New product development (NPD)

Jun 29th, 2015
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In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief).

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Marketing Strategy Philip Kotler discussed five issues of marketing strategy in his 9th edition of Marketing Management Differentiating and Positioning the Market OfferingDeveloping New ProductsManaging Life cycle StrategiesDesigning marketing Strategies for Market Leaders, Challengers, Followers, and NichesDesigning and Managing Global Marketing Strategies These issues are covered in different knols by me. This knol describes differentiating and positioning. Differentiating and Positioning the Market Offering The issues discussed in the area of differentiating and Positioning the market offering are:Tools for Competitive DifferentiationDeveloping a Positioning StrategyCommunicating the Companys Positioning Tools for Competitive DifferentiationDifferentiation - Definition: is the act of designing a set of meaningful differences to distinguish the company's offering from competitor's offerings. Boston Consulting Group's differentiation opportunities matrix: Actually it is a competitive advantage matrix applicable to differentiation opportunities. Four types of industries identified by BCG matrix are: Volume industry: only a few but very large competitive advantages are possible. The benefit of the advantage is proportional with company size and market share. Example given - construction industry Stalemated industry: in this type there are only few opportunities and the benefit from each is small. The benefit is also not proportio

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