It’s no secret that some of the most successful companies, such as 3M, Procter & Gamble, Microsoft, and Mercedes-Benz, are also known for their new product development strategies. Creating and Marketing New Products and Services teaches the key business and marketing principles needed to successfully design and launch new products and services in today’s global market. It begins by providing the foundation required to understand the role of new product development in the innovating organization.
The book emphasizes marketing research techniques that can help firms identify the voice of the customer and incorporate these findings into their new product development process. It addresses the role of sustainability in innovation, open innovation strategies, and international co-development efforts of new products and services. Explaining how to manage the development and marketing of new products and services, this book will teach you how to:
- Select a new product strategy that matches the needs of your organization
- Set up a disciplined process for new product development
- Define target market opportunities and search out high potential ideas
- Understand customer needs, structure them, and prioritize the needs to clearly define the benefits and values that your product will deliver
- Integrate marketing, engineering, R&D, and production resources to design a high-quality product that satisfies customer needs and delivers value
- Forecast sales before market launch based on testing of the product and the marketing plan
The concepts discussed in the book can help to boost innovation and improve the performance of any type of organization. Some of the concepts presented are generic and others must be modified for each application. Together, they can lead to greater profitability and reduced risk in the new product development activities within your organization.