NEW PRODUCT DEVELOPMENT
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
Idea Generation: Creating a pool of ideas.
Idea Screening: Selecting the most feasible ideas.
Concept Development: Developing and testing a concept.
Product Development: Creating a prototype.
Test Marketing: Introducing the prototype for feedback.
Business Strategy Development: Formulating marketing and business strategies.
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.