New Product Development Review

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University of Texas, San Antonio *

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3343

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Marketing

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Nov 24, 2024

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New Product Development Review 1 New Product Development Review A fully screened product aligns with a company’s situation. Accelerating time to market extends the product's lifespan before obsolescence. Firms focusing on mindshare prioritize a dominant position in customers' minds instead of the speed of product development and launch. Firms launching new products to the world have a lower long-term survival rate than those entering the market later. Discovery driven planning involves making assumptions about the future to build forecasts and targets, despite the possibility of these assumptions being wrong. Tech-driven innovation doesn't solve a customer problem, hence there is no marketable application. Opportunity identification and customer involvement lead to concept generation. The development phase of the new products process involves designing and validating the production process for the best prototype. A full screen in the new products process is a formal evaluation where all views are evaluated using a scoring model.

New Product Development Review 2 DuPont’s discovery of Surlyn, a material with numerous potential uses, represents a new resource in opportunity identification and selection. An internal mandate, like the product innovation gap, can increase the discrepancy between a firm’s current sales and target sales. The Product Innovation Charter (PIC) guides new product development once an opportunity is approved. Opportunities are carefully described and analyzed in the opportunity identification and selection phase to confirm sales potential. The concept evaluation phase involves the first formal assessment of new product concepts against financial, technical, and marketing criteria. A concept test is used to gauge potential consumers' opinions about the new product proposal. After evaluating an idea in the new products process, various views on the idea are combined in the full screen. Project evaluation involves preparing a statement of what is wanted from the new product, known as the product protocol. Prototypes are typically created in the development phase of the new products process. The development phase gives the product a definite form for the first time. The development phase also involves creating the marketing plan. The market test is a critical step that evaluates the feasibility and success of the marketing program and the product.

New Product Development Review 3 Market testing occurs during the launch phase of the new products process. The concept evaluation phase assesses new product concepts on technical, marketing, and financial criteria. An initial review is an evaluation task in the concept generation phase. In the concept evaluation phase, a protocol concept is a product definition that includes the intended market user, the problem perceived, the benefits the new product would have, and any mandatory features. A stated concept is associated with the concept generation phase. A prototype concept, associated with the concept evaluation phase, is a tentative physical product or system procedure, including features and benefits. A fully screened concept is associated with the concept evaluation phase. The value of an established brand is referred to as brand equity. The PIC can be thought of as a mission statement applied at a micro level within the firm. In product development, a product pool is a set of systems and interfaces that form a common structure. A new product first appears as an idea. Tradeoff analysis, also known as conjoint analysis, is commonly used in concept evaluation. Conjoint analysis can use the output of AR gap analysis to select product attributes.

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New Product Development Review 4 Conjoint analysis identifies the most preferred attribute sets by customers. Trade-off analysis is valuable for industrial product innovation because business buyers tend to make a rational analysis of product features. Monotone analysis of variance uses rank order data to find a customer’s underlying value system patterns. Market analysis occurs before the appearance of an idea. Upfront evaluation activities are undertaken before the development phase to avoid cost overruns. The practice of upfront evaluations is spreading due to the pressure to reduce time to market. While preparing the PIC, the earliest evaluation is of the firm and its situation. The PIC helps avoid wasting valuable development funds on unwanted proposals. Market analysis, the second evaluation, precedes the appearance of a concept. Market analysis takes place immediately after the PIC is approved. The bazooka effect refers to quickly blasting out suggestions in the initial reaction. Trained and experienced evaluators can prevent the bazooka effect. Concept testing works best for consumer packaged goods. Concept testing was invented by industrial firms. Attributes are categorized into features, functions, and benefits.

New Product Development Review 5 Managerial expertise and judgment is used to plot products on a map and make a determinant gap map. Important differentiating attributes are called determinant attributes. Gap analysis identifies gaps but not demand, these gaps often exist for valid reasons, and must be tested to ensure they align with consumers' wants. The most common source of needs and problems comes from an organization's routine contacts with customers and others in the marketplace. The first step of reverse brainstorming involves determining the appropriate "product or activity category" for exploration, then identifying a group of "heavy product users" or activity participants. Electronic brainstorming is increasingly outperforming traditional brainstorming in terms of productivity and output of unique ideas. A sizable community may take more than a year to mature, making content organization increasingly difficult. Reverse brainstorming is a common procedure for problem analysis, helping to identify and prioritize key product problems. Brainsketching involves drawing ideas, and has been shown to help draw more connections with earlier ideas.

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