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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