New Product Innovation, Development, and Implementation Strategies
Learn how to create or modify your new product development process and position your firm for a strategic competitive advantage. This program provides comprehensive coverage of major topics in developing and implementing a market-driven approach to innovation.
This program provides you with the frameworks, tools, and perspectives that will help you more effectively develop and market new products. Incorporating cutting-edge thinking and best practices in new product development, this program will help you create or improve your organization's process and position your firm to gain a strategic competitive advantage.
During this program, you will:
- Explore how to use the latest techniques to design new product/service offerings that deliver customer value and better meet customers' needs/wants.
- Learn how to develop a new product development process based on market-driven best practices and frameworks.
- Engage in a collaborative learning environment and build your network of experienced business professionals.
Chicago Booth, Gleacher Center, Chicago IL
Sanjay K. Dhar
James H. Lorie Professor of Marketing
Sanjay Dhar has been a Chicago faculty member since 1992. Many sources have recognized Professor Dhar for his excellence in teaching.
Clinical Professor of Marketing; Executive Director, Kilts Center for Marketing
Art Middlebrooks specializes in helping service companies grow profitably through new product and service development, branding, and effective marketing strategies. He has worked with companies from a broad range of industries including energy, telecommunications, information technology services, e-commerce, software, financial services and professional services.
Both instructors were exceptional. I'm returning to the office with a new energy and tools that I can implement immediately.
- Denise Patterson, Product Manager, The Sherwin-Williams Company
Great week. I have a long list of take backs with associations to current projects in my business/team.
- Mary Warner, VP – Product Management, Master Brand Cabinets
Sanjay and Art have developed a comprehensive approach to NPD which blends with real world practices. The tools and framework I’ve learned will have an immediate impact on my organization and our NPD strategy moving forward.
- Joseph Reisinger, VP of Product Development, Broadwind Energy
This program is appropriate for mid- to upper-level managers in any area involved in the development and management of new products. This may include functional areas such as new product development, marketing, R&D, business development, design, engineering, operations, sales, strategy, and finance, as well as members of cross-functional new product development teams.
Titles include: president, CMO, director of new product development, director of marketing, director of sales, senior R&D manager, senior product manager, and marketing manager.
New Product Development and Strategic Marketing
- Strategic analysis of company, customer, and competitor
- Product, price, distribution and promotion strategy
- Key decisions in marketing mix, based on marketing objectives
Developing a New Products System
- Barriers to effective new product development
- Components of an effective innovation system
- 7P New Product Development System
Develop an Innovation Strategy
Developing a new product strategy
- Strategic goals
- Product portfolio management
- Firm innovativeness
New Product Development Best Practices
- Using marketing research practices to build voice-of-the-customer
- Characteristics of "The Best" versus "The Rest" innovators across all industries on new product/service performance
- Three cornerstones of new product success
- Top reasons for new product failures
- Effects of success factors on new product performance metrics
- Frameworks and tools to prioritize marketing activities
Identifying "Breakthrough" Customer Needs
- Resource-based approach
- Market-based approach
- Identifying competitors
- How to uncover articulated and unarticulated customer needs
Product Development Using Consumer-based Methods
- Relating consumer/customer needs to design features
- Assessing customer trade-offs
- Predicting market share changes
- Benefit segmentation of the market
- Making key design decisions
Implementing the New Product Development Process Using a Customer-Driven Approach
Clustering development activities into phases
- Determining deliverables from each phase
- Roles of decision points
- Screening criteria and screening approaches at a decision point
- Templates for deliverables and examples of screening criteria
- Marketing research techniques to build "voice of the customer" in the development process
- Management decisions at a decision point
Sales Forecasting Methods for New Product Development
- Types of models for different phases of the new product development process
- Market potential models for overall sizing of the opportunity
- Sales formation models and predict sales build-up over time
- Types of models for different products and services
- Steps to logically forecast sales
- Test sensitivity of forecast
Developing a New Product Marketing Launch Plan
- Launch decision framework
- Use of diagnostics
- Determining which segments to target and why
- Product positioning: value proposition
- Sales forecasting and pricing decision frameworks
- Communication strategy
- Distribution strategy
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