Research on Develpment of New Products and Services
Development of New Products and Services It involve bringing two separate elements into accord: customer satisfaction and technical feasibility. R&D Objectives:
1. The definition of the target market
2. The product’s concept
3. The benefits the product will deliver
4. How the product will be positioned in the market
5. The product’s features, attributes, design specifications and requirements
Product Strategy
Quality Function Deployment (QFD)
Alternative managerial technique for product development
Blueprinting
Also called flowcharting, describes all process steps that customer and service employees must follow in a given service environment.
Testing of New Product Testing the new product is the next step in the new product development process during which the company can yield valuable information about customer reactions to a product prototype.
2 Types of Testing
Product Use Testing
Use under normal operating conditions
Types of Product Testing
Alpha Testing
Is conducted in house, in a laboratory setting or in some part of the developing firm’s regular operations.
Beta testing
Takes place on the premises of the intended market users. It is quite common in the software market where beta versions of new software are provided to computer expert for testing.
Market Testing
These influences include brand image , price, easy access to the points of sale to name a few.
Main methods of market testing for consumer product:
1. Simulated test marketing
A number of 30-40 potential consumers are tracked down and are invited to participate in the test.
2. Test Marketing
Conducted in a few representative cities
3. Consumer Panels
A number of potential consumers agree to use the new product repetitively and provide their opinion and purchase attention.
4 Main methods in market testing
Geographical Area
Distributor and Dealer display rooms
Trade Show
Speculative Sale
7 Steps of Scott and Keiser Approach
1.
1. The definition of the target market
2. The product’s concept
3. The benefits the product will deliver
4. How the product will be positioned in the market
5. The product’s features, attributes, design specifications and requirements
Product Strategy
Quality Function Deployment (QFD)
Alternative managerial technique for product development
Blueprinting
Also called flowcharting, describes all process steps that customer and service employees must follow in a given service environment.
Testing of New Product Testing the new product is the next step in the new product development process during which the company can yield valuable information about customer reactions to a product prototype.
2 Types of Testing
Product Use Testing
Use under normal operating conditions
Types of Product Testing
Alpha Testing
Is conducted in house, in a laboratory setting or in some part of the developing firm’s regular operations.
Beta testing
Takes place on the premises of the intended market users. It is quite common in the software market where beta versions of new software are provided to computer expert for testing.
Market Testing
These influences include brand image , price, easy access to the points of sale to name a few.
Main methods of market testing for consumer product:
1. Simulated test marketing
A number of 30-40 potential consumers are tracked down and are invited to participate in the test.
2. Test Marketing
Conducted in a few representative cities
3. Consumer Panels
A number of potential consumers agree to use the new product repetitively and provide their opinion and purchase attention.
4 Main methods in market testing
Geographical Area
Distributor and Dealer display rooms
Trade Show
Speculative Sale
7 Steps of Scott and Keiser Approach
1.