New Product Development
Prof. Diptiprakash Pradhan
Module 1
Assignment Guidelines
New Product or Service Concept Proposal
You are required to develop a new product or service concept up to the pre-prototype stage and
present a business justification for how the concept can move into development and launch.
Context
You may assume you are:-
A new startup entrepreneur
A manager of a team within an existing organisation
You may choose any industry. Exmaples include food and beverages, health and hygiene, fashion,
footwear, accessories, automobile, home appliances, home decor, financial services, gaming, or
solutions, using AI or didgital technology to address real challenges in areas such as health, education,
or finance.
Submission format
Submit your work as a Power Point presentations of 6 to 10 slides, to be submitted before the final
week of the course.
What your submission must cover
Your proposal should address the following guiding questions. You may add, adapt, or remove
questions if needed to suit your idea.
1) Type of new product
Specify whether the concept is new to the world, new to the firm, an extension, or an
enhancement.
2) Customer need or market gap
Identify the customer problem, unmet need, or market gap, and explain how your concept
solves it.
3) Idea generation and early feedback
Describe how the idea was generated and how you would collect early feedback. Explain why
you believe the idea is likely to work.
© All Rights Reserved. This document has been authored by Prof, Diptiprakash Pradhan and is permitted for use only within the course "New
Product Development" delivered in the online course format by IIM Bangalore. No part of this document, including any logo, data, illustrations,
pictures, scripts, may be reproduced, or stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical,
photocopying, recording or otherwise – without the prior permission of the author.
New Product Development
Prof. Diptiprakash Pradhan
Module 1
4) Forecasting and targets
Estimate the total addressable market, the first year target segment, expected revenue, and
market share targets.
5) Features, functions, and benefits
List the key features and functions of the product or service and the customer benefits
created.
6) Testing plan
Explain what kinds of testing make sense for your concept and when you would conduct
them.
7) Marketing strategy
Outline your segmentation, target customer, pricing approach, and promotion plan.
8) Timeline and roadmap
Provide a clear roadmap from idea testing through development to final launch.
© All Rights Reserved. This document has been authored by Prof, Diptiprakash Pradhan and is permitted for use only within the course "New
Product Development" delivered in the online course format by IIM Bangalore. No part of this document, including any logo, data, illustrations,
pictures, scripts, may be reproduced, or stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical,
photocopying, recording or otherwise – without the prior permission of the author.