 New Product Innovation, Development, and Implementation Strategies This unique program will provide you with the frameworks, tools, techniques, and perspectives that will help you to more effectively develop and market new products. The course provides comprehensive coverage of major topics in developing and implementing a market-driven approach to innovation. Incorporating cutting-edge thinking and best practices in new product development, this program will help you to both create and modify your organization’s new product development process and position your firm to gain a strategic competitive advantage. It covers a wide spectrum of industries including business-to-business, consumer products, and services.
Topics cover four broad areas: - The strategic role of new products in your organization
- Reviewing best practices in new product development across various industries
- Incorporating best practices and cutting-edge frameworks to develop a market-driven new product development process
- Implementing the new product development process
Program Dates and Fees
| September 20-24, 2010 |
$7,650.00 |
| March 28- Apr. 1, 2011 |
$7,650.00 |
| September 26-30, 2011 |
$7,650.00 |
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During this program, you will learn: - How to conduct a new product diagnostic audit and develop a new product strategy.
- Best practices in new product development that separate the "best" firms from the "rest" in different industries.
- How to develop a new product development process that incorporates the best practices and is based on cutting-edge frameworks and approaches.
- How to adapt the new product development process for:
- different types of projects - lower risk short-term versus breakthrough projects, in-house versus outsourced projects, platform projects,
- different strategic decision situations: speed to market versus extensive development, proactive versus reactive strategies,
- building flexibility into the process.
- How to implement the new product development process.
- How to create new market space by identifying a new value curve that better meets customer needs.
- How to identify new product opportunities using both "resource based" and "market based" approaches.
- How to uncover "breakthrough" consumer needs and develop and test new product concepts that serve those needs.
- How to create a value proposition for your new product and develop a positioning strategy.
- How to use latest tools and techniques that will help you to design new product offerings that deliver customer value through differentiating benefits.
- How to develop sales forecasts for your new products and services.
- How to develop a launch plan.
- How to build successful cross-functional
teams for effective new product development.
- Cutting-edge techniques and latest frameworks for effective new product development.
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Who Should Attend This course is appropriate for mid- to upper-level managers in any area involved in the development and management of new products. This may include functional areas such as new product development, marketing, research and development, business development, general management, design, engineering, operations, sales, strategy, and finance, as well as members of cross-functional new product development teams. Representative titles include vice president or director of marketing, new product manager, product or brand manager, business development manager, strategic planner, designer, engineer, market analyst, and vice president or director of sales. |
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Topics Outline New Product Development and Strategic Marketing
Strategic analysis of company, customer and competitor
Product, price, distribution and promotion strategy
Key decisions in marketing mix based on marketing objectives
Developing a New Products System
Barriers to effective new product development
Components of an effective innovation system
7P New Product Development System: priority, policy, platforms, problem orientation, process, platoons, payback metrics
Develop an Innovation Strategy
Developing a new product strategy: growth gap, strategic arenas, spending splits, screening criteria
Strategic goals
Product portfolio management
Firm innovativeness
New Product Development Best Practices
Results from a "first-of-the-kind" benchmarking study on marketing research
practices to build voice of the customer
Characteristics of "The Best" versus "The Rest" innovators across all industries on new product/service performance
Three cornerstones of new product success
Top reasons for new product failures
Effects of success factors on new product performance metrics
Frameworks and tools to prioritize marketing activities
Identifying "Breakthrough" Customer Needs
Resource based approach: linking strategic vision to core capabilities
Market based approach: market profile analysis
Identifying competitors:
- level of competition: product form, product category, generic, or budget
- methods to identify close competitors
- determining the basis of competition
Techniques for uncovering articulated and unarticulated customer needs
Product Development Using Consumer-based Methods
Relating consumer/customer needs to design features
- conjoint analysis applications
- data collection methods and analysis
Assessing customer trade-offs
Predicting market share changes:
- when new product is introduced
- when competitors make changes in product and service offerings
- cannibalization versus incremental sales when line or brand extensions are introduced
Benefit segmentation of the market
Making key design decisions
Implementing the New Product Development Process Using a Customer-Driven Approach
Clustering development activities into phases
Determining deliverables from each phase
Roles of decision points: project review and decision points
Screening criteria and screening approaches at a decision point
Templates for deliverables and
examples of screening criteria
Marketing research techniques to build "voice-of-the-customer" in the development process
Management decisions at a decision point: go/kill decisions, prioritization of projects, resource allocation
Sales Forecasting: Methods for New Product Development
Types of models to use at different phases of the new product development process
Market potential models for overall sizing of the opportunity
Sales formation models to predict sales build-up over time
Types of models for different products and services
Steps to logically forecast sales
Test sensitivity of forecast
Developing a New Product Marketing Launch Plan
Launch decision framework
Use of diagnostics
Determining which segments to target and why
Product positioning: value proposition
Sales forecasting and pricing decision frameworks
Communications strategy
Distribution strategy
Course Summary and Wrap-Up
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Sanjay Dhar  Faculty Director of the Kilts Center of Marketing and James H. Lorie Professor of Marketing
The University of Chicago Booth School of Business
Sanjay Dhar has been a Chicago faculty member since 1992. Many sources have recognized Professor Dhar for his excellence in teaching. He received the 2008 Hillel Einhorn Teaching Award voted by executive MBA students in Asia, the prestigious McKinsey Teaching Award in 2000 awarded once every 2 years, was cited among the outstanding faculty in BusinessWeek's Guide to Best Business Schools (McGraw-Hill, 1997, 1999 and 2001), and in 1994 was awarded the Emory Williams Teaching Award by students for outstanding teaching performance. In 2006, the Economic Times (India) identified Professor Dhar as one of twelve “Indians who have made a global impact on marketing research and thought”. He currently serves as faculty director of the Kilts Center of Marketing and was recently rated as one of 6 "must-have" professors at Chicago Booth by Veritas Prep in 2010 Annual Report on Chicago Booth.
