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8/7/2019 JOSEPH NEW PRODUCT PPT
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NPD is a process which designed to
develop, test and consider the viability of
products which are new to the market inorder to ensure the growth or survival of
the organization.
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Idea Generation
Product Screening Concept Testing
Business & Financial Analysis
Product Development Test Marketing
Commercialization
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Idea generation is a continuous,
systematic search for new product
opportunities. It involves delineating sources of new
ideas and methods for generating them
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Dimensional Analysis
lists all of the physical characteristics of
a product type. Having obtained such a list, creativity
can be triggered by asking questions
such as: "Why is the product this way?,
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"How
cou
ld the pro
du
ct be changed?"
or "'What would happen if one or more of
the characteristics were removed?"
Problem Analysis is a need assessmenttechnique designed to develop an
inventory ofconsumer problems in a
particular product or service category and
to serve as a basis for new product orservice ideas.
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After the firm identifies potential
products, it must screen them.
In product screening, poor, unsuitable,or otherwise unattractive ideas are
weeded out from further actions.
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Today, many companies use a new-product
screening checklist for preliminary evaluation.
In it, firms list the new-product attributes
considered most important and compare each
idea with those attributes.
The checklist is standardized and allows ideas
to be compared.
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Concept testing presents the consumer with a
proposed product and measures attitudes and
intentions at this early stage of development
Concept testing is a quick and inexpensive way of
measuring consumer enthusiasm.
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o It asks potential consumers to react to a
picture, written statement, or oral description
of a product.
o This enables a firm to determine initial
attitudes prior to expensive, time-consuming
prototype development.
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Business and financial analysis for the
remaining product concepts is much more
detailed than product screening.
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Product development converts a product ideainto a physical form and identifies a basic
marketing strategy.
It involves product construction,
packaging,
branding,
product positioning, and usage testing.
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6.Test Marketing6.Test Marketing
Test marketing involves one or more selectedareas and observing its actual performance
under the proposed marketing plan.
The purpose is to evaluate the product and
pretest marketing efforts in a real setting prior
to a full-scale introduction.
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Rather than inquire about intentions, test
marketing allows actual consumer behavior tobe observed.
The firm can also learn about competitive
reactions and the response of channel
members.
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Commercialization involves implementing
a total marketing plan and full production.
7.Commercialization
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