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Market and product development

Market and product developmentMarket and product development (or New product development, or in short - NPD) is the process of bringing a new product or service to market. Two parallel paths are involved here: one involves idea generation, product design, detail engineering; the other - market research and marketing analysis. The process can be divided into 8 building-blocks:
  1. Idea generation
  2. Idea screening
  3. Concept development and testing
    1. Develop the marketing and engineering details
      1. Who is target market and decision maker in purchasing process?
      2. What product features must the product incorporate?
      3. What benefits will the product provide?
      4. How will consumers react to the product?
      5. How will the product be produced most cost effectively?
      6. Prove feasibility through virtual computer aided rendering, and rapid prototyping
      7. What will it cost to produce it?
    2. Testing the Concept by asking prospective customers what they think of the idea. Usually via Choice Modelling.

Polls
  1. Business analysis
  2. Beta testing and Market research testing
    1. Produce a physical prototype or mock-up
    2. Test the product (and its packaging) in typical usage situations
    3. Conduct focus group customer interviews or introduce at trade show
    4. Make adjustments where necessary
    5. Produce an initial run of the product and sell it in a test market area to determine customer acceptance
  1. Technical implementation
    1. New program initiation
    2. Resource estimation
    3. Requirement publication
    4. Engineering operations planning
    5. Department scheduling
    6. Supplier collaboration
    7. Logistics strategic plan
    8. Resource plan publication
    9. Program review and monitoring
    10. Contingencies - what-if planning
  2. Commercialization of a product
  3. New product pricing
    1. Impact of new product on the entire product portfolio
    2. Value Analysis (internal & external)
    3. Competition and alternative competitive technologies
    4. Differing value segments (price, value, and need)
    5. Product Costs (fixed & variable)
    6. Forecast of unit volumes, revenue, and profit

Marketing decision models

 

Business strategies definition

  1. Market and product development
    1. Beta testing
    2. Market research testing
    3. Commercialization of a product
      This is often considered post-NPD (New Product Development).
  2. Business and revenue model
  3. Positioning and differentiation
  4. Multi channel distribution
    'With each new sales channel, a company expands its sales and market coverage'.
  5. Multi channel communication
    The goal of writing multi channel communication plan is to get an audience to invest their time, money or efforts in a product or service.
  6. Marketing communication mix
    The importance of online service for some organisations are indicated by bank Nationwide.
  7. Organisational capabilities
 
  1. Idea generation
    1. Opportunity analysis
      The strategy of assessing the potential for a change or enhancement to enhance the generation of revenue.
  2. Idea screening
  3. Business analysis
    1. Break even analysis
    2. Benefits of break even analysis
    3. Fourt Woodlock equation
      The tool used to determine whether the product idea will be profitable or not.
  4. Critical path analysis
  5. How to make critical path analysis?
  6. Critical path in business
  7. Logistics strategic plan
    Logistics is how to get raw materials, move them in the system, distribute and replace them.
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