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New Product Development

New Product Development. Team Presenters Ka Man Chan (Joyce) Cheng-Ting Chen Kwan-Han Chen Thomas Hoffer. Presentation Outline. Two New Product Ideas Industry Focus Strengths Problems Trends Consumer Segments Identification Evaluation Selection Description

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New Product Development

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  1. New Product Development Team Presenters Ka Man Chan (Joyce) Cheng-Ting Chen Kwan-Han Chen Thomas Hoffer

  2. Presentation Outline • Two New Product Ideas • Industry Focus • Strengths • Problems • Trends • Consumer Segments • Identification • Evaluation • Selection • Description • Product Innovation Charters (PIC)

  3. Two New Product Ideas • First Product Concept • Multifunctional writing utensil • Features: • Pen • Pencil • Highlighter • Ruler • LED light • Eraser

  4. Industry Focus: Strengths