Research on Develpment of New Products and Services

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Development of New Products and Services It involve bringing two separate elements into accord: customer satisfaction and technical feasibility. R&D Objectives:
1. The definition of the target market
2. The product’s concept
3. The benefits the product will deliver
4. How the product will be positioned in the market
5. The product’s features, attributes, design specifications and requirements

Product Strategy
Quality Function Deployment (QFD)
Alternative managerial technique for product development

Blueprinting
Also called flowcharting, describes all process steps that customer and service employees must follow in a given service environment.

Testing of New Product Testing the new product is the next step in the
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Directly reduce the risk of adoption
Trial without purchase
Absorb the risk
Strategy 4. Win market Support
Win the endorsement of opinion leaders
Establish a ‘winner’ image
‘Legitimize’ the product

New Product Launch Tactics
Market preparation launch tactics, comprise the action taken to prepare the market for the launch
Targeting marketing actions to the most appropriate group of potential customers
Decision must be made regarding product positioning
Develop and implement tactics aimed at attacking the market

The Relationship between strategic and tactical decisions in new product launching
Strategic Decisions
Product strategy
Market strategy
Competitive stance
Firm strategy
Tactical Decision
Product
Distribution
Pricing
Promotion

Typology of Industrial product launch strategies
Niche Innovators
Basic innovation strategy is to pioneer new products and lines, which are driven by both technology and market needs.
Niche followers
Combine both market and technology drivers in their development processes to produce rather innovative new products.
Mass marketers
Use new product strategies targeting equally innovative reformulated products, intensively marketed by the sales force to mass markets in which there are numerous competitive offerings.
Would-be me-too
Comprise market driven less innovative new products launched

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