Transcript: New Product Product Replacements Additions to Existing Lines New Product Lines New-to-the-world Products Project Teams Product & Brand Managers New Product Departments & Committees The importance of Team Work New Product Development Managing The New Product Development Process New Product Strategy Idea Generation Screening Concept Testing Business Analysis 1. Mission 2. Organization 3. Project Plan 4. Project Leadership 5. Responsibilities 6. Executive Sponsorship 1. Simulated Market Test 2. Test Marketing Developing a commercialization strategy for a new product Complexity Differential Advantage Compatability Product Replacement Strategies Commercializing Technology The Role of Senior Management Product Development Innovation Rate of Adoption of an innovation Issues (cc) image by nuonsolarteam on Flickr Spark The Role of Marketing Directors Divisibility Invention Communicability Key Success Factors 1- Facelift 2- Inconspicuous Technological Substitution 3- Remerchandising 4- Relaunch 5- Conspicuous technological substitution 6- Intangible Repositioning 7- Tangible Repositioning 8- Neo innovation Market Testing Organizing Effectively for New Product Development Four Categories of New Product Exist Commercialization Creating and Nurturing an Innovative Culture
Transcript: Product Concept Printer would come in combination with marketplace Marketplace would be modeled on Apple App Store Designers: upload and sell designs Consumers: Review and buy designs User could purchase designs for $1-3 for a small household item No longer need specialized knowledge of software Existing CAD software is expensive ($4,200) so eliminating it brings the price down and makes 3D printing available for home use Augmentation Dimensions Smoke detector with a bright, obvious light when batteries are almost dead Removes headache of unnecessarily loud detector Existing products sound a high pitched alarm when the battery needs to be replaced 2/3 of home fire deaths result from fires in properties without working smoke alarms Product Positioning and Attributes Initial PR announcement to generate excitement about an affordable 3-D printer Promotion will appear on science and technology shows Viewers most likely to purchase 3-D printer as a common appliance Small sales force will introduce, install and conduct brief training sessions Customers should be able to use the product out of the box “If you can print in 2D, you can print in 3D” Marketing Requirements Open up a product to an entirely new market and consumer base Endless possibilities for sustainable living Solve instant gratification for small household items Production Requirements Creating a quality product that fulfills the needs of the target market is most important goal, even over speed to market Market gap will most likely only exist for a few years Product must be launched before March 2016 Economic downturn hurt the kitchenware industry Weakened disposable income led to fewer purchases Cookware is durable (NOT a yearly replacement) High-end, luxury products are expected to have more growth $10B in revenue for two largest companies, accounting for 33% of market Remaining 66% is made up of small players Annual market growth is only 0.7% Tyco accounts for 44% of market No other company has more than 5% These companies compete locally or in niche markets Strobe light detectors exist, but function differently Cost about $100 which is 5x more than a regular detector Ultimate: somewhat affluent families who can afford the product Interest in newest technological advances but have little expert software knowledge Competition Target Market Home use 3D printer & web marketplace Heat-resistant cookware Headache-free smoke detector In addition to the appliance and its software: Services, warranties, deliveries, financing, and installation an be augmented into the value of the product Home-user without large disposable income Small, cheap, and aesthetically pleasing Need little to no advanced software knowledge Makes small household items Ex. Cups, Utensils, Toothbrushes, Phone Cases, Etc. Cheaper and easier than going to store Instant gratification Differentiation in the market More innovation to help keep homes safe Market research to see what end user will be more profitable Consumer vs. contractors Jack Childress Jane Choi Lyle Sarembock Melanie Wells Product Concept Cookware featuring ergonomic, heat resistant silicone handles Heat resistant up to 400°F for 5 hours Ultra-grippy to help with handling cookware Silicone currently exists as a product called Sugru Silicone is waterproof and dishwasher safe Potential to expand product Product Concept Gap Analysis The Concepts Further research on integration of printer and marketplace Questions about the technological feasibility Additional market research on current and future users of 3D printers Corporate Strategy Requirements Further research into safety vs. quality Safety tests to see how long and how well handles hold up Stress of constant heat and washing Availability of access to mass amounts of Sugru Questions?? ...Continued