Npd-Facial Cleanser
Contents
Idea Generation……………………………………………5-7
Idea Screening……………………………………………...7-8
Concept Development and Testing…………………...9-15
Marketing Strategy……………………………………….16-20
Product Development…………………………………….20
Market Testing……………………………………………….21
Commercialization………………………………….………21
INTRODUCTION
New products are the lifeblood of any company, fueling its survival and growth in the long run. But the development and introduction of new products that will ultimately be profitable is fraught with the risks of heavy up-front expenditures and uncertain future payoffs. A daunting combination of stagnating sales in mature markets, rising costs, and a focus on short term earnings leaves management in a very uneasy position.
We are product development team of a company. It is a cosmetic manufacturing company. It produces various kinds of cosmetic product like- Beauty soap Nail polish Shampoo Face wash Tooth pest Tooth brush
Now our company wants to introduce a new product.
New product:-
It means original products-new to the world, new to the product line, product improvements, product modifications, and new brands that the firm develops through it own research and development efforts.
A new product includes greatest cost and risks. Because they are new to the market and the company as well. That’s why most of the companies are devoted to improve the product line. That’s why we are focusing on improving our existing product line.
ORGANIZING NEW PRODUCT DEVELOMENT
Stage gate system: it is a process to manage the innovation process and launch new product in the market. In this system the gatekeeper makes one of four decisions. GO, KIILL, HOLD OR RECYCLE. If the new product idea looks promising the gatekeeper decides to GO for it. If the idea is bad than KILL it, if the idea needs further analysis then HOLD it and if the idea can be considered in the near future the RECYCLE it.
STAGES OF NEW PRODUCT DEVELOPMENT
IDEA
Idea Generation……………………………………………5-7
Idea Screening……………………………………………...7-8
Concept Development and Testing…………………...9-15
Marketing Strategy……………………………………….16-20
Product Development…………………………………….20
Market Testing……………………………………………….21
Commercialization………………………………….………21
INTRODUCTION
New products are the lifeblood of any company, fueling its survival and growth in the long run. But the development and introduction of new products that will ultimately be profitable is fraught with the risks of heavy up-front expenditures and uncertain future payoffs. A daunting combination of stagnating sales in mature markets, rising costs, and a focus on short term earnings leaves management in a very uneasy position.
We are product development team of a company. It is a cosmetic manufacturing company. It produces various kinds of cosmetic product like- Beauty soap Nail polish Shampoo Face wash Tooth pest Tooth brush
Now our company wants to introduce a new product.
New product:-
It means original products-new to the world, new to the product line, product improvements, product modifications, and new brands that the firm develops through it own research and development efforts.
A new product includes greatest cost and risks. Because they are new to the market and the company as well. That’s why most of the companies are devoted to improve the product line. That’s why we are focusing on improving our existing product line.
ORGANIZING NEW PRODUCT DEVELOMENT
Stage gate system: it is a process to manage the innovation process and launch new product in the market. In this system the gatekeeper makes one of four decisions. GO, KIILL, HOLD OR RECYCLE. If the new product idea looks promising the gatekeeper decides to GO for it. If the idea is bad than KILL it, if the idea needs further analysis then HOLD it and if the idea can be considered in the near future the RECYCLE it.
STAGES OF NEW PRODUCT DEVELOPMENT
IDEA