Part1: Overview and Opportunity identification/Selection
PART II: Concept Generation
PART III: Concept/Project Evaluation
Part IV: Development
Part V: Launch
Part One
Overview and Opportunity Identification/Selection
1. The Menu
Why is this an important field of study?
Huge activity: big business, thousands of new products every year, huge funds spent on technical development & introduction yearly
New products may hold answers to most organization’s biggest problems
Complicated process so must be studied in detail
The benefits of success and the cost of failure
Challenge, fun and excitement, risk and reward
Developing new products about human achievement, and financial gains.
New Products make life simpler, more pleasurable!
NPD keeps company young, a step ahead of competition
New products are great morale-boosters.
Not an established discipline like chemistry, accounting or management. This subject (body of knowledge) is developing all the time.
New things are being created all the time, but developers are not sure about what they will be, cost, exactly who will want them, distribution & sales set-up, reaction of government regulator - NPD is TENTATIVE
Detailed & proper procedure increases chances of success
Are There Special Slants We as Students Should Be Aware of?
Be MULTIFUNCTIONAL, CREATIVE, use HEURISTICS (rules of thumb which result from experience – it maybe unscientific, but it WORKS!),
To use SIMPLE INTUITION – hunch, gut feel.
Learn to Select People You Can Rely On – may not be the best but stable, consistent and dependable.
Remember that new products must deliver VALUE – must have quality and be low in price.
Learn to ...