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New Product Development | Mind Map
- innovated product from the existing one
- truly a new product
- NEW PRODUCT CATEGORIES:
- new to the world
- new to the product
lines
- additions to the
existing product lines
- improvements &
revision of existing
products
- repositioning
- cost reductions.
- new to the world
- NEW PRODUCT DEVELOPMENT PROCESS:
- 1. Idea generation
- 2. idea screening
- 3. content development and testing
- 4. marketing strategy and
development
- 5. Business analysis
- 6. Product development
- 7. Market Testing
- 8. commercialization
- 1. Idea generation
- CHALLENGES
- 1. global competition
- 2. time
- 3. market potential
- 4. technological change
- 5. distribution
- 6. new feature
- 7. price
- 8. critical unmet needs
- 9. promotion
- 10. resistance to change
- 11. market size
- 1. global competition
- WHY DO NEW PRODUCTS FAIL?
- lack of product originality
- inefficient timing
- poor planing and poor
marketing execution
- product flaws
- wrong market research
- incorrect pricing
- weak launch
- lack of product originality
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