Product development is the development of new products changes in design of

Product development is the development of new

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! Product development is the development of new products, changes in design of established products, or use of new materials or components in the manufacture of established products ! Product Development is the overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product. (PDMA 2012)
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RMIT - MKTG1092 Sawhney article - 12 Dimensions of Business Innovation Dimension Definition Offerings Develop innovative new products Platform Use common components or building blocks to create derivative offerings Solutions Create integrated and customised offerings to solve end-to-end customer problems Customers Discover unmet needs or underserved customer segments Customer Experiences Redesign customer interactions across all touchpoints and moments of contact/truth Value capture Redefine how company gets paid or creates innovative new revenue streams
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RMIT - MKTG1092 Sawhnay cont... Dimension Definition Processes Redesign core operating processes to improve effectiveness and efficiency Organisation Change form, function or activity scope of the firm Supply chain Think differently about sourcing and fulfilment Presence Create new distribution channels or innovative points of presence – where can your offer be bought / used by customers Networking Create network-centric intelligent and integrated offerings Brand Leverage brand into new domains Sawhney, et al (2006) The 12 Different Ways for Companies to Innovate. MIT Sloan management review,SPRING, VOL.47 NO.3
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RMIT - MKTG1092 New Product classifications ! Booze Allen (now Strategy&) ! New to the world -10% ! New product lines – 20% ! AddiAons to product lines – 26% ! Improvements to product lines – 26% ! Cost reducAons – 11% ! Repositonings – 7% ! PDMA ! Radical innovaAons ! Really new products ! Architectural innovaAons ! Incremental innovaAons Seen at the CES 2018 Innovation Awards Showcase Buddy from Blue Frog Robotics, who could be programmed to wake up members of the family, remind them of events, control smart appliances, and patrol the home like a security guard, capturing footage with a built-in camera
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RMIT - MKTG1092 Incremental ! Refinements, improvements, exploitation of existing tech used by the firm e.g. ! New [related] category entry ! Leveraging the brand in new but related categories e.g. Snickers into ice-cream ! Additions to existing product lines ! Line extensions and flankers that flesh out the product line in current markets e.g. up and go reduced sugar line ! Improvements and revisions to existing products: ! Current products made better. e.g. P&G ʼ s continuing improvements to detergents; packaging changes that improve use etc.
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 The Evolution of ONLY Apple’s Personal Music and Video Devices 2001-2012 Assoc Prof Mike Reid
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RMIT - MKTG1092 Apple’s only opens up two new categories in 8 years – And they are late to the party!
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  • Three '17
  • new product development, NPD, product innovation

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