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Cost reductions
1. Idea generation
5. Market Tests
6. Commercialization
FACTORS THAT HINDER NPD Shortage of new ideas in certain areas Fragmented markets Social & governmental constraints Cost of development Capital shortages Faster required development time Shorter product life cycles
Unique , superior product A well defined product concept Technological & market synergy Quality of execution in all stages Market attractiveness
Low sales High cost per customer Negative Create product awareness and trial Offer a basic product Use cost-plus Build selective distribution Build product awareness among early adopters and dealers
Design a product. Determine marketing plan. Who will product be marketed to? How will it be marketed. Distribution channels Pricing Servicing product.
Market Penetration
> Setting a Low Price
for a New Product in Order to Attract a Large Number of Buyers. > Results in a Larger Market Share.
Distribution Decisions
Consumer Preferences Geographic Location Nature of Existing Business Ability to Service Products Markets to be Targeted Insurer Characteristics Degree of Control