Dr. Dhar received the 2008 Paul Green Award which recognizes the best article in the Journal of Marketing Research. Dhar was honored for his research “Consumer Packaged Goods in the United States: National Brands, Local Branding.” In addition he has won the 1995 John D. C. Little Best Paper award for his research “The Introduction and Performance of Store Brands” and an Honorable Mention Award for the 2003 William R. Davidson Awards for his research “Effective Category Management Depends on the Role of the Category”.
Dr. Dhar’s research and teaching focuses on Advertising Strategy; Brand Management; Marketing Strategy; Pricing and Promotion Strategy; Private Labels; Consumer Promotion Evaluation and Planning; Internet Marketing; New Product Development, Management and Strategy; Retail Management Best Practices, Loyalty Reward Programs, Every Day Low Pricing (EDLP); Trade Promotions; Category Management; Purchase incidence, and Brand choice. He has published widely in leading academic journals he is also on the Editorial Board of several top journals in marketing.
Dr. Dhar is considered a leading expert in marketing and is regularly interviewed by leading newspapers, news agencies, and business magazines and has been interviewed by major television programs. He is frequently invited as a keynote or featured speaker in company management conferences, major industry association meetings and has also conducted research studies sponsored by major firms and trade associations. He has also provided consulting to, and conducted training sessions with, FORTUNE 100 companies and has served as an expert witness.
He earned his doctoral degree in management from the University of California at Los Angeles in 1992. Prior to that, he served in several management positions at Lipton India Ltd. |
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Arthur Middlebrooks  Executive Director, Kilts Center for Marketing
Adjunct Professor of Marketing
The University of Chicago Booth School of Business
Art Middlebrooks specializes in helping service companies grow profitably through new product and service development, branding, and effective marketing strategies. He has worked with companies from a broad range of industries including energy, telecommunications, information technology services, e-commerce, software, financial services and professional services.
Mr. Middlebrooks’ areas of expertise focus on branding (including segmenting and targeting markets, creating a brand vision and strategy, developing a competitive positioning, determining brand/sub-brand strategies, creating marketing and communication plans) and innovation (developing a new products strategy, conducting customer research, generating and screening ideas, developing and testing new product concepts, creating financial business cases, creating product requirements, creating marketing launch plans, developing stage-gate and portfolio management processes).
Mr. Middlebrooks was recently named the Executive Director of the Kilts Center for Marketing at the University of Chicago Booth School of Business. The Center, which sponsors a wide variety of basic and applied research in marketing, was founded in 1999 by James M. Kilts and the Nabisco Foundation.
He is co-author of two books, Innovating the Corporation (NTC Business Press, 2000) and Market Leadership Strategies for Service Companies (NTC Business Press and American Marketing Association, 1999). In addition, he has spoken at numerous conferences and seminars, including the Product Development Management Association (PDMA), Institute of International Research (IIR), Marketing Information Group and Electric Utility Consultants. He has published other works in the PDMA Handbook of New Product Development, Management Review, Sales and Marketing Management, and Marketing News.
His clients include Amadeus, American Medical Association, Andersen Windows, Bank of America, BP/Amoco, ComEd, General Mills, Hewitt Associates, IBM Consulting Group, Praxair, S.C. Johnson Wax, Standard & Poors and U.S. Gypsum.
Art received a BS in economics and computer science from Duke University and has an MBA in marketing and finance from the University of Chicago Booth School of Business.
In Executive Education, Mr. Middlebrooks teaches in New Product Innovation, Development and Implementation Strategies. |
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The Setting Classes are held at the Gleacher Center of the University of Chicago Booth School of Business, 450 North Cityfront Plaza Drive, situated along the Chicago River (one block east of Michigan Avenue), in the heart of the downtown district known as "The Magnificent Mile." The Center is within walking distance from some of Chicago's most exciting retail and entertainment areas. |
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The course will begin at 8:00am on Monday and end at 1:30pm on Friday. |
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Hotel Accommodations and Reservations
A limited block of rooms have been reserved for a discounted rate at the
InterContinental Chicago
505 N. Michigan Avenue
Chicago, IL 60611
Phone: 801.401.5226 or 800.235.4670 (toll-free)
Fax: 312.321.8725
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