. A NEW PRODUCT DEVELOPEMENT PROCESS

4. 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.

5. 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.

6. 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

7. 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

8. 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

9. 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