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The New Product and Services Development Process

The New Product and Services Development Process. By SK. Winning Innovations for Tomorrow (WIT). Vision & Mission. Vision To contribute towards upliftment of education & to provide highest quality education material Mission

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The New Product and Services Development Process

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  1. The New Product and Services Development Process By SK Winning Innovations for Tomorrow (WIT)

  2. Vision & Mission • Vision • To contribute towards upliftment of education & to provide highest quality education material • Mission • To utilize latest methods to produce quality innovative educational products fulfilling the customers’ needs

  3. Goals and Strategy • Goals • Create new product development process • Build Brand loyalty & customer satisfaction • Increase revenue by 20 % in 2 years by bringing quality innovations • Identify & fulfill customer’s unmet needs • Strategy • Building cross functional teams • Continuous customer need & feedback evaluation • Analyzing competitors • Leveraging company resources • Developing new Product Development process :The stage gate process & keep reengineering it

  4. Reasons for failure • Lack of Market Orientation • Poor quality of execution • Moving too quickly • Not enough up front homework • Lack of product value for the customer • Lack of resources • Lack of systematic new product process

  5. A unique superior product to the customer A strong market orientation and customer focus An international orientation More predevelopment work Sharp and early product definition A well-conceived, properly executed launch Right Organization structure , design & climate Top management commitment Leveraging core competencies 10. Products aimed at attractive markets 11. Tough go/kill decision and prioritization 12. Completeness, consistency, and quality of execution 13. Resources in place 14. Speed not at the expense of quality 15. Multistage disciplined New Product Process –Stage Gate Process Critical Success Factors in Product Innovation

  6. The Stage Gate Process • Itis a blueprint for managing the product innovation process to improve effectiveness and efficiency • Predetermined set of stages – cross functional and parallel activities • Stages are designed to gather information needed to progress at the next gate • Gates are quality-control checkpoints where go / kill and prioritizing decisions are made • Gates consist of • Deliverables • Criteria • Output

  7. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 5 Stage 1 Stage 2 Stage 3 Stage 4 Post LaunchReview The Stage Gate ProcessWIT ( Winning Innovations for Tomorrow ) Vision Mission Goal Strategy Accumulate Idea Resource Idea Bank Must meet - should meet go/ kill point Idea Screen Go To Development Second Screen Go To Testing Go To Launch Launch Scoping Build Business Case Development Testing & Validation

  8. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Discovery Stage : Ideation • Object • Identify customer needs • Generate & document breakthrough new product ideas based on the vision , mission , goal & strategy of the company • Identify new opportunities • Activity • Voice of customer • Research & analysis • Trade shows • Working with lead users • Interdepartmental brainstorming • Idea Bank • Member • Cross functional team

  9. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Gate 1 : Idea Screen • Deliverables • Well described list of ideas • Criteria • Is it relevant to the business ? • Are the market size , growth & opportunities attractive ? • Will it leverage resources of the company? • Is there a reasonable likelihood that the product will be technically feasible? • Output • Go / Kill / Hold / recycle • Gatekeeper • Management of New Product Development Team

  10. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Stage 1 : Scoping • Object • Gentle screening to find out feasibility , magnitude of opportunity • Activities • Preliminary literature search and consultation with internal and industry resources ( internet search , library search ) to assess value of an idea • Preliminary Market Assessment • Preliminary technical assessment • Preliminary financial and business assessment • Recommendations and plans for stage 2 • Members • Management of New Product Development Team and members form other departments depending on the requirement of the idea

  11. Gate 2 : Second Screen • Deliverables • Figures of market assessment , size , acceptance • Level of risk • Financial assessment • Criteria • Are merits higher than the risk ? • Would it have any legal issues ? • Does it fit the business strategy ? • Would the payback period cover the investment done ? • What is the reasonable likelihood of technical feasibility? • Are the costs worth of the time invested • Output • Go / Kill / Hold / recycle • Gatekeeper • Senior Management & managements relevant to the idea Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review

  12. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Stage 2 : Build Business Case • Object • Define & describe thoroughly the business case • Activities • User needs and wants study • Competitive analysis • Market analysis • Detailed technical assessment • Concept testing • Financial analysis • Plans of Action • Spell out desired features ,attributes and requirements • Members • Management of New Product Development Team and members from other departments depending on the requirement of the idea

  13. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Gate 3 :Go To Development • Deliverables • Business Case : Product & project definition , Project Justification & Project Plan • Estimate of resources • Concept test data • Legal assessments • Criteria • Strategic • Product Advantage • Market Attractiveness • Synergies • Technical Feasibility • Risk versus Return • Output • Go / Kill / Hold / recycle • Gatekeeper • Project council ( Senior management from different departments )

  14. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Stage 3 : Development • Object • Implementation of development plan and physical development of the product • Activities • Focusing resources towards development of the product • Parallel marketing & operations • In house tests • Customer feedback • Rapid prototypes • Developing action plan • Updating financials • Members • Management of New Product Development Team and members from other departments depending on the requirement of the idea

  15. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Gate 4 :Go To Testing • Deliverables • Marketing plan • Production plan • Distribution plan • Financial Analysis • Criteria • Is the product operating within the budget ? • Is the project meeting its timelines ? • Is the product meeting the customer needs better than the competition? • Is the developed product consistent with the original definition ? • Output • Go / Kill / Hold / recycle • Gatekeeper • project council ( Senior management from different departments )

  16. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Stage 4 : Testing and Validation • Object • Testing for extensive validation of the project • Preparing for the launch • Activities • Validation of quality of the project & process • In-house test continue • Field trial sell • Test market • Update financial analysis • Prepare a launch plan • Update marketing & production plan • Find out modifications if required • Ensure customer acceptance • Members • Management of New Product Development Team and members from other departments depending on the requirement of the idea

  17. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Gate 5 :Go To Launch • Deliverables • Market potential & interest of buying the product • Forecast of sales volume • Criteria • Is the product ready for launch ? • Is the expected financial return considerably high? • Has the project been reviewed thoroughly ? • Have the modifications required as per customer survey been made ? • Are all processes & resources in place for the launch? • Does the testing of the product confirm customer satisfaction ? • Output • Go / Kill / Hold / recycle ( The operations & marketing plans are reviewed and approved for implementation in stage 5 ) • Gatekeeper : • project council ( Senior management from different departments )

  18. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Stage 5 : Launch • Object • Implementing the marketing & operation plan for launch • Activities • Advertising • PR • Direct mail • Trade shows • Website • Production , promotion & Sales • Members • New Product Development Team and members from other departments depending on the requirement of the idea , Ad agency , PR agency

  19. Discovery Gate 1 Gate 2 Gate 3 Gate 4 Gate 5 Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Post Launch Review Post Launch Review • Object • Assess effectiveness of process to deliver objectives • Activities • Review costs • Review profits • Review Strengths • Review Weaknesses • Review project & product performance • Members • New Product Development Team and members from other departments depending on the requirement of the idea

  20. “ Do Projects Right ,Do The Right Projects ”-Robert G. Cooper

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