Launching of New Product

Project idea 2: Launching of a new product

Topic:

Launching of a new product in market for some industry like software, manufacturing, education etc.

Scope: 

The project will go through the new product development phase consisting of following major stages:

(1) Idea generation: This step involves idea for new products from customers, R and D, department competitors, salespeople, trade shows, etc.

(2) Idea Screening: This step answers whether or not customers in the target market benefit from the product, the technical feasibility to manufacture the product etc.  

(3) Concept development and testing: This step involves marketing and engineering details like the target market, product features and benefits, cost of the product etc. It also involves testing sample customers.

(4) Business analysis: This step involves selling price, selling volume, profitability and breakeven point.

(5) Beta testing and market testing: This step involves physical prototype, testing the product and focused group customer interviews etc.

(6) Technical implementation: This step involves new program initiation, resource estimation, engineering operation planning, department scheduling, logistics plan etc.

(7) Commercialization: This step involves launching of the product, placing advertisements and other promotions, filling the distributions pipeline with product etc.

Objective:

This project will work around the detailed steps followed inside each and every product development stage. The management should know the potential customers, uniqueness inside the product, develop simple and understandable ways to explain product benefits to potential customers, marketing activities, key issues involved in the branding of the product, quality or safety issues, and regulatory standards etc.