The new product process1
1.1 Stages in the new-product process1
New product strategy development2
Objectives of the stage2
Identify Markets and Strategic Roles2
Employee and Co-worker Suggestions3
Research and Development Breakthroughs4
Screening and evaluation5
What did the P&G at this stage?6
What did P&G at this stage?9
What did P&G at this stage?12
Simulated Test Markets16
When Test Markets don’t work16
What did P&G at this stage?17
Increasing the Success Rate of New Products20
The Risks and Uncertainties of the Commercialization Stage21 What achieved P&G at this stage?22
Due to drastic changes in technology, consumers’ wants, desires, has enhaced the imprortance of “new product”. Every organisation is striving for its survival in the environment , and their survival is possible due to “new product” whether it is totally new to the whole market, immitative or comes with little bit differences.
So this report is consisted on “new product developmetnt” and different stages of product making. Each stage of the product describes, prurposes of stage, and marketing information and methods used during the process.
This report consists on seven chapters, the first chapter pertains to new-product strategy development, objectives for new products are determined
The second chapter pertains to Idea generation, ideas for newcome from several sources, including consumers, employees, R&D laboratories, and competitors.
The third chapter pertains to Screening and evaluation, screenig and evaluation can be done internally or externally.
The fourth chapter pertains to Business analysis, business analysis involves defining the features of the new product, a marketing strategy to introduce it, and a financial forecast.
The fifth chapter pertains to the product Development, it is also called prototype of the product, development involves not only producing a prototype product but also testing it in the laboratories and on consumers to see that it meets the standards set for it.
The sixth chapter pertains to Market testing new products, companies often rely on market tests to see that consumers will actually buy the product when it’s offered for sale, and that other marketing mix factors are working.
The last chapter pertains to the Commercialization, commercialization means to introduce the product in the whole market i-e open sales.
“A product is a set of tangible and intangible attributes, which may include packaging, color, price, quality, and brand, plus the seller’s services and reputation. A product may be a good, service, place, person, or idea. In essence, then, customers are buying much more than a set of attributes when they buy a product. They are buying want-satisfaction in the form of the benefits they expect to receive from the product.”
There are numerous connotation of “new product,” but we will focus attention on three distinct categories of new product:
■ Product that is really innovative and truly unique. A product that totally new to the entire market.
■ Replacement that is significantly different from existing products in terms of form, function, most important, and more benefits provider.
■ Imitative product that is new to a particular company but not new the market.
The new product process
The seven stages of the new-product process shows the sequence of activities a firm uses to identify business opportunities and convert them to a saleable good or service. This sequence begins with new-product strategy development and ends...