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New Product Development, strategy and management

Introduction

The Product Development is a process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a product

Important aspects to know about Product development includes

Product Management

Product Strategy

New Product Development

Here is some brief about new product development study and features ::

Address the market needs identified in the MRD ( Market requirement Document )

Defines the breadth and scope of the product capabilities PRD( Product requirement document )

NPD teams need to stay ahead in technology and by competitors.

A product platform is an common elements shared across products in the platform family. made in technology and by competitors.

suppliers represent a strategic resource that is integrated into the new product development process

Voice of the customer, assess customer needs, measure preferences, and predict new product purchase behavior

Empathic methods i.e ergonomic aspects of a product Design and User Observation

Focusing the Design Team by Identifying Strategic Customer Needs

Concept evaluation is based on both survey research and laboratory test markets (LTMs).

Measuring how new products perform is key to understanding and evaluating processes

Focused and effective portfolio management

Value Engineering: Quality Function Deployment/House of Quality

Rapid Prototyping Methods means multiple technical solutions on a product concept .

The process for a new product or service innovation to be embraced and adopted by a target market generally involves five stages: (1) awareness, (2) interest, (3) evaluation, (4) trial, and (5) adoption (or rejection)

Forecasting : firms estimate the revenue and profit potential of the concept as early as possible in the process

An integrated new product development process requires that NPD teams be cross functional

Organizational Transfer of Learning

Opportunity identification and selection

Presenting the product to the market Marketing Distribution Sales

New product Development

Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services

new product development process are:

opportunity identification and selection

concept generation

concept evaluation

development and

product launching.

Product Strategy

A typical product strategy consists of 4 parts: vision, goals, metrics and actionable plan

SWOT analysis

Research your target market

online advertising campaigns

competitors Analysis

achieving defined objectives and goals

Customer insight

Structure of current product/brand offerings

Product Management

Ideation

Market Analysis

Competitive Analysis

Preparation Of VOC Plan

Product Positioning & Strategy

Product Line Road Maps

Product Forecasting

Promote Product

Manage Product Life cycle