Strategic new product development

Table of Contents

1. Introduction
   1. Objectives
   2. Learning goals
   3. Teacher page
2. Company strategy
   1. Corporate mission
   2. Business example: Mission
   3. Corporate strategy
   4. Strategic planning process within business units
   5. Business example: strategy
   6. Four examples of new strategies
   7. Exercise: What is your company's strategy?
   8. Summary
3. Introducing the NPD process
   1. Innovation and innovativeness
4. Idea stage: discovery
   1. About ideas and creativity
   2. Sources for new ideas
   3. Four examples of idea generation
   4. Stimulating ideas
   5. Summary
5. Gate 1: Idea screening
6. Stage 1: Scoping
7. Gate 2: Second screening
8. Stage 2: Build the business case
   1. Concept development
   2. Concept testing
   3. Four examples of concepts
9. Gate 3: Go-no go development
10. Stage 3: Development
11. Gate 4: Go-no go testing
12. Stage 4: Testing and validation
13. Gate 5: Go-no go launch
14. Stage 5: Launch
15. Gate 6: Post-launch review
16. Completion
    1. Comments
    2. Self-assessment
    3. Key messages
    4. Further reading
    5. Evaluation

Stage 2: Build the business case

This is the final stage prior to actual product development. A detailed business analysis needs to be conducted in order to clearly define the NPD project and to verify the attractiveness of the product to be developed.

Definition: Business analysis

Therefore, you are asked to undertake market research studies to determine the customer's needs, wants and preferences. Make a competitive analysis to benchmark your product advantage, compared to what is (or is going to be) offered on the market.

Another activity is detailed concept testing to determine the likely customer acceptance of the new product. A detailed technical appraisal must focus on the 'do-ability' of the project. Customer needs and 'wish lists' must be translated accordingly into technically and economically feasible solutions.

An operations appraisal can be done as well, where you assess the requirements of manufacturing, costs of manufacture, and additional investment required. Make sure that legal aspects are investigated, such as relevant patent registration and copyright work.

Finally, a detailed financial analysis needs to be conducted as well. Try to get an overview of the relevant financial figures.

In the following section, you will be introduced to concept testing.