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New Product Development Insights

Successful new product development requires the integration of creative, technical, and business minds, all of which are essential in the entrepreneurial process. The product development lifecycle involves conceptualization, design, and marketing, with each mind playing a critical role in ensuring the product's viability and market readiness. Existing products often leave customers dissatisfied, creating opportunities for new and improved versions to meet consumer needs more effectively.

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7 views7 pages

New Product Development Insights

Successful new product development requires the integration of creative, technical, and business minds, all of which are essential in the entrepreneurial process. The product development lifecycle involves conceptualization, design, and marketing, with each mind playing a critical role in ensuring the product's viability and market readiness. Existing products often leave customers dissatisfied, creating opportunities for new and improved versions to meet consumer needs more effectively.

Uploaded by

gaxyn8
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd

Chapter 5: product

development
New Product Development

•Successful new product


spring from the convergence
of creative mind, technical
mind and business mind. All
three minds come together
in the entrepreneurial mind.
The Entrepreneurial Mind
• Creative mind – conceptualizes and designs a product
that consumers find some use for. It also produces a
product that is creates emotional attachment and
eventually becomes a significant personal expression of
the consumer.
• Technical mind – is technology originator, and
technology adaptor, technology renderer.
• Business mind – harnesses the potentials of new
products by creating the market space for them. It also
organizes sufficient forces and resources to develop,
launch, and commercialize the new product in order to
maximize its market value.
Product conceptualization
and Creative mind
• the initiation and conceptualization
phase is the initial stage in the
product development lifecycle where
ideas for a new product are
generated, evaluated, and refined. It
involves screening and validating
product concepts to determine
their feasibility, alignment with
business objectives, and
potential market demand.
Product Development and
Technical mind
• a series of steps that includes the
conceptualization, design, development
and marketing of newly created or
rebranded goods and services. Product
development includes a product's
entire journey, from the initial idea
to its market release and later.
• In order to convert the product into a viable
product the technical mind must intervene to
provide the quality and performance specification
through technology.
Product launch and the
business mind
• The business mind brings product from prototype
stage to the production phase and, finally the
market place. product must be made shop-ready
for commercial purpose.
• The business mind must determine the best way to
maximize product sales to its target market, the
right distribution and sales person should be
tapped and deployed.
The new improved product
• There are many existing product in the market that
are serving the needs and wants of customers but
not well. The existing products are being tolerated
because there are enough features and attributes
to make the customers want to buy product.
However, there are enough “dissatisfied” in the
product to warrant the introduction of new,
improved versions , or modifications of the
product.

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