New Product Development is a multidisciplinary course. It covers areas like design, strategy, marketing and operations. It involves multiple disciplines to create a new product.
In this course, you will learn how companies can identify some significant existing or latent user needs and how to use this understanding to develop new products or services to meet needs. This course will cover how to make product development process effective and efficient.
This section will help you understand-
- Importance of new product development process
- Product and User centric viewpoints.
Decisions taken at the early stages can have major strategic and operational impact on the success of the new product when launched.
This section will help you understand-
- How bad decisions at early stages can restrict the range of customers that find it very suitable.
- Cost of late design changes
- Two major Targets to be achieved in New Product Development Process
A good business model requires articulation of how to make the product/service and how to deliver that product/service at reasonable cost.
This section will help you understand -
- What are business models?
- Why do some business models fail?
- Narrative Test and Numbers Test
To understand what makes one business model more successful than others, we will study in detail, example of Uber Taxi Service
In this section, you will learn-
- What makes Uber superior to Call Taxi Service
- How Uber creates value through Business model
- How Uber ensures equity among all stakeholders
A good business model requires articulation of how to make the product/service and how to deliver that product/service at reasonable cost.
This section will help you understand -
- What are business models?
- Why do some business models fail?
- Narrative Test and Numbers Test
To understand what makes one business model more successful than others, we will study in detail, example of Uber Taxi Service
In this section, you will learn-
- What makes Uber superior to Call Taxi Service
- How Uber creates value through Business model
- How Uber ensures equity among all stakeholders
The entire process of managing new product process starts with developing mission statement. In this section, you will understand how mission statement is developed for a new product.
Mission Statement involves product description, key business goals in terms of profitability and market share, identifying primary market for the product, identifying secondary market, assumptions and identifying the stakeholders.
Managing Product Development involves Portfolio Management (doing right things) :Balancing the product portfolio and Project Management : (doing things right)
This section will cover the company’s portfolio of products and concept of portfolio management.
This section will help you understand the nature of portfolio decisions of the company. While adding a new Product, a company must take several decisions regarding-
- Brand
- Market
- Pricing
- Cost
- Operations
In this section you will study the stages of Product Development Process- Concept Generation, Concept Selection, Product Design, Development, Prototype Testing and Product Release. Maximum flexibility is at the beginning of the project. As the project evolves, funnel narrows.
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