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IDHC - 4/06/011 NEW PRODUCT DEVELOPMENT A SMALL BUSINESS PERSPECTIVE.

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Presentation on theme: "IDHC - 4/06/011 NEW PRODUCT DEVELOPMENT A SMALL BUSINESS PERSPECTIVE."— Presentation transcript:

1 IDHC - 4/06/011 NEW PRODUCT DEVELOPMENT A SMALL BUSINESS PERSPECTIVE

2 IDHC - 4/06/012 STRATEGIC PLANNING WHAT YOU WANT TO DO HOW YOU ARE GOING TO DO IT WHO IS GOING TO DO IT WHEN IT WILL BE DONE WHAT IT WILL COST WHERE YOU ARE GOING TO GET THE MONEY HOW MUCH IT WILL RETURN ON INVESTMENT

3 IDHC - 4/06/013 WHAT IS MARKETING? DEF: PROCESS OF PLANNING AND EXECUTING THE CONCEPTION, PRICING, PROMOTION AND DISTRIBUTION OF PRODUCTS TO SATISFY BOTH BUYER AND SELLER OBJECTIVES MARKETING CONSISTS OF IDENTIFYING A TARGET MARGET AND DEVELOPING AND IMPLEMENTING A MARKETING MIX WHICH POSITIONS A PRODUCT CONSISTENT WITH THE CONSUMER’S IDEAL

4 IDHC - 4/06/014 THE CUSTOMER... IS THE MOST IMPORTANT PERSON IN A BUSINESS DOES NOT DEPEND ON US, WE DEPEND ON HIM IS THE PURPOSE OF OUR WORK IS NOT AN OUTSIDER BUT A BUSINESS PARTNER IS NOT A STATISTIC BUT A PERSON CANNOT LOSE AN ARGUMENT IS A PERSON WE MUST SATISFY SOURCE: FRANK FORRESTAL, BORDEN, INC.

5 IDHC - 4/06/015 MARKETING STRATEGIC PLANNING IDENTIFY TARGET MARKET TARGET MARKET + 4Ps = MARKETING STRATEGY FACTOR IN ENVIRONMENTAL INFLUENCES DEVELOP POSITIONING/ DIFFERENTIATION PREPARE PRO-FORMA P& L DEVELOP BUSINESS/MARKETING PLAN

6 IDHC - 4/06/016 MARKET SEGMENTATION SEGMENTATION IS IDENTIFICATION OF GROUPS WITH SIMILAR BUYER BEHAVIOR TARGETING IS IDENTIFYING AND SELECTING SEGMENTS WITH BUSINESS POTENTIAL POSITIONING IS DEVELOPMENT OF A MARKETING MIX CONSISTENT WITH A MARKET SEGMENT’S IDEAL PRODUCT.

7 IDHC - 4/06/017 TARGET MARKET IDEAL CRITERIA GROWING FASTER THAN THE ECONOMY FITS FIRM CORE COMPETENCIES ACCESSIBLE MEASURABLE SUBSTANTIAL PROFITABLE RESPONSIVE

8 IDHC - 4/06/018 BUSINESS CATEGORIES CONSUMER BUSINESS TO BUSINESS

9 IDHC - 4/06/019 CONSUMER SEGMENTATION BASES GEOGRAPHIC DEMOGRAPHIC PSYCHOGRAPHIC PRODUCT BENEFIT USAGE

10 IDHC - 4/06/0110 BUSINESS SEGMENTS GEOGRAPHIC CUSTOMER TYPE CUSTOMER SIZE PRODUCT USE

11 IDHC - 4/06/0111 PRODUCT LIFE CYCLE INTRODUCTIONGROWTHMATURITYDECLINE TIME SALES

12 IDHC - 4/06/0112 R & D SPENDING BY INDUSTRY INDUSTRY% SALES DRUGS/PHARMACEUTICALS11.1 AGRICULTURAL CHEMICALS 8.7 INSTRUMENTS 6.7 ELECTRONICS 3.1 SOAPS/TOILETRIES 2.9 WOOD/PAPER 1.2 FOOD PRODUCTS 0.9 INDUSTRY AVERAGE 3.2

13 IDHC - 4/06/0113 NPD BEST PRACTICES CROSS-FUNCTIONAL NPD TEAMS NPD PROCESS IN PLACE SCREEN NEW PRODUCTS AT EACH NPD STAGE USER INVOLVEMENT IN PROTOTYPING CEO/CHAMPION ON NPD TEAM TEAM REWARD SYSTEM TEAM LEADER WITH SPENDING AUTHORITY LEARN FROM EXPERIENCE

14 IDHC - 4/06/0114 NEW PRODUCT DEVELOPMENT PROCESS IDEA GENERATION IDEA SCREENING CONCEPT GENERATION CONCEPT SCREENING FINANCIAL ANALYSIS PROTOTYPE DEVELOPMENT CONSUMER TESTING TEST MARKETMARKET LAUNCH = DECISION POINTS/STAGE GATES

15 IDHC - 4/06/0115 NPD ORGANIZATIONAL OPTIONS FUNCTIONAL CROSS-FUNCTIONAL DEDICATED TEAM VENTURE GROUP

16 IDHC - 4/06/0116 NPD ISSUES PRODUCT PERFORMANCE PROFIT MARGIN ESTIMATING DEMAND TEST MARKETING OF MARKETING MIX LAUNCH COORDINATION INITIAL NEGATIVE CASH FLOW PRE-EMPTION

17 IDHC - 4/06/0117 US FOOD INDUSTRY TRENDS INSTANT COMMUNICATIONS GLOBALIZATION OF MARKETS INCREASING COMPETITION CHANNEL MIDDLEMEN ELIMINATION DECREASING PRODUCT/NPD CYCLES POWER SHIFT: MANUFACTURER-->RETAILER INCREASING CONSOLIDATION INCREASING NUMBERS OF NEW PRODUCTS FOOD SAFETY CONCERNS NUTRACEUTICALS/ORGANIC FOODS

18 IDHC - 4/06/0118 NEW PRODUCT INTRODUCTIONS (SKUs ) Year Food Beverages Total Product Types Source: Marketing Intelligence

19 IDHC - 4/06/0119 AREAS OF OPPORTUNITY * MANUFACTURING INNOVATIONS * CONSUMER MARKET NICHES * REGULATORY/QA COMPLIANCE SERVICES * FOREIGN MARKETS * LICENSING * WASTE BYPRODUCTS/DISPOSAL/SERVICES * CONSULTING SERVICES

20 IDHC - 4/06/0120 SMALL BUSINESS ISSUES BUSINESS FOCUS - INTERNAL VS. CUSTOMER AVAILABILITY OF CAPITAL LIMITED HUMAN RESOURCES RECOGNITION STAYING POWER CREDIBILITY/RELIABILITY FLEXIBILITY

21 IDHC - 4/06/0121 HELP FOR SMALL BUSINESSES FUNDING - FRIENDS, INVESTORS, GOV. AGENCIES CONSULTING - SCORE, CORNELL EXTENSION, FOOD NETWORK, MARKETING INTELLIGENCE FACILITIES - CORNELL UNIVERSITY, FOOD NETWORK, INCUBATOR CENTERS PEOPLE - TEMP. AGENCIES, CONTRACT SERVICES.

22 IDHC - 4/06/0122 GENERAL COMMENTS SEEK MARKET NICHE GROWING RATES FASTER THAN THE MARKET AVERAGE DO UPFRONT HOMEWORK GET AMPLE FUNDING LISTEN TO CONSUMERS CONSTANTLY PLAN FOR THE LONG TERM MINIMIZE INFRASTRUCTURE


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