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March 2010. Vision Vision – to be a leader in private label product offering to the marketplace. Mission Mission – to successfully launch 10 new products.

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Presentation on theme: "March 2010. Vision Vision – to be a leader in private label product offering to the marketplace. Mission Mission – to successfully launch 10 new products."— Presentation transcript:

1 March 2010

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4 Vision Vision – to be a leader in private label product offering to the marketplace. Mission Mission – to successfully launch 10 new products yearly offering the best quality, price and reliability. Goal Goal – Enhance Premier’s business in Foot Care, First Aid and strategically related categories by developing and creating a “differentiated product that delivers unique benefits and superior value to the customer.” Strategy Strategy – create products that use Premier’s advantage in: - manufacturing process - affiliate partners and alliances - relationship with customers - marketing and sales resources

5 Discovery Gate 1 Scoping Ideation: Competitors Cust suggestion Sales Marketing Can we manufacture it? Magnitude of opportunity Initial screenings Gate 2 Gate 3 Development Testing/ Validation Testing/ Validation Gate 4 Production No systematic process in place to collect ideas internally No stage to Build Business case (in-depth research) Decisions and steps are rushed or skipped No Post-Launch Review How can we refine this process? Proto-type In-house tests Legal and patents Decision to spendGo to testing Extensive testing and validation Test results

6 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate

7 Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Ideation How can we fill our Idea bank? Annual Sales Summit Conferences, trade shows Customer service department Sales, marketing, management, buyers, and sales brokers Also collect from internal employees (manufacturing, QA, regulations, planning and purchasing) – set up a reward system for product/improvements chosen and made. Triggers: Retail market studies/visits

8 Ideation Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Ideation screen Must-meet criteria: does the product fit into company’s product mix? is the product in-line with company’s strategic goals? generate US$100K or 50K unit volume? net profit 20%? is the product feasible with current resources? is there a need for this product in our market? can we sell this in our current market/distribution? Gatekeepers: Sales, Company Management

9 Ideation screen Ideation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Surface Evaluation Preliminary market assessment (Pro-active development) internet search, store checks, Evaluation IRI data How can the product be differentiated? (delivery, ingredients used, design, packaging) Preliminary technical assessment: Do we have strategic production capabilities process for this item? will it expand business arena, product advantage Preliminary legal assessment Preliminary Financial assessment ROI, how long will it take to recoup investments? “The greatest differences (between winner and loser) lie in the first few steps of the new product process ” -Robert G. Cooper

10 Ideation Ideation screen Surface Evaluation Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate S.E. Screen Market issues, barriers to entry? Technical issues Legal issues Financial issues with payback period/margins Gatekeepers: - Top Management - Manufacturing engineers - Legal counsel - Vendors

11 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Detailed Evaluation Building the Business Case Product rationale Competitive Analysis : rate of growth, market size, understand current market Target market/ channel Product benefits, Product strategy *Manufacturability and Selection of vendors, logistics Compile PD timeline with projected investment $ for each stage. Forecast potential sales for year 1 and year 2

12 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate D.E. Screen Financial req’s with payback period/margins. Invest in equipment if payback is less than 3 years. Has there been a change in market conditions? Legal issues are unworkable Initial response from buyers weak/strong Decision to spend money Gatekeepers: Operations, outside Sales reps

13 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Cross-Functional Development Physical Prototype initiation Have all departments updated on development progress & their roles  Marketing: Build concrete development timeline, market launch plans, sell-sheets, consumer feedback  Sales: collect customer feedback and forecasts  QA: In-house testing  Legal Dept: Resolve any legal hurdles  Purchasing: finalize all sources, components and vendors  Accounting: review all sales #’s and margins

14 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate CFD Gate Satisfy customer timeline execution (POG)? Meet updated financial numbers? Consumer feedback positive? Quality assurance from QA? Go to test Gatekeepers: Operations, Buyers

15 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD GateTesting Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Testing Testing and Validation Sample production generated Collect customer feedback Conduct consumer testing panel Initiate Industry product testing: STR Initiate Stability lab testing: accelerated 90-days In-house QA testing (drug fact panels, ship testing req’s, etc.) Develop technical specifications Collect customer acceptance (conference mtgs: ECRM, PLMA)

16 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate TestingDeployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Testing Gate Evaluate quality of testing and validation 1.Consumer testing results positive? 2.Industry product testing: STR = 10? 3.Stability lab testing = stable after accelerated 90 days? 4.Ship-test, passed? Financial review Decision to go/kill Gatekeeper: Marketing

17 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing GateDeployment Gate LaunchPost Launch Review Post Launch Review Gate Deployment Is everything ready/ in-place? Marketing materials sent Logistics: Receive all components in-house Finalize production schedule

18 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate DeploymentLaunchPost Launch Review Post Launch Review Gate Deployment Gate Test run production - equipment/machine functions properly - production rate at estimated average

19 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment GatePost Launch Review Gate Launch Post Launch Review Launch = Production Delivery to DC’s Post Launch Review Review final profits, costs vs. orig forecast. Did all departments deliver/perform? What were the projects strenghts/weakness? Regroup with team to discuss what was learned Make improvements to NPD process

20 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate Is everything running as planned? Are we hitting all numbers? All possible improvements made?

21 Ideation Ideation screen Surface Evaluation Surface Eval. screen Detailed Evaluation Detailed Eval. Screen Cross-Functional Development CFD Gate Testing Testing Gate Deployment Deployment Gate LaunchPost Launch Review Post Launch Review Gate

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