Booth School of Business
New Product Innovation, Development and Implementation Strategies
Available dates
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Full disclaimer.About the course
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
Who should attend
This program is appropriate for mid- to upper-level managers in any area involved in the development and management of new products. This may include functional areas such as new product development, marketing, R&D, business development, design, engineering, operations, sales, strategy, and finance, as well as members of cross-functional new product development teams.
Trust the experts
Sanjay Dhar
Sanjay K. Dhar studies strategic marketing management, advanced marketing strategy, brand management, new product development, pricing strategy, promotion strategy, advertising strategy, product placement strategy, retail price advertising strategies, retail management best practices, consumer an...
Arthur Middlebrooks
Art Middlebrooks is Executive Director of the Kilts Center for Marketing, and educator and management consultant specializing in innovation, services marketing, and branding. Middlebrooks focuses on helping service companies grow profitably through new product and service development, branding, a...
