New Product Development (NPD)- 1
Updated: Jun 15, 2021
Ever wondered, how does a product come into existence? What all are the key factors required to be taken into consideration at the time of New Product Development? What are the background works that should be done before launching a new product?
Well, here we are, to help you out in answering all those questions and bring that clarity you wanted about what it is exactly!
Meaning of NPD
New product development (NPD) is a technique to bring a new product into the market. Your business might want to be engaged in this process due to the changes in consumer preferences, increasing competition and advancements in technology and with a view to capitalize on the new opportunities that are coming in the future.
Businesses that are innovative always thrive by understanding the need of the market, take decisions by making smart product improvements, and developing new products that meet and also exceed their customers' expectations.
'New products' can be:
A product that your business has never made or sold before but has already been taken to the market by others.
Anything new that is being innovated, created, and brought to the market for the first time. These products might be completely new and original products or a product that is already existing but you have modified and improved it.
NPD is not only limited to an existing business. Any new businesses, sole traders, or even freelancers can make a place in the market by proper research, developing and introducing new products. In the same way, you don't need to be an inventor to master NPD. You can also think of purchasing a new product through licensing or copyright acquisition.
Anything that is New and Legal only is Accepted in the Market!
New product development strategy
It is always worth having a well-considered new product development (NPD) strategy because you can avoid wasting time, money, and business resources. An NPD strategy will help you to organize your product planning and research, note down your customers' views and expectations, and accordingly plan and resource your product. This strategy will also help you to avoid:
Overestimating and misreading the target audience
Launching a poorly designed product that doesn't meet the needs of your target customers
Not pricing the product correctly
Spending time, money, etc., on resources that are not required at the time of developing a product
Putting your business into unnecessary risks and threats from unexpected competition.
Here are the some important steps you will need to INCORPORATE into your NPD strategy
Define your product: Firstly, an accurate and a proper description of the product that you are planning to develop should be made and this will help you and your team stay focused and avoid NPD pitfalls such as developing too many products at once, or running out of resources to develop the product, wasting time on unnecessary resources etc.
Identify the market demand: For a product to be successful, it is required to have a thorough knowledge of your target market, their needs and wants. In other words, you can simply call it the demand for the product. A proper, well targeted strategy with a purposeful approach at the time of NPD will ensure that your product will fit into the targeted market.
Have a deadline / time frame: You will have to have allocated adequate amount of time to develop and implement your new products. Your objectives should be specific and this will further help you remind the time frames and your deadlines for implementation of the product. At the time of NPD, be thoughtful and be realistic.
Identify key issues and area(s) of concern: There is always many a tasks and risks involved at the time of developing a product that is appropriate for your customers. The nature of your business and idea will determine how many steps you will need to take. You might sometimes be able to skip some stages or duplicate certain stages, or also start some of them simultaneously.
These are some of the points which has to be planned into your NPD strategy.
In all of these steps in the new product development process, the most important focus should be on creating superior customer value. Only then, the product will become successful in the market. It is evident that only few products actually get the chance to become a success. The risks involved and costs incurred during the process are simply too high to allow every product to pass every stage of the NPD process.
Who should attend this training?
SBU/Dept Heads, Business Managers, Product /Project Managers, Engineers working for NPD, R&D, Design, Production and Quality, Marketing Managers, Quality and R&D professionals who desire to enable their organization's journey towards successful NPD and robust product realization practices in order to ensure a competitive edge enabling their business growth.
Benefits of attending this Training
Understanding challenges of industries and systematic approach towards NPD process.
Knowledge helps better in better handling of NPD process
Get best practices of NPD in manufacturing industries
Appreciate how complex product development could be
Why infimind for NPD?
We at Infimind Institute have the highly experienced faculty, who will be conducting this workshop. The course will provide participants a platform to discuss specific problems with the expert faculty. He has completed his M.Tech from IIT Chennai in Mechanical Engineering (Gold medalist). He has got 32 +Years of industry experience starting from Testing, Design and Development, Product Development, New Product Development, Technical Co-ordination, Project Management, Procurement, Logistics and Global sourcing at various corporates.