Introduction to New Product development

Overview

Developing and launching successful new products is a key marketing value driver. Successful innovation ensures that your products stay competitive and that growth opportunities are not missed. However extensive research indicates that failure rates in this area are high. Developing and implementing a proven new product development (NPD) process increases success rates, together with managing the other key factors that drive results.

Benefits to you and your company
You will understand what innovation is, definitions, benefits and principles of good innovation management. You will apply idea generation and screening techniques, concept and brand development frameworks and understand key issues in launching a new product.

Given that it costs a significant amount to launch a new product, senior management should ensure that the NPD process is sufficiently robust to keep the risk of failure to a minimum. The process presented is applied by many market leading organisations so this knowledge should significantly improve your organisation’s chances of market success.

Learning outcomes
• Apply a logical, easy to understand, step-by-step process to launch successful new products.
• Recognise and apply a number of techniques used to generate new product ideas.
• Apply a number of techniques used to screen new product ideas.
• Develop a clear positioning concept and brand strategy statement for a selected new product idea.
• Understand the major factors contributing to success and failure in new product development and assess your company’s current performance.
• Develop an action plan for improving NPD in your own business.
• Improve the effectiveness of your organisation’s new product development process.

Delivery style
Through the use of many up to date examples of successful innovation and a live case study, delegates will have the opportunity to apply the steps in the NPD process. This reinforces your learning in a fun and interactive environment, making application easier back at work.

Who is it for?

Managers and executives, irrespective of function, who are or expect to become involved in the development of new products and the innovation process within their organisation.

Description

• Definitions, benefits and principles of good innovation management.
• NPD process - what's involved?
- Step 1: New product strategy.
- Step 2: Idea generation and screening.
- Step 3: Concept development and testing.
- Step 4: Business analysis.
- Step 5: Product development and testing.
- Step 6: Commercialisation.
• Success factors in NPD; differentiated superior products, customer insight, sharp, stable and early product definition, brand planning, stage-gate process, cross-functional project teams and an innovative culture supported by senior management.
• Assessment of organisational performance and action planning to improve NPD in delegates' own organisations.