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.

By attending this program, you will:     

  • Master the latest techniques to design new product/service offerings that deliver customer value and better meet your customers’ needs/wants.
  • Learn how to develop and implement a new product development process based on best practices and frameworks.
  • Explore major topics in developing and implementing a market-driven approach to innovation.

Location

Chicago Booth, Gleacher Center, Chicago, IL

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.

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. 

Sanjay K. Dhar

James M. Kilts, Jr. Professor of Marketing

Sanjay K. Dhar studies strategic marketing management, advanced marketing strategy, brand management, new product development, pricing strategy, promotion strategy, advertising strategy, product placement strategy, retail price advertising strategies, retail management best practices, consumer and retail sales promotions, trade promotions, private labels, category management, loyalty reward programs, EDLP pricing, assortment management, purchase incidence, and brand choice. His research has been selected as a finalist for the 2012 William O’Dell Award, which awards an article published in the Journal of Marketing Research in the last 5 years that has made the most significant long-term contribution to marketing theory, methodology, and/or practice, awarded the 2008 Paul Green Award which recognizes the best article published in the Journal of Marketing Research, the John D. C. Little Award in 1995 for the best paper in marketing published in an INFORMS journal and he was a runner-up for the Davidson Award in 2003 for the best paper published in the Journal of Retailing. Dhar has published articles in the Journal of Political Economy, Marketing Science, the Journal of Marketing Research, the Journal of Marketing, the Journal of Retailing, Management Science, Marketing Letters, Quantitative Marketing and Economics, and Pricing Theory and Practice.

In 2010, Veritas Prep listed Dhar as one of 6 “Must Have” professors at Chicago Booth based on student input. In 2006, the Economic Times in India identified Dhar as one of twelve "Indians who have made a global impact on marketing research and thought." He received the 2017 Faculty Excellence Teaching Award voted by Evening and Weekend MBA students, the 2012 Hillel Einhorn Teaching Award voted by executive MBA students in North America, the 2008 Hillel Einhorn Teaching Award voted by executive MBA students in Asia, the McKinsey Award for Teaching Excellence in 2000 awarded once every 2 years, was cited among the outstanding faculty in Business Week's Guide to Best Business Schools (McGraw-Hill, 1997, 1999, and 2001), and in 1994 he was awarded the Emory Williams Teaching Award by students for his outstanding teaching performance. "I stress the importance of learning fundamentals in my classes, which enables my students to address any marketing problem - no matter how complex - because they can apply the principles to dissect the problem."

Dhar received a bachelor's degree in technology (mechanical engineering) with honors from the Indian Institute of Technology of India in 1983. His MBA is from the Indian Institute of Management, India. He also worked in several management positions for Lipton India Limited, a subsidiary of Unilever. He then came to the United States, where he studied at the University of California in Los Angeles. He earned a PhD in management in 1992. He has been a Chicago Booth faculty member since 1992.

Dhar also has extensive industry based executive teaching and consulting experience and regularly advises firm on strategic marketing, pricing and new product development.

In addition to teaching and research, Dhar enjoys working with his two children and taking care of their several pets, as well as his three tropical fish aquariums.

Arthur Middlebrooks

Clinical Professor of Marketing; Executive Director, Kilts Center for Marketing

Art Middlebrooks is Executive Director of the Kilts Center for Marketing, and educator and management consultant specializing in innovation, services marketing, and branding. Middlebrooks focuses on 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 mobile apps, consumer packaged goods, e-commerce, energy, financial services, telecommunications, and information technology.

He is a former senior director of marketing and product development for DigitalWork Inc., partner with Kuczmarski Innovation, manager in the Strategic Services division of Accenture, and systems analyst at American Management Systems.

Middlebrooks is the coauthor of two books, Innovating the Corporation and Market Leadership Strategies for Service Companies. He has published other works in PDMA Handbook of New Product Development, Management Review, Sales and Marketing Management, and Marketing News. He teaches innovation and services marketing. "I find that students learn best by doing, so I've structured both the in-class and out-of-class work to enable students to apply the various tools that I teach," Middlebrooks says. "I include the use of team projects and software in my courses so that students can learn how state-of-the-art innovation methods are being applied by leading companies, enabling deeper learning.

He earned an MBA in marketing and finance from Chicago Booth in 1988 and a bachelor's degree in computer science and economics from Duke University in 1984. He is a member of the Beta Gamma Sigma and Phi Beta Kappa honor societies.

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 an Innovation System

  • Barriers to effective new product development
  • 7P New Product Development System 
  • Developing a new product strategy

New Product Development Best Practices

  • Using marketing research practices to build voice-of-the-customer
  • Characteristics of "the best" versus "the rest" innovators
  • 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
  • Using design research to uncover articulated and unarticulated customer needs
  • Learning from extreme customers

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

Idea Generation and Screening

  • Brainstorming techniques
  • Idea screening

Developing and Testing New Product/Service Concepts

  • New concept development
  • Concept testing and refinement
  • Agile product development

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

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[s] 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


Upcoming Courses

Date Fee Format
September 26-30, 2022 $10,950 In-Person Register Now