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NPD & PLC (New Products (What is it?, Why does it fail?, To Improve…
NPD & PLC
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Two Dimension of Newness
HNF & L/MNM Product/Company Fit
HNM & L/MNF Product/Market Fit
L/MNF & L/MNM Cannibalization/Incremental Sales
Two Dimension of Risk
HS & LR Move Quickly and Safely
HS & HR Big Problem: Weigh Risks
LS & LR Other Factors Dictate Timing
LS & HR Wait & Get it Right
Problems
Dk product at which stage
Difficult to forecast length and shape
Strategy is both cause and result of PLC
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New to the world products
New product lines
Additions to existing product lines
Improvements & Revisions
Repositioning
Cost Reduction
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Over Championing
Insufficient Differentiation
Poor Design
Poor Marketing Execution
High Development Costs
Strong Competition
Overestimation of Demand
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Understand consumers, markets & competitors
Product must deliver superior value
Must have a well defined-product concept
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Idea shortage
Fragmented Market
Social & Govt Constraints
Cost
Capital Shortage
Need for Speed
Shorter PLC
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Idea Generation
Idea Screening
Concept Development
Marketing Strategy
Business Analysis
Product Development
Market Testing
Commercialization
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1) Develop product ideas into concepts
2) Test Concepts
3) Choose the concept with the strongest appeal
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If Potential Profit & Demand meets company's objective, develop the product
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EG: Product at maturity stage. You decide to spend money on advertising it. You are unsure if the maturity is a result of the advertisement or you are advertising it because it is at maturity stage
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