One key way of determining how long an organization will stay on top of the competition in an industry is the rate at which the organization comes out with new and innovative products and services. A company that is constantly innovating and bringing new products and services to the market could be viewed as being dynamic and profitable. The purpose of this training is to explain how companies find and develop new product ideas; the training will also list and define the steps in the new product development process and the major considerations in managing this process.
Objectives of the course
- To understand the key elements of the product development process.
- To understand those factors that influence new product success and failure.
- To understand how to speed up and use new technologies to maximize the efficiency of
the new product development process.
- To critique some new product development processes.
- High performance to cost ratio of the product
- Being the early entrant into the market and Higher contribution margin
- Larger amount of marketing expenditure and Strong top management support
- Creating a strategic product marketing mix and prioritizing product portfolio
- Assessing challenges and high value opportunities in an economic recession
- Gunning for products success – Recognizing product success factors and avoiding failure in today's market.
- Understanding the brand and positioning strategy
- Mapping all elements of the product life cycle to succeed in today's competitiv environment
- Benefiting from the market knowledge – Improving competitor focus and creating touch points with your customers through effective market analysis
- Analyzing your customer spectrum –Market segmentation and targeting
- Developing effective marketing communications – Utilizing “the right” cost-effective marketing communication tools and channels