NEW PRODUCT OPTIONS AND DEVELOPMENT

7 stages of a new product development process

New product development is the process of bringing an original product idea to market.
Although it differs by industry, it can essentially be broken down into seven stages:
1. Concept/ideation
This is the concept and ideation stage during which a product’s functional and performance
requirements can be defined along with buyer personas or ‘the voice of the customer’.
Customer requirements and innovative functionality design ideas are floated and explored
freely to find compelling potential solutions that answer an identified market need.
2. Feasibility study and design planning
The feasibility phase gives management an opportunity to evaluate a project’s potential
success, reviewing and refining the business case from various angles. During this phase, the
project team reviews product design concepts. They then select the design that best fulfils the
previously defined user requirements. Now, the detailed, exhaustive project requirements are
assembled that will guide the design and development phase.
3. Design and development
In this phase, formal engineering specifications are created. Verification and validation plans
are developed for the future. These are the final quality checks that will systematically
determine that all agreed deliverables are present and working in the end product. The product
is then developed against the designs, with regular checks made throughout the process to
assess and mitigate the risk of its failure for the end-user and the project itself.
4. Testing & verification
Comprehensive testing of the final product takes place to evaluate the robustness of the design
and its ability to meet customer and performance requirements. Verification takes place against
the design requirements identified in stage 2.
5. Validation & collateral production
Validation takes place against the customer needs that have been identified at the ideation
stage. Collateral is finalized and prepared to support the manufacture and launch phase.
6. Manufacture/launch
Plans, specs and other relevant documentation are transferred to manufacture for production,
or software products and updates are released to customers. Marketing and launch plans are
finalized and activated. Software products are released to customers electronically as updates
or downloads.
7. Improvement
The new product becomes part of the company’s portfolio. Ongoing product management
ensures the product is subject to continuous upgrades and improvement. CAPA processes are in
place to feed into these actions.

DEVELOPMENT TO COMMERCIALIZATION
Commercializing new products
Introducing a new product into the market is a significant business achievement. Launching
your new product is your final, important step in the new product development (NPD) process.
Deciding when, how and where to launch your product will determine its early impact on the
market.
Your marketing strategy and marketing plan will direct your product launch and help you make
the most of your business and product exposure opportunities. Consider including some or all
of these approaches in your new-product marketing:
1.Develop a direct marketing campaign
Direct marketing methods such as direct mail, email marketing and social media marketing can
help you get straight to the customers in your target market.
2.Create your advertising plan
Plan and book your advertising well ahead. Analyze where your target market customers get
their product information. Book advertising in industry print and online publications and
consider product innovation publications.
3.Create communications materials
To support your launch, you can create a product brochure and point of sale posters to draw
attention to the new product.
4.Develop a public relations and news media strategy
Use public relations (PR) to your advantage. Mainstream media often pick up innovation
stories. Launch a print and online news media campaign and target interested industry
journalists.
5.Develop a sales plan
Develop a sales plan tailored to your new product. Sales planning helps you define strategies
for your ideal customers and set realistic, healthy sales targets.
6.Develop a pricing strategy
Your pricing strategy should identify an entry-to-market price, a premium price and a minimum
sale price.
7.Contact your distributors
Give your distributors plenty of forward notice of your new product launch. Use your forecasts
to calculate the product numbers you'll need to meet your anticipated sales volume.

CONSUMER ADOPTION PROCESS

The adoption process for a new product is the mental process through which an individual
passes from first learning about an innovation to final adoption.
Consumers go through 5 stages in the process of adopting a new product.
1. Product Awareness.
2. Product Interest.
3. Product Evaluation.
4. Product Trial.
5. Product Adoption.
1. Product Awareness
The consumer becomes aware of the new product but lacks information about it. Initially, the
consumer must become aware of the new product. Awareness leads to interest, and the
customer seeks information about the new product.
2. Product Interest
The consumer seeks information about the new product. Once the information has been
gathered, the consumer enters the evaluation stage and considers buying the new product.
3. Product Evaluation
Next, in the trial stage, the consumer tries the product on a small scale to improve their
estimate of its value. The consumer considers whether trying the new product makes sense.
4. Product Trial
The consumer tries the new product on a small scale to improve their estimate of its value. If
the consumer is satisfied with the product, they enter the adoption stage, deciding to use the
new product thoroughly and regularly.
5. Product Adoption
The consumer decides to make full and regular use of the new product. The new product is a
good, service, or idea perceived by some potential customers as new.

TAPPING GLOBAL MARKETS

Companies need to be able to cross boundaries within and outside their country. Although
opportunities to enter and compete in international markets are significant, the risks can also
be high. Companies selling in global industries, however, have no choice but to internationalize
their operations.
Major Decisions in International Marketing
• Deciding whether to go abroad
• Deciding which markets to enter
• Deciding how to enter the market
• Deciding on the marketing program
• Deciding on the marketing organization

MANAGING A HOLISTIC MARKETING ORGANIZATION

Holistic Marketing?
Holistic marketing considers a business and all its parts. It sees a business as one entirety. As a
result, it gives a shared aim and purpose for each activity within a business. And to everyone
related to it. It thinks about a business’s place in the wider society. For example, where does a
business fit into the broader economy. And how does it impact the lives of its customers.
Think of the human body that can only function when all parts are working together. In the
same way, holistic marketing understands all the different parts of a business need to work
together to operate at its optimum.
Consequently, this approach drives towards the alignment of your business’s processes,
services, systems and customer touch points. This creates a consistent and seamless customer
experience on multiple channels.
Principle Components of Holistic Marketing
There are four main components within a holistic marketing model, each of which plays an
important role in bringing everything together for a business.
Internal Marketing - Internal marketing refers to the internal management of system, the
marketing department and the collaboration between the marketing department and other
departments.
Integrated Marketing - Integrated marketing involves the pricing strategy, product strategy,
placing strategy, promotion strategy and communication strategy.
Performance Marketing - Performance marketing is focused on different business activities,
such as how to sell a product, brand and customer equity, and the ethical and legal
responsibilities a business and product upholds.
Relationship Marketing - Relationship marketing is centered on the relationship you have with
your customers, employees, partners and competitors.
By considering these four different principle components, holistic marketing allows you to
create a comprehensive business plan that covers the whole business system.