Planning and Developing New Products

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

ICTD International Centre for Training and Development

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Who should attend

Sales staff, managers, business owners

About the course

Today product development ranks among the most activities for organizations, Organizations that cannot offer products relevant to their customers quickly become obsolete. But where to start? How do organizations go about planning and developing products? A new product can take so many forms. It might or might not be sale. It might be a service, a thing, an idea, even an experience. In this course attendees explore what is commonly understood as product development before they set out on their own research into how products come into being whom, for what purpose and through what kinds of processes or methods.

## Course Objectives

  • Understand the eight critical keys to success

  • Define objectives and strategies for your new product development program

  • Analyze from a financial perspective

  • Bring innovation to market quickly using new product development insights

  • Effectively handle product testing and launch issues

  • Use market research to identify profitable new markets

  • Successfully manage your team

## Course Outline

  • How to generate ideas for new products

  • Surveying your competition

  • Determining if new products are in line with overall corporate strategy and with your current portfolio

  • Conducting small-scale tests to eliminate unprofitable ideas

  • Techniques of market testing

  • Developing a market-driven business plan

  • The team approach to managing new products

  • Managing the product life cycle: the launching process…evaluating market performance results

Learning Objectives

  • Generate Potential New Product/Service and New Market Ideas That Fit Your Business Strategy
  • Screen and Evaluate Potential New Product/Service and New Market Ideas
  • Analyze New Product/Service and New Market Opportunities from a Financial Perspective
  • Develop New Products or Services and Enter New Markets More Quickly
  • Handle Product and Service Testing and Launch Issues
  • Develop Highly Innovative New Products or Services
  • Understand the Role of Each Step in the Product/Service Development and New Market-Entry Processes. Learn to Integrate These Steps to Set Up Effective New Product/Service Development and New Market-Entry Processes

Introduction—The New Product/Service Development Process

  • Understand the Structure of the New Product/Service Development Process

  • Know the Primary Reasons for New Product and Service Failure

  • Understand the Concept of Increasing Costs, and Its Implications for the New Product/Service Development Process

  • Know Who Should Be Making the Decisions at Each Step of the New Product/Service Development Process

  • Understand the Relationship Between Revenues and the Level of Innovation

  • Understand the Key Differences Between Developing Products and Services

  • Understand the Key Differences Between Developing Business-to-Business and Consumer Produces/Services

  • Know the Learning Objectives and Major Themes of This Training Program

Defining Your Charter

  • Understand What a Charter Is, and the Role It Plays in the Product/Service Development Process

  • Develop a Charter for Your Business Unit

Idea Generation

  • Identify the Key Idea-Generation Techniques in Use Today

  • Use These Techniques to Generate Potential New Product/Service and New Market Ideas That Fit Your Business Strategy

Post-Ideation Screens

  • Develop Your Own Post-Ideation Screens

  • Use These Post-Ideation Screens to Filter Potential New Product/Service and New Market Ideas

Market Research

  • Understand the Principal Market-Research Techniques in Use in New Product/Service Development and New Market Entry
  • Use These Market-Research Techniques During the New Product/Service Development and New Market-Entry Process

Interim Screens

  • Understand Why We Use an Interim Screen
  • Understand the Ten Critical Factors Behind New Product/Service Success
  • Know the Items We Need Before Interim Screens
  • Develop Your Own Interim Screens

Business Analysis for New Products, Services, and Markets

  • Analyze New Product/Service and New Market Opportunities from a Financial Perspective
  • Understand How to Use Capital Budgeting as the Business Analysis Tool for New Products/Services and New Market Opportunities
  • Know How to Obtain the Information You Need to Develop a New Product/Service or New Market Capital Budget
  • Forecast New Product/Service and New Market Sales
  • Choose Between Optimizing Time, Quality, and Cost

Developing Highly Innovative Products, Services, and/or Entering Highly Innovative New Markets

  • Understand Why We Need a Different Process for Developing Highly Innovative Products/Services, and Entering Highly Innovative New Markets
  • Know How to Develop Highly Innovative Products/Services and Enter Highly Innovative New Markets

Development

  • Know the Reasons Why Products/Services Can Be Late to Market
  • Develop Your New Products/Services Faster

Testing

  • Understand Why We Test Products/Services During Development

  • Know How to Test Business-to-Business and Consumer New Products/Services

  • Know If We Should Test a New Product/Service, and When Not to

Product/Service Launch

  • Launch New Products/Services

New-Market Entry

  • Use the Tools Covered in This Seminar to Enter New Markets

After the Launch

  • Manage the Period Immediately After Launch
  • Know When to Modify Your Products/Services After Launch Needed
  • Understand the Psychographic Groups That Come into Play at Different Stages of the Product/Service Life Cycle, and How They Affect Your Products/Services After Launch
  • Understand How to Extend the Life of a Failing New Product/Service
  • Know How to Phase Out or Drop a Failing New Product/Service

Planning and Developing New Products at ICTD International Centre for Training and Development

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