Introduction to Product Management

Developing and Managing Products

New Product Development 1
New Product Development (2)

New product process includes:

  1. New Product Strategy (NPD process to match objectives)


  2. Idea Generation and Sources

New Product Development (3)

Idea Screening (what do we have? +/-)

In pharmacy, 1 of 5,000 new drug ideas is commonv

In autos, 1 of 20 new car concepts is made to prototype

Point? Brainstorm, then cut via research

Short and long run $ performance

Social issues:

Consumer welfare (Ben and Jerry’s)

Safety ( Marlboro cigarettes) – liability (McDonald’s hot coffee)

Business Analysis

Examine consumer perceptions (Coors banquet beer)

Consider view of retailers and wholesaler (Frito Lay)

5. Development (can go hand-in-hand with analysis)

Product tests (New Coke, movies)

Risky: (leaks, skewed results)

Virtual product development: examine without construction

Prototype product and marketing strategy

Longest process (Minute Rice took 18 years!)

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