New Product Development - Process and Stages with Examples and Case studies (Marketing video 52)

New Product Development Process refers to the method that an organization undertakes to introduce new products in the market.

New Product Development Process starts from idea generation and ends with its commercialization.

It is an important concept that helps in understanding markets, consumers, and competitors to develop and deliver superior value products for the customers.

Stage 1 Idea Generation

Idea Generation refers to a systematic search for new and unique product ideas and creating a large pool from external sources like competitors, channels of distribution and internal sources like the R&D department, end-customers and employees.

Example: Google

Stage 2 Idea Screening

Idea Screening refers to evaluating and filtering all the available ideas and segregating the good from the poor ones based on compatibility, relevance, assumptions, constraints, feasibility and value. The two types of error common in this stage are

- Following a bad idea
- Discarding a good idea

Example

- FRIENDS
- Starbucks - My Starbucks Idea

Stage 3 Concept Development and Testing

Attractive and unique ideas are developed into product concept in this stage after taking into consideration potential target audience, product usage and potential value propositions.

Example: Lego Ideas

Stage 4 Marketing Strategy Development

This is the stage where an initial marketing strategy is designed for the new product. It includes a description of the target market, product’s planned price and its marketing mix strategy

Stage 5 Business Analysis

This stage deals with reviewing the costs, projected sales and profit projections. It is then compared with organizational goals and objectives and if satisfied only then is sent for production

Stage 6 Product Development

In this phase, a physical product is developed by the R&D department to ensure that the product idea can be turned into a workable product.

Example: Samsung Note 7 Failure

Stage 7 Test Marketing

In Test Marketing the product and the marketing program are tested in realistic settings that include Standard Test markets, Control Test Markets and Simulated Test markets.

Example: Samsung Galaxy Fold Failure

Stage 8 Commercialization

The final stage is about introducing a new product in the market after considering important factors like the time and place of introduction and related future strategies

This video is on New Product Development and has the following sub-topics.

Time Stamps

0:00 Introduction
00:40 New Product Development Process
01:04 Stage 1 Idea Generation
01:46 Example: Google
02:23 Stage 2 Idea Screening
03:27 Example 1: FRIENDS
03:54 Example 2: My Starbucks Idea
04:28 Stage 3 Concept Development and Testing
05:06 Example: Lego Ideas
05:55 Stage 4 Marketing Strategy Development
06:30 Stage 5 Business Analysis
06:55 Stage 6 product Development
07:49 Stage 7 Test Marketing
08:44 Example: Samsung Galaxy Fold Failure
09:27 Stage 8 Commercialization

This video Belongs to the following playlist on Marketing

https://www.youtube.com/watch?v=BKuvAr7gdpw&list=PLvDdvz8B_JZv3c4nI-KTOjxi6y4JNrr4l

Next - Consumer Adoption - https://www.youtube.com/watch?v=E6dwMkumkFY

Prev - Crowdsourcing for Developing a New Product - https://www.youtube.com/watch?v=qLDK7c2a1io

Playlist - Marketing Course - https://www.youtube.com/watch?v=BKuvAr7gdpw&list=PLvDdvz8B_JZv3c4nI-KTOjxi6y4JNrr4l&index=1

Видео New Product Development - Process and Stages with Examples and Case studies (Marketing video 52) канала Marketing91