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New-Product Development Process

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Presentation on theme: "New-Product Development Process"— Presentation transcript:

1 New-Product Development Process
Idea Generation Screening Idea Evaluation Develop- ment Commer- cialization Process tries to generate many different ideas for new products but then we try to figure out why it will NOT work so that we can get rid bad alernatives and NARROW DOWN to focus our time and money on the attractive opportunities that have a prayer of success

2 New-Product Development Process
Idea Generation Consciously organize to get ideas from many sources: customers and users marketing research competitors other markets middlemen etc.

3 New-Product Development Process
Idea Generation Screening Consider strengths and weaknesses relative to product concept Evaluate fit with objectives and resources, including rest of marketing program Analyze market trends Get a rough ROI estimate, considering short and long-term customer satisfaction

4 New-Product Development Process
Idea Generation Screening Idea Evaluation Concept testing Reactions from customers Rough estimates of cost, sales and profits

5 New-Product Development Process
Idea Generation Screening Idea Evaluation Develop- ment R&D Develop model or service prototype Test marketing mix Revise plans as needed ROI estimate

6 New-Product Development Process
Idea Generation Screening Idea Evaluation Develop- ment Commer- cialization

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