NEW PRODUCT

DEVELOPMENT
STRATEGIES
by- Viona Lisha Dsouza
Reg no- 23033
 AGENDA :

 Meaning
 Why it is Important
• Challenges of NPD
 Overcome these
challenges
 New Product failures
 Stages in NPD
 Conclusion
 Meaning :
New product development (NPD) is the
process by which a company creates a new
product to offer to the market. It involves idea
generation, product design and engineering,
market research, testing, and commercialization.
NPD is crucial for companies to stay competitive,
meet evolving consumer needs, and drive
growth.
 Why the product development is
important ?
Product development, is the life-blood of
companies and societies. The product
could be a physical product such as an
automobile, smartphone, or coffee maker.
It could also be services such as new IT
solution, new manufacturing process, or a
new real estate marketing concept.
 • Challenges of NPD :
1. Market Uncertainty
2. Resource Constraints
3. Competition
4. Risk of failure
5. Technological Complexity
 How to overcome these challenges ?

1. Market Research:
Conduct thorough market research to understand
customer needs , preferences , and market trends .

2. Cross-Functional teams:
Foster collaboration and communication among cross-
functional teams , including R&D , marketing , sales , and
manufacturing .
 3. Prototype Testing:
Build Prototype and conduct extensive testing to
identify and address technological challenges early in the
development process .

4. Strategic Partnerships:
Collaborate with external partners , such as suppliers ,
distributors , or research institutions , to leverage their
expertise and resources .
 Reasons for failure of new product :

• Failure in market research findings

• Poor timing
• Design failure
• Positioning problem
• Ineffective communication / promotion
• 1. Poor product design
• 2. N
 Conclusion
New product development (NPD) is a
process of taking a product or services
from conception to market . The process
sets out a series of stages that new
oroducts typically go through , beginning
with ideation and concepts generation ,
and ending with the products introduction
to the market .
 QUESTIONS

1. What is New product development?

2. Explain the Stages and Reasons of new

product development?
THANK YOU