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NEW PRODUCT DEVELOPMENT (NPD) & PRODUCT LIFE CYCLE STRATEGIES…

- - - - Internal Sources
        
        Engineers
        
        Manufacturing staff
        
        Scientists
        
        Salespeople
        
        Top management
      - External Sources
        
        Distributors & suppliers
        
        Customers
        
        Competitors
        
        Trade magazines, shows & seminars
        
        Ad agencies
        
        Design firms
      - Crowdsourcing
    - - R-W-W Framework
    - - Product idea
      - Product concept
      - Concept testing
      - Product image
    - - Target market description
      - Sales, market share & marketing mix
      - Value proposition planned
    - - Review
        
        Sales
        
        Costs
        
        Profit
    - - Product concept --> Physical product --> Workable marketing offer
    - - Controlled test market
      - Simulated test market
    - - Concern
        
        Timing
        
        Where & How to launch the new product
        
        Market rollout
      - Kotler : 80-85% products fail
        
        Due to
        
        Incorrectly positioned product
        
        Poorly designed product
        
        Ineffective advertising
      - Succesful Product
        
        Customer centered product development
        
        Team based
        
        Systematic
        
        Look for customer problems & solve
- - - - Save time
      - Increase effectiveness
  - - - review
      - evaluate
      - collect
      - manage
      - new-product ideas
      - 2 favorable outcomes
        
        create an innovation-oriented company culture
        
        yield a larger number of new-product ideas