Week 10 - PRODUCT: New Product Development & Product...

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Week 10 Why new Products? New products are crucial for the health of the enterprise o Rejuvenate --_________ Tied to higher stock values and internal motivation for employees New Product Failures Only ____% of new consumer products are still on the market and profitable after 2 years. Less than ___% are considered “truly successful.” Failure is due to: ________________________________________________________________ New Product Development 1. Original products _____% -“Really new products” 2. Incremental improvement _____% Product improvements, Product modifications, New brands utilizing existing product technology NPD Process Having skill sets for one point in the process does not mean you’re also good at the others. 1. Idea Generation The systematic search for new product ideas. Internal sources: Company employees at all levels External sources: Customers, competitors, distributors, suppliers, outsourcing partners 2. Idea Screening: Screening process to reduce # of ideas by spotting good ones and dropping poor ones. Describe product, target market, and competition. Evaluate against a set of company criteria for new products. 3a. Concept Development Translate your product idea into a detailed concept stated in meaningful consumer terms (i.e., what will the consumer get out of this product?) e.g., A <descriptor of product> that provides <benefit/feelings/results>
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This note was uploaded on 03/29/2008 for the course B A 303 taught by Professor Coupland during the Spring '08 term at Pennsylvania State University, University Park.

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Week 10 - PRODUCT: New Product Development &amp; Product...

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