In the age of analytics, The Marketing Analytics Practitioner’s Guide serves as a comprehensive guide to marketing management, covering the underlying concepts and their application.
As advances in technology transform the very nature of marketing, there has never been greater need for marketers to learn marketing.
Essentially a practitioner’s guide to marketing management in the 21st century, the guide blends the art and the science of marketing to reflect how the discipline has matured in the age of analytics.
Application oriented, it imparts an understanding of how to interpret and apply research data and big data with the aid of the analytical tools that practitioners use.
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 various 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 non-innovative firms tend to focus on investment risk. Irrespective of their orientation, to mitigate these risks, marketers need to be data and research driven.
As depicted in the above Exhibit, broadly, there are four phases to new product development (NPD):
The activities and information needs listed for each of the phases in this Exhibit, are covered in detail in the succeeding sections and chapters.
From a team perspective, a cross-functional approach where some activities can progress concurrently is strongly recommended as it improves the speed-to-market. It also improves communication across departments. Manufacturing for instance needs to translate the soft descriptors they hear from marketing into hard technical specifications, and would be better equipped to do so if involved throughout the NPD process.
This chapter covers a wide range of topic 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 used to filter and refine product concepts.