-The overall new products process-that combination of steps/activities/decisions/goals, and so on that, if performed well, will churn out the new products the organization needs. -The process is not over when the new product is launched. It ends when the new product is successful, usually after some in-flight corrections (such as with the special in-store display piece). -Basic New Product Process (some firms refer to it as a stage-gate process): oOpportunity Identification and Selection
-Advantages of this process:
oImprovement in product teamwork
oGreater success rate with new product
oEarlier identification of failures
o30% shorter cycle times
-Overlapping phases occur in the process because there is much pressure for firms to accelerate time to market for new products. -Product development is a multifunctional program, where all functions work together as a cross-functional team to accomplish the required tasks. -Phase 1: Opportunity identification and selection
oOngoing marketing planning
oOngoing corporate planning
oSpecial opportunity analysis
-Opportunities identified for the activities above:
oAn underutilized resource
oA new resource
oAn external mandate
oAn internal mandate
-The process of creatively recognizing the opportunities is called opportunity identification. Most firms have ongoing strategies covering product innovation. -Product Innovation Charter (PIC).
-Phase 2: Concept Generation
-Product concepts – creating new product ideas.
-Phase 3: Concept/Project Evaluation
-Concept test – to see what the potential consumers thought about the new product. -Project evaluation – capitalizing on the idea, no longer just evaluation the idea. -Quality Function Deployment – method of project management and control. Also called Product Protocol. -Phase...