Chapter 5: New Product Development

Page 1: Introduction

• Title of Chapter: New Product Development

• Presented By: Group 5, La Consolacion College of Iriga City

Page 2: The Entrepreneurial Mind

• Creative Mind: Conceptualizes and designs useful products for consumers.

• Technical Mind: Originates technology and transforms knowledge into functional operations.

• Business Mind: Maximizes the market value of new products by establishing market space and organizing resources.

Page 3: 7 Stages of the New Product Development Process

• Overview of the stages involved in product development.

Page 4: Stages Overview

1. Idea Generation: Creating a pool of ideas.

2. Idea Screening: Selecting the most feasible ideas.

3. Concept Development: Developing and testing a concept.

4. Product Development: Creating a prototype.

5. Test Marketing: Introducing the prototype for feedback.

6. Business Strategy Development: Formulating marketing and business strategies.

7. Commercialization: Final introduction of the product to the market.

Page 5: Stage 1 and Stage 2

• Stage 1: Idea Generation

  • Focus on generating numerous valuable ideas.

• Stage 2: Idea Screening

  • Selecting the idea with the highest potential for success.

  • Use SWOT analysis for shortlisting.

Page 6: Stage 3 and Stage 4

• Stage 3: Concept Development & Testing

  • Detailed development of the idea with a focus on user stories.

• Stage 4: Market Strategy/Business Analysis

  • Drafting strategies to reach the target audience using McCarthy's 4Ps.

Page 7: Stage 5 and Stage 6

• Stage 5: Product Development

  • Moving on with product life-cycle once strategies are documented.

• Stage 6: Test Marketing

  • Testing all variables of the marketing plan on a limited basis before full launch.

Page 8: Stage 7

• Stage 7: Market Entry/Commercialization

  • Implementing strategies to ensure the product's success in the market.

Page 9: Conclusion

• Thank you slide.