“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 also requires high investments and poses great risks, with uncertainties lingering at every stage of development and product launch. Numerous studies highlight the high incidence of failure of new endeavours, particularly in the fast moving consumer goods (FMCG) industry where failure rates can range from 75% to a staggering 95%. The business-to-business (B2B) market is also fraught with risk, with estimates suggesting that around one-third of B2B products fail to succeed.
Marketers must navigate the opposing risks of investment and opportunity in product development. On one hand, there is the risk of financial loss from a failed product, and on the other hand, there is the risk of missing out on potential revenue and profits from a product that was never brought to market. Some innovative firms tend to prioritize opportunity risk, while others focus on minimizing investment risk. Regardless of their orientation, marketers can reduce these risks by basing their decisions on data-driven insights and thorough research.
This chapter 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 the conception of new products, as well as the tools, methods, and processes necessary to refine and evaluate product ideas.
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