New Product
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NEW PRODUCT
AN INTRODUCTION
New product does not always mean an innovation. If the organisations want to develop demand in rural areas significantly, then they need to modify the existing products to cater to the specific needs and tastes of rural markets through innovative designs.
Objectives behind NPD • To satisfy change in consumer demand. • To counter the moves of compititors who have launched a new product. • To increase sale and profit of the organisation. • To expand the product range. • As the products have to eventually enter the decline stage of their PLC, it is rational to have new products coming up timely in order to keep the organisation going on.
NPD PROCESS NPD is a sequential process of finding ideas for new goods or services and then transforming them into commercially viable products or services that can be launched in the market for serving the needs of customers, at a profit.
NPD Stages
I) Exploration Stage II) Screening Stage The vital criteria for the evaluation of the suggested ideas at this stage are as follows : a)Nature of demand b)Compatability c) Resources d)Competition III) Detailed Value Offering Evaluation The criteria for evaluation at this stage could be : a)Product should be need satisfying solution. b)Simple and easy to use. c) Convenient to store. d)Tough and Solid appearance. e)Affordability. f) As per rural product usage environment.
IV) Business Analysis Likely Cost Potential Demand Over a Perior of Time Recovery Period of the Costs Likely return on investment
Product Development V) Development of Marketing Mix VI)Product Testing VII)Commercialisation or Launch V)
AN INTRODUCTION
New product does not always mean an innovation. If the organisations want to develop demand in rural areas significantly, then they need to modify the existing products to cater to the specific needs and tastes of rural markets through innovative designs.
Objectives behind NPD • To satisfy change in consumer demand. • To counter the moves of compititors who have launched a new product. • To increase sale and profit of the organisation. • To expand the product range. • As the products have to eventually enter the decline stage of their PLC, it is rational to have new products coming up timely in order to keep the organisation going on.
NPD PROCESS NPD is a sequential process of finding ideas for new goods or services and then transforming them into commercially viable products or services that can be launched in the market for serving the needs of customers, at a profit.
NPD Stages
I) Exploration Stage II) Screening Stage The vital criteria for the evaluation of the suggested ideas at this stage are as follows : a)Nature of demand b)Compatability c) Resources d)Competition III) Detailed Value Offering Evaluation The criteria for evaluation at this stage could be : a)Product should be need satisfying solution. b)Simple and easy to use. c) Convenient to store. d)Tough and Solid appearance. e)Affordability. f) As per rural product usage environment.
IV) Business Analysis Likely Cost Potential Demand Over a Perior of Time Recovery Period of the Costs Likely return on investment
Product Development V) Development of Marketing Mix VI)Product Testing VII)Commercialisation or Launch V)
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