Management of new products

Jul 19 • General • 1209 Views • No Comments on Management of new products

 The product that is created by the firm and appears new to the market and also for the company is known as a new product. The new product is classified into different groups which are as  follows : –

  • Product that is innovative and new to the market
  • Product that are new for the company but not to the market
  • Some modifications in the old product and that too in existing market
  • Addition in the product line in some additional market
  • Repositioning of the old product in a new market

How can new product achieve success       Management of new products

  • Unique feature in the product
  • Having market knowledge before product development
  • The product is technically superior than any other product
  • Complete involvement from all the functional teams in the company

Factors which do not favour new product developement

  • If the product is unable to satisfy the needs of the customer
  • If the product is similar to that of the existing product of  the company
  • If the product fails to deliver the performance expected by the customers

Product Lifecycle Management (PLM)

  • PLM describes a comprehensive framework of technology and services that permits manufacturing firms, their suppliers, & customers to collaboratively conceptualize, design, build, & manage products throughout their entire lifecycle.

Advantages of product lifecycle management

  • The time for product development is reduced
  • The errors in the process are also minimized
  • Travel expenses in product development is also reduced
  • Market launch time is also reduced

High –Tech Marketing

High tech marketing is a form of new marketing techniques that are used by the business marketers. These marketing techniques include use of computers, telecommunication, software, biotech etc. Though high tech is advancement of the marketing techniques but there are some uncertainities that are involved in high tech marketing that can be related to technology and to the market.

Technological uncertainities

ü  Will the product succeed as expected

ü  Can the delivery of the product be as desired

ü  Will the supplier be able to provide high quality of service

ü  Is there any risk of product becoming obsolete

ü  Can the product create any side effect

Market uncertainity

  • Which needs of the customer can this high technology satisfy
  • Can the needs of customer change with time
  • Is market ready to accept the high technology standards introduced by the firm
  • In what speed would the innovation spread
  • What would be the size of the potential market in which the technology needs to be introduce

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