Product Development
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Product Development
• • • • • • • •
Product planning. New product development. Product positioning. Product simplification. Product obsolescence. Product elimination. Product diversification. Product portfolio management.
VARIOUS CATEGORIES OF PRODUCT DEVELOPMENT •
There are several categories of product development. • Unique product – product for which there is no substitute. • Improved Product – existing product significantly modified and improved (keeping in mind the changes in customer preferences). • Product which is new for the company but the same itself is not new. It is however, not in the current product mix of the company.
BENEFITS OF NEW PRODUCT DEVELOPMENT • • •
•
It helps facing competition effectively and retaining, even improving, the market share. It helps extending the market geographically. If it is in consistent with the existing facilities of the company, it leads to fuller utilization of those facilities. As a result, cost comes down. Increased sales and lower cost lead to improved profitability.
STEPS TO PREVENT FAILURES OF NEW PRODUCT • • •
New product failure may arise in any of the steps mentioned earlier. Generally, they arise from: lack of organizational leadership and lack of co-ordination.
3
2w eek s
2 w eek s
2
3 w eeks
6
1
C r it ic a l P a t h 4 we eks
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In v e s tm e n t 1 .5 la k h s
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S tage II G row th
S tage III M a t u r it y
S a les a n d P r o fit M a r g in s
S tage I I n tr o d u ctio n
Sa
le
s
P r o fits
T im e
S tage IV S a tu r a t io n
S tage V D eclin e
S a les V o lu m e
Cycle Re Cycle
P r im a r y cy cle
T im e
R ecy cle
S a les V o lu m e
Scalloped Pattern of Product Life Cycle
T im e
S a les V o lu m e
Fashion Product Life Cycle
T im e
S a le s V o lu m e
Fad Product Life Cycle
T im e
• • • • • • • •
Product planning. New product development. Product positioning. Product simplification. Product obsolescence. Product elimination. Product diversification. Product portfolio management.
VARIOUS CATEGORIES OF PRODUCT DEVELOPMENT •
There are several categories of product development. • Unique product – product for which there is no substitute. • Improved Product – existing product significantly modified and improved (keeping in mind the changes in customer preferences). • Product which is new for the company but the same itself is not new. It is however, not in the current product mix of the company.
BENEFITS OF NEW PRODUCT DEVELOPMENT • • •
•
It helps facing competition effectively and retaining, even improving, the market share. It helps extending the market geographically. If it is in consistent with the existing facilities of the company, it leads to fuller utilization of those facilities. As a result, cost comes down. Increased sales and lower cost lead to improved profitability.
STEPS TO PREVENT FAILURES OF NEW PRODUCT • • •
New product failure may arise in any of the steps mentioned earlier. Generally, they arise from: lack of organizational leadership and lack of co-ordination.
3
2w eek s
2 w eek s
2
3 w eeks
6
1
C r it ic a l P a t h 4 we eks
4
ek e w 4
5 s
3w
ee k
s
2 w eeks
7
G Sa
H
G
es
ta
Sa
tio
n
Lo le pe
s
w 2
r io
D la d
em kh 3
an
ig
h
D
es le
ta s
em
tio 3
an
la d
n
pe kh
s
r io
d
2
yr
G
s
es
ta
tio Sa
n
r pe
s le g Hi
d
h
la
kh
s
s
m De
an
Lo
s
yr
4
d
io
yr
2
d
w S
s G
In v e s tm e n t 1 .5 la k h s
In v e s tm e n t 2 la k h s
D e c is io n
e
De
m
e al
s
a st
tio
an 2 n
d k la
hs
r pe
io
d
3
yr
s
S tage II G row th
S tage III M a t u r it y
S a les a n d P r o fit M a r g in s
S tage I I n tr o d u ctio n
Sa
le
s
P r o fits
T im e
S tage IV S a tu r a t io n
S tage V D eclin e
S a les V o lu m e
Cycle Re Cycle
P r im a r y cy cle
T im e
R ecy cle
S a les V o lu m e
Scalloped Pattern of Product Life Cycle
T im e
S a les V o lu m e
Fashion Product Life Cycle
T im e
S a le s V o lu m e
Fad Product Life Cycle
T im e
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