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New Product Development | Mind Map

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BBA Marketing (UNIT-3 NEW PRODUCT DEVELOPMENT) Mind Map on New Product Development | Mind Map, created by Lisa B on 16/11/2024.
Lisa B
Mind Map by Lisa B, updated 16 days ago
Lisa B
Created by Lisa B 17 days ago
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Resource summary

New Product Development | Mind Map
  1. innovated product from the existing one
    1. truly a new product
      1. NEW PRODUCT CATEGORIES:
        1. new to the world
          1. new to the product lines
            1. additions to the existing product lines
              1. improvements & revision of existing products
                1. repositioning
                  1. cost reductions.
                  2. NEW PRODUCT DEVELOPMENT PROCESS:
                    1. 1. Idea generation
                      1. 2. idea screening
                        1. 3. content development and testing
                          1. 4. marketing strategy and development
                            1. 5. Business analysis
                              1. 6. Product development
                                1. 7. Market Testing
                                  1. 8. commercialization
                                  2. CHALLENGES
                                    1. 1. global competition
                                      1. 2. time
                                        1. 3. market potential
                                          1. 4. technological change
                                            1. 5. distribution
                                              1. 6. new feature
                                                1. 7. price
                                                  1. 8. critical unmet needs
                                                    1. 9. promotion
                                                      1. 10. resistance to change
                                                        1. 11. market size
                                                        2. WHY DO NEW PRODUCTS FAIL?
                                                          1. lack of product originality
                                                            1. inefficient timing
                                                              1. poor planing and poor marketing execution
                                                                1. product flaws
                                                                  1. wrong market research
                                                                    1. incorrect pricing
                                                                      1. weak launch
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