New Product Development

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New Product Development

New Product Development is the process of designing, creating and marketing new products or services to benefit customers. Sometimes referred to as new product development, the discipline is focused on developing systematic methods for guiding all the processes involved in getting a new product to market.

Product development involves either improving an existing product or its presentation, or developing a new product to target a particular market segment or segments. Consistent product development is a necessity for companies striving to keep up with changes and trends in the marketplace to ensure their future profitability and success. A competitive product development strategy should include a company-wide commitment to creating items that fulfill particular consumer needs or characteristics. These characteristics might include consumers’ desire for the following: products that are high-quality or low-cost; products that provide the consumer with speed or flexibility; or products that offer some other form of differentiation that posits them a desirable purchase.

Course Outline New Product Development

Preparing

  • New Products—What Separates the Winners from the Losers and What Drives Success
  • An Innovation Management Framework: A Model for Managers Who Want to Grow Their Businesses
  • Service Development
  • Business Model Innovation: Innovation Outside the Core
  • Open Innovation and Successful Venturing
  • Success Factors of NPD for Emerging Markets

Starting

  • Effective Practices in the Front End of Innovation
  • Getting Lightning to Strike: Idealization and Concept Creation
  • Portfolio Management for Product Innovation
  • Identifying Signi?cant New Business Opportunities
  • We-ness, Knowledge Sharing, and Performance in NPD Teams
  • Virtual Teams in NPD: Characteristics and Challenges

Progressing

  • Obtaining Customer Needs for Product Development
  • User Research for Product Innovation: Qualitative Methods
  • Market Analytics
  • Forecasting New Products
  • Social Media and NPD

Achieving

  • Developing Intelligent Products
  • Strategies to Improve NPD Governance
  • Managing the Supply Chain Implications of Launch
  • Post-Launch Product Management
  • Managing Innovation Paradoxes for Organizational Ambidexterity
  • Understanding the Most Common Types of Intellectual Property Rights and Applying Them to the Development Process

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