New Product Development

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Table of Contents EXECUTIVE SUMMARY i PRODUCT 1 The new product process 1 1.1 Stages in the new-product process 1 New product strategy development 2 Objectives of the stage 2 Identify Markets and Strategic Roles 2 Cross-functional teams 2 Idea generation 3 Customer Suggestions 3 Employee and Co-worker Suggestions 3 Research and Development Breakthroughs 4 Competitive Products 4 Screening and evaluation 5 Internal Approach 5 External Approach 6 What did the P&G at this stage? 6 BUSINESS ANALYSIS 8 What did P&G at this stage? 9 Product development 10 What did P&G at this stage? 12 Market Tests 14 Test Marketing 15 Simulated Test Markets 16 When Test…show more content…
This step in the new-product process has been added by many companies recently to provide a needed focus for ideas and concepts developed in later stages. Objectives of the stage Identify Markets and Strategic Roles During this new-product strategy development stage the company uses the environmental scanning process to identify trend that pose (create) either opportunities or threats. Relevant company strengths and weaknesses are also identified. He outcomes of new-product strategy development is not only new-product ideas but identifying markets for which new products will be developed and strategic roles new products might serve. When Booz Allen & Hamilton, Inc. a national consulting firm, asked firms what strategic role was served by their most successful recent product. The answer was, first we defined the direction of new-product development and divide into externally and internally driven factors. Cross-functional teams A small number of people from different departments in an organization who are mutually accountable to a common set of performance goals. Teams are especially important in new-product development so that individuals from research and development, marketing, manufacturing, finance, and so forth can simultaneously search together in a constructive environment for new product and me-market opportunities. Another key to

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