New Product Innovation, Development and Implementation Strategies

Learn how to create or modify your new product development process and position your firm for a strategic competitive advantage. This program provides comprehensive coverage of major topics in developing and implementing a market-driven approach to innovation.

This program provides you with the frameworks, tools, and perspectives that will help you more effectively develop and market new products. Incorporating cutting-edge thinking and best practices in new product development, this program will help you create or improve your organization's process and position your firm to gain a strategic competitive advantage.

By attending this program, you will:

• Master the latest techniques to design new product/service offerings that deliver customer value and better meet your customers’ needs/wants.
• Learn how to develop and implement a new product development process based on best practices and frameworks.
• Explore major topics in developing and implementing a market-driven approach to innovation.

Program Outline

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

Develop an Innovation Strategy

• Developing a new product strategy
• Strategic goals
• Product portfolio management
• Firm innovativeness

New Product Development Best Practices

• Using 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
• Market-based approach
• Identifying competitors
• How to uncover articulated and unarticulated customer needs

Product Development Using Consumer-based Methods

• Relating consumer/customer needs to design features
• Assessing customer trade-offs
• Predicting market share changes
• 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
• 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

Sales Forecasting Methods for New Product Development

• Types of models for different phases of the new product development process
• Market potential models for overall sizing of the opportunity
• Sales formation models and 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
• Communication strategy
• Distribution strategy