PRESENTED BY: Maria Bondar SMM 2 -2
• WHAT IS PRODUCT • NEW PRODUCT DEVELOPMENT • NPD PROCESS • CHALLENGES IN NPD • IMPORTANCE OF NPD
• A product is anything that can be offered to a market to satisfy a need or want.
The process of designing and launching the product into the market.
• • • Idea generation Idea screening Concept development and testing Marketing strategy development Business analysis Product development Marketing strategy Test marketing Commercialization
• • Social and government constraints. Shortage of ideas in certain areas. Fragmented market. Cost of developments Capital shortage. Faster required development time. Shorter product life cycle.
• necessary for growth of enterprises. • ensures the sales and profit maximization of the firm • All products decline with time (life cycle) • The market is dynamic. • Technical innovation is permanent etc…….
True/ False Statements 1. Product is anything which have the capability to satisfy the needs and wants of the customers or end users. 2. Many new products earn higher profits than older ones. 3. New products can’t help reposition the company in customer’s minds. 4. NPD Process always includes 7 steps. 5. NPD is the process of designing and launching the product into the market.
Thank you for your attention!