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NEW PRODUCT DEVELOPMENT

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What do we mean by new products?

1.Innovative products products whichare really new to the market.

a.Breakthrough products .g.!"#s$Internet$ #odems$ servers$ !I%& vaccineetc.

a.'lat(orm products g. #obile phone$body scanning machines$ )#s 'ost*it.

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+. ,eplacement products products

which are essentially minor to ma-ormodications o( e/isting products.g. "ube less tyres$ electric cars.

).Imitative products these are newproducts to the company , but are

imitations o( products e/isting insome other company.

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&teps in product development

1. Idea generation

0ne has to be creative to generate bright

ideas.reativity ability to generate di2erent

and original ideas.

reative thinking onvergent thinkingand %ivergent thinking.

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Some tips for Creative thinking

1. Be ready to accept some amount

of uncertainty.

2. Incubate. Postpone immediate

evaluation/ conclusive assessment of

situations ob!ects etc.". Be sensitive to problem situation.

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3. %evelop analogies.

4. "ry to look at the opposite o( the present

view.5. %evelop a positive$ I can do$ possibility

thinking (rame o( mind.

&ources o( new ideas in cos.

a. ustomers

b. %istributionc. mployees

d. ompetitors

e. &ales team (. "op management

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Idea is vague descriptive thought . g.!n alarm clock that wakes one up bywithout making sound.

Idea generating techni6ues

1. Brainstorming

+. %elphi techni6ue

). !ttribute listing

3. 7orced relationship

4. #orphological analysis

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8+9. Idea &creening.

8)9. 8a9 oncept development .

! concept is an elaborate description o(

the idea in meaning(ul terms.

!t this stage o( concept development $the idea is converted into a concept bydeveloping the morphologicaldimensions o( the idea with the help o(data collected (rom various sources as

well as one own intuitive thinking.

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g. :ence$ :ow will you develop am

alarm clock which wakes you upwithout making sound byvibrating;shaking?

&ystematically it is done by e/ploratoryresearch$ (actor analysis and on-oint

analysis which help to develop the(eatures o( the (uture product.

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8)9 8b9 Concept testing

!ssessing

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Profit # $oss Statement

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849 #arketing strategy development

859. 'rototype development

onverting consumer attributesinto engineering attributes.*

using a set methods called

=uality (unction deployment

8=7%9 under House of Quality.

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8@9. ommercialiAation

%ecide on

"iming"arget &egments

eographic description

#arketing plan including strategies inplace.

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&"!& I<

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!dopter ategoriAation on the Basis o(

,elative "ime o( !doption o( Innovation

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