“They always say time changes things, but you actually have to change them yourself.” Andy Warhol.
In a fast-changing world, companies must innovate or face extinction. While introducing new products is crucial for survival, it entails substantial investments and poses great risks, with uncertainties permeating every stage of development and product launch. Extensive research reveals alarming failure rates in new endeavours, especially within the fast-moving consumer goods (FMCG) sector, where failure rates can range from a staggering 75% to an astonishing 95%. The business-to-business (B2B) market is also not immune to risk, with estimates indicating that approximately one-third of B2B products do not achieve success.
Marketers find themselves at a crossroads, navigating the delicate balance between investment risk and opportunity in product development. On one side, there looms the spectre of financial loss stemming from product failures, while on the other side, the risk of forgoing potential revenue and profits from unexplored product opportunities is equally daunting. Some innovative firms tend to prioritize the allure of opportunity, while others are more risk-averse, focusing on mitigating investment risk. Irrespective of their strategic orientation, marketers can minimize these risks by grounding their decisions in data-driven insights and comprehensive research.
This chapter encompasses a wide range of topics on new product development (NPD), covering innovation, ideation, knowledge immersion, consumer immersion, generation of insights, generation of ideas, concept development, product development and product launch. It imparts an understanding of the conception of new products, along with the tools, methodologies, and processes essential for refining and assessing product concepts.
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