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Tuesday, February 28, 2012

It is the solved assignment of “Explain briefly what are the several processes involved in new product development.” The assignment has been solved for MB0046 (Marketing Management) of SMU MBA. You may see International Market Entry Strategies and Requisites of an Effective Segmentation also.

New Product Development:

New products are essential for existing firms to keep the momentum and for new firms they provide the differentiation. New product doesn’t mean that absolutely new to the world. It may be modification, or offered in the new market, or differentiate from existing products. Therefore it is necessary to understand what are new products?

New Products:

They are really innovative: Google’s Orkut a networking site which revolutionized social networking. In this site people can meet like-minded people; they can form their own groups and many more.

They are very different from others: Haier launches path-breaking 4-door Refrigerators first time in India.

They are imitative: these products are not new to the market but new to the company. For example, Cavin Kare launched ruche pickles. This product is new to Cavin Kare but not to the market.

New Product Development Process:

Stage 1: Idea generation: new product idea can be generated either from the internal sources or external sources. The internal sources include employees of the organization and data collected from the market. The external sources include customers, competitors and supply chain members.

Stage 2: Idea screening: Organization may have various ideas but it should find out which of these ideas can be translated into concepts.

Stage 3: Concept development:

Stage 4: Concept testing: at this stage concept was tested with the group of target customers.

Stage 5: Marketing strategy development: the marketing strategy development involves three parts.

Stage 6: Business analysis: it is the analysis of sales, costs and profit estimated for a new product to find out whether these align with company mission and objective.

Stage 7: Product development:

Stage 8: Test marketing

Stage 9: commercialization: in this stage product is completely placed in the market and aggressive communication program is carried out to support it.


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