Product Development Overview:
New Product Development encompasses the complete process of bringing a new product or service
from concept to market. There are two parallel paths that the process involves:
New Product Development encompasses the complete process of bringing a new product or service
from concept to market. There are two parallel paths that the process involves:
1) Organizational Generation – (entails the generating of ideas, product designs, and
engineering details) and
2) Market Generation (entails market research and marketing analysis)
engineering details) and
2) Market Generation (entails market research and marketing analysis)
This process is typically viewed as the first stage of generating and commercializing new products.
This stage is a part of the overall strategic process known as Product Life Cycle Management utilized
to maintain or grow market share.
There are several categories that encompass opportunities for development of potential new product
offerings:
This stage is a part of the overall strategic process known as Product Life Cycle Management utilized
to maintain or grow market share.
There are several categories that encompass opportunities for development of potential new product
offerings:
· Changes to Augmented Product—additional modifications to a previously modified
product
· Core Product Revision—Modification of attributes associated with core product offering
· Line Extensions—Slight modification of a particular line of products (similar attributes –
ex. New version of shampoo (dry hair))
· New Product Lines—Creation of new product offerings that broaden the existing core
product lines within the industry (e.g., a shampoo manufacturer expanding into skin
care products).
· Repositioning—Modification of market positioning for product offering
· Completely New—Creation of product offering that is different from current product
offerings and new to market (e.g., a vehicle manufacturer offering branded apparel
products).
product
· Core Product Revision—Modification of attributes associated with core product offering
· Line Extensions—Slight modification of a particular line of products (similar attributes –
ex. New version of shampoo (dry hair))
· New Product Lines—Creation of new product offerings that broaden the existing core
product lines within the industry (e.g., a shampoo manufacturer expanding into skin
care products).
· Repositioning—Modification of market positioning for product offering
· Completely New—Creation of product offering that is different from current product
offerings and new to market (e.g., a vehicle manufacturer offering branded apparel
products).
 |
A. C. E. Systems Solution, Strategic Planning, Operations, Human Resources, Accounting, Finance, Logistics, Information Technology, Marketing, Business Development, Training, Financial Services, Risk Management, Product Development, Communications, Commercial Real Estate, Turnaround, Sale Prep |
| RESOURCE SOLUTIONS OF THE CAROLINAS, LLC PRODUCT DEVELOPMENT |