“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. Yet while new products are essential for survival, they do demand high investments and pose great risks, with uncertainties lingering at all stages of development and launch of products. Numerous studies highlight the high incidence of failure of new initiatives, particularly in FMCG where failure rates quoted by sources vary from 75% to as high as 95%. In business markets too, high risks prevail — it is estimated that roughly one in three business-to-business (B2B) products fail.
As such marketers are confronted by two opposing risks associated with product development: investment risk and opportunity risk. In financial terms, the former is the risk of investment losses should a new product fail, and the latter is the risk of losing the opportunity of revenue and profit that a product might have generated, had it not been shelved. Innovative firms tend to focus on opportunity risk while some other firms tend to focus on investment risk. Irrespective of their orientation, to mitigate these risks, marketers need to be data and research driven.
This section covers a wide range of topics on new product development (NPD) including innovation, ideation, knowledge immersion, consumer immersion, generation of insights, generation of ideas, concept development, product development and product launch.
It imparts an understanding of how new products are conceived, and of the tools, techniques and processes to filter and refine product concepts.
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.