Potholes Competition does exist for the printer However, not in the price range and size of our product Competition does not exist for the marketplace Concept Improvements Market Opportunity Financial Requirements Cluster Analysis Gap Analysis Extremely competitive market with few differentiations Competitors: current makers of cookware Handles of competitor cookware can get hot and be hard to grip often an afterthought (not the focus) Competition focuses on price or quality, not safety or ease of use Competition also comes from oven mitts $1 billion dollar market Epicenter of development in California with 23% growth Falling technology costs and increase in applications 50 companies with none controlling market space All focused on commercial application, not home use Small, convenient appliance that can be used to create simple household objects from scratch Ability to create an unlimited number of small household items Ex: phone cases, utensils, decorations Marketplace that allows users to browse, search, and buy designs to print with ease and with no prior software knowledge Competition Production will start before announcement and will continue after depending on
Transcript: Design not defined Pricing Partnership with existing home security company Technology is scaleable – our team should investigate the different legal and regulatory implications of expanding internationally Country : France Target :25-45 with medium to high incomes Consequently Potential Market is about 7 million Penetration rate : 30% An adaptation of a simple idea doodles Key (transmitter) Nanotechnologies 76 % interested in this gadget Opportunities How to gain Time and avoid to go out of your bed in order to check your door and lights are not open ? Thank You ! A Technological Gadget answering a real need (cc) photo by jimmyharris on Flickr $125- $180 Revenues Assesment From 700 000 to 3 millions approximately in one year (second year of launch) Radio waves Consumer Research results Branding and postioning With the added complexities of locking a full residential dwelling, we anticipate that our costs will increase by 300% Therefore, costs will be around $50-$60 Maintaining a similar margin structure, we would look to price our keyless residential entry at $125-$180 Our Technology makes our life easier Potential Demand Product Webmarketing Communication in specialized magazines (ex: Stuff) Target :25_45 years old interested new Tech Distributed in Tech specialized stores and internet Price: from $125 to $180 Unit Margin: $65 Radio Frequency Technology This technology exists and is used today in remote car locks Key will contain radio transmitter Radio receiver will be located in a residential wall next to the door (can be combined with security system panel) The price of this technology per key is currently $50 - with estimatd margins between 250%-300% Therefore, estimatd costs are between $16-$20 Research Marketing Mix (cc) photo by Metro Centric on Flickr An insight : we are lazy !! Assets Our strategic target : Profit assesment Tech specialized stores (Darty...) Internet Profit assesment in Details Brainstorm (cc) photo by Metro Centric on Flickr Our Technoly makes our life easier Product Breakdown Unlock Button The Remote Locker Results Place Context CONCLUSION Price Remote Locker Smart and High end packaging Little and sober color The Remote Locker A coherent Strategy (cc) photo by Franco Folini on Flickr Profit Assesment Our Brand and logo : Car (receiver) How to make daily actions more confortable and easy ? How new technologies,including nano can improve our daily life ? Automatic Car Key 25-45 years old, a bit geek or seduced by New technologies,rather a man A solution to a real insight Possibility to implement little tehnological systems in doors,lamps... It enables to control remotely thanks to an intelligent key Our promise / product benefit: Promotion details Lock Button
Transcript: Presented by Ashley, Giorgio, Rabyia, Mateusz, Alexander, Celine Place your logo here Pitch New Product Development Problem One-liner summary 'Fresh breath in public when you need it the most.' Problem Problem ‘Bad breath in public and not being able to go home to brush your teeth’ Customer segment -Business man / woman Solution Solution - Marcus (Business man) - Business lunch - Another business meeting - Clean & confident feeling. Fresh2go Fresh2go -For Marcus -Restaurant badroom. - Pay with card - Choose your desired option - Enjoy Toothbrush - 2,5 +toothpaste included Toothpaste - 0,5 Fingerbrush - 1 Mouthwash - 1,5 Rent price - 100 per month Refilling the suplice - depends on how much it was used Business model Business model Business model canvas Business model canvas Advertisement Advertisement - chewing gum - mouth spray Competitors Competitors Our team Our team Ashley van der Aar Celine van der Vlugt Mateusz Garzyck Alexander Vergouwen Rabiya Duisenbieva Marketing Sales Internalization Marketing Tester Engineering Giorgio Cavatti - Crest/Oral-B/Colgate - Listerine/Paradontax - Apple pay -Wireless payment (Ayden) -Philips/Samsung Partners Partners Investment Investment We need €75.000 Q&A Q A & Team contribution Team contribution
Transcript: New product requested for the development work to be inserted into the Annual RD project list. Request of formulation from other region or, Own development Ready for Costing RD will start to do lab mix comparing with existing product from the formulation. Subjected if RM works in the formulation. Might take longer if the RM is not compatible. New product Request PRODUCT LAUNCH Current Situation Development & Testing (3 to 8months) Purchasing & Production Trial (3 to 6 months) Sourcing of RM (1 to 3months) 1. Incoming QC test 2. Full Test accordance to specification 3. Internal Trial Test SITE TRIAL ( > 3months) Purchasing Production GOAL! Product Development update Product Development New Product QC TEST & Internal Trial Test Formulation is Ready after Lab trial 1. Not suitable for local market 2. Not sure if price works 3. Team clueless at this stage
Transcript: 'Fitness focused with a flexible approach' 18-34 year olds Developing the concept further 1 Competitor Analysis New Product Development Proposed by Lucy McCormick, Becky Pratt and Catherine Bass Passion and belief in the product Diverse skill set Focus Groups Our concept and next steps... Representative of the target market Why us? - 4 star hotels - High quality sports facilities and coaching - Healthy food offering Persuadables Why? Further segment analysis Who is the target market? 3 2 Market Research Next steps... Sports & Active Fully Monty
Transcript: Dan Baker Carmel Dibner John Robinson Jennifer Rygler Melissa Winter "It is harder for parents with free-range kids but we keep our's behind the fence." "Kids constantly need new toys and get bored quickly, which is when they get into trouble." Busy parents of infants and toddlers want to create a stimulating environment that allows their children to explore while keeping both the children and adults’ household items safe HMW protect toddlers from hazardous items in the home (e.g. cords, electrical sockets, etc.) ? HMW use touchscreen gadgets to entertain toddlers (cc) photo by Franco Folini on Flickr HMW protect electronics and computers from toddlers? "There's a lot of pressure on new parents. You don't feel competent for at least 6 to 8 weeks." Observational interview with a Wharton student and her husband who have twin 19 month old toddlers Interview with a first-time parent of a 2 month old child (cc) photo by Metro Centric on Flickr Gadgets & Gizmos "If we don't watch them every single minute, they will get into trouble." Infants & Toddlers Quotes POV "Kids love anything electronic. If it has a touchscreen, they can figure it out by 9 months." Parents HMW (cc) photo by Metro Centric on Flickr Infant & Toddler Home Safety Observations Infant & Toddler Safety (cc) photo by jimmyharris on Flickr "In the hospital, they give you a 10 minute course on changing diapers then send you on your way!" Process
Transcript: The Power of the Internet The Next Great Invention Good vs. Bad Ideas Threats: -Existing competitors -Companies establish their own crowdsourcing sites -Loss of interest The 4 essential methods What is Quirky? Howe, J. (2008). Crowdsourcing: Why the power of the crowd is driving the future of business. New York, NY: Crown Publishing Group. Kerin , R., Hartely, S., & Rudelius, W. (2012). Marketing. (11th ed.). New York, NY: McGraw-Hill/Irwin (n.d.). Retrieved from http://www.quirky.com/invent Strengths: -Power in the people -Variety of ideas -Consumers address their own needs Quirky Conclusion Unsuccessful Ideas Idea Generation 30 Days 200 Votes Product Evaluation Expert Review (Staff) Voting: Crowdsourcing Measures interest Cordies “The best ideas in the world aren't actually in the world... they're locked inside people's heads” “The internet didn’t make crowdsourcing possible- it just made it vastly more effective”- Jeff Howe Good Ideas Cordies Stephen Stewart from the UK Personal needs Google research 36 ideas total Expert Review/ 200 votes Opportunities: -Contracts with other companies -Super Groups Sabeeha Ahmed Sharon Benedicto Margeaux Petrash Nidia Quezada 1. crowd wisdom 2. crowd creation 3. crowd voting 4. crowdfunding Stage two in New Product Process Develop Concepts based on overall objectives Open Innovation through strategic relationships Evaluating Ideas Questions? Accept all types of ideas Customer Suggestion "middle man" Depend on inventors Encourage creativity by managing other aspects Still an emerging phenomenon, but has been very successful Does not meet requirements: Ideas Works Cited Commercialization SWOT ANALYSIS: CORDIES Weaknesses: -Idea protection -Profitability -Bad ideas most expensive stage time to market varieties of cordies (improved) " We could design these so one cable weight can be attached to another - so you can keep all your cables together, and the combined weight can help keep larger cables on the desk. " Initial Sketch Crowdsourcing New Product Development Generating Ideas
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