New Prodct

Contents

01. Introduction 2

1.1 The Chosen Company 2

02. The New Product 3

2.1 The Need Addressed 3

2.2 The New Product Objectives 4

03. Market Potential 4

3.1 Target Market 4

3.2 Competition 5

04. NPD Process of the Product 6

4.1 Idea Generation and Screening 6

4.2 Concept Development and Testing 7

4.2.1 Concept Testing 7

4.3 Business Analysis 8

4.3.1 Cost Structure 8

4.3.2 Financial Analysis 8

4.3.3 Risk of Failure 10

4.4 Market Research 10

4.4.1 Modifications 10

4.5 Product Launch 11

4.5.1 Promotional Campaign 12

5.0 Conclusion 14

5.1 Future Directions 14

References 15

Appendices 16

Appendix 01: Concept Testing Interview Response Evaluation 16

Appendix 02: Risk Analysis of Product Failing 17

Appendix 03: Questioner used for Test Marketing 18

Appendix 04: Evaluation of Results of Test Marketing 19

Appendix 05: The 5W’s of Launching 21

Appendix 06: A Summary Budget 22

Appendix 07: A Billboard Design 23

01. Introduction

“New Product Development is the process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market. New product development may be done to develop an item to compete with a particular product/service or may be done to improve an already established product. New product development is essential to any business that must keep up with market trends and changes.” (‘New Product Development’ n.d.)

I accidently came up with a new product idea which seems very potential in the Sri Lankan market if that can be marketed well. The new product idea is a fashionable “Clothing Line for Pet Dogs” and it would be a new to the country product in Sri Lanka. I’m a great pet lover and this idea struck me, when I saw dogs wearing dazzling clothes and posing proudly to the...