Agenda
                     Agenda
     Product Development
      Product Development
     Market Research
      Market Research
     Concept Testing
      Concept Testing
     Prototype Development
      Prototype Development
     Market Testing
      Market Testing
     Product Launch
      Product Launch
     Discussion
      Discussion
                           
                           
           Why New Products?
           Why New Products?
     New product development is critical to 
      New product development is critical to 
      long-term success
      long-term success
     Approximately one-third of the 
      Approximately one-third of the 
      revenue a business generates is 
      revenue a business generates is 
      coming from products they did not sell 
      coming from products they did not sell 
      five years ago
      five years ago
     Changing environment creates new 
      Changing environment creates new 
      demands and needs
      demands and needs
                           
                           
         Product Development
         Product Development
     Must be alert to quickly develop 
      Must be alert to quickly develop 
      opportunities
      opportunities
     Focus on markets or product 
      Focus on markets or product 
      categories consistent with 
      categories consistent with 
      organization’s objectives, resources, 
      organization’s objectives, resources, 
      capabilities and strengths
      capabilities and strengths
     Securing a competitive advantage
      Securing a competitive advantage
                           
                           
     Industrial New Product Ideas
     Industrial New Product Ideas
    Company sources other than R&D      36.2%
      Company sources other than R&D      36.2%
    Analysis of the competition                27.0%
      Analysis of the competition                27.0%
    Research & Development                  24.3%
      Research & Development                  24.3%
    Product users                                  15.8%
      Product users                                  15.8%
    Supplier suggestions                         12.5%
      Supplier suggestions                         12.5%
    Product user research                       10.5%
      Product user research                       10.5%
    Published information                         7.9%
      Published information                         7.9%
                                  
                                  
                New Products
                New Products
     A way of getting new and keeping old 
      A way of getting new and keeping old 
      customers
      customers
     Effective way of obtaining a 
      Effective way of obtaining a 
      competitive advantage
      competitive advantage
     Source of growth and excitement
      Source of growth and excitement