Successful New Product & Service Development & Innovation Strategies
Developing a New Product
- What is a New Product?
- What is new product development & why is it important?
- Four types of NPD
- Strategic vs Tactical products
- Basic Framework for NPD
New Product Strategy
- The role of NPD Strategy within the Business Strategy
- Creating a NP development culture
- Product centric versus customer centric approach
- Blue & Red ocean strategies
- Strategic Arenas
- What innovative organizations all have in Common
Creating Innovative New Products and Services
- Innovation strategy
- Design Thinking
- Determining design criteria
- Productive Ideation sessions
- Assembling the right creative team
- Understanding customer segmentation in NPD
- Factors determining success or failure
Integrated Portfolio Management
- The Portfolio Review
- The Stage Gate System project evaluation process
- The Product Roadmap
- Innovation and the product life cycle
- The NPD Scorecard- picking the winners
- Allocating Resources effectively and efficiently.
- NPD Goals and Objectives
Taking the New Product or Service to Market
- Commercialization- getting it right the first time
- Maximizing Sales and profitability- the Innovation ROI
- Selecting the best Distribution Channels and Customers to ensure a successful launch
- Measuring the success of the new innovative product /service
Tactical New Product Development
- Alteration &Customization
- Tactical NPD Strategy
- Tactical NPD Processes
- Creating opportunity where none exists
Strategic Sales Planning
- The role of the sales function in NP development
- Strategic vs. Tactical sales – SWOT
- Maximizing Distribution Channels
- Forecasting sales of new products (market potential, sales potential, sales forecast)
- Strategic NPD Sales Plans