New Product Development Management YouTube Lecture Handouts

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Meaning of Product

  • Any tangible or intangible item can be a product. For example if a literature festival is organized in Delhi, it can be a product for being marketed.
  • It has an exchange value i.e.. it commands a price.
  • It has the ability to satisfy the needs of the customers. Customer decides to pay and therefore it has value for the customer.

New Product Development Process

  • Idea Generation: New ideas can be developed either through internal or external resources.
    • Includes Brain Storming, Forced relationships etc. techniques.
  • Idea Screening: Here the ideas are filtered and shortlisted.
  • Concept Development and Testing: Here a detailed description from the customer՚s perceptive is made.
    • Also, customer՚s reaction is analyzed.
  • Strategy Formulation: Here various techniques of marketing are applied.
    • It includes pricing, promotion, distribution etc.
  • Product Development: Here material is brought into existence.
  • Test Marketing: The product is launched in selected segments of the market.
  • Commercialization: Finally, product is launched in a wide market

Question

1. What cannot be a product?

A. Camera

B. Idea

C. Mineral water

D. None of the above

Answer: D

2. In which stage of Product development the 4 P՚s of Marketing are used.

A. Commercialization

B. Test marketing

C. Strategy Formulation

D. Idea generation

Answer: C

Chapters:

0: 00 New Product Development

0: 14 Meaning of Product

3: 05 New Product Development Process

11: 10 MCQ about New Product Development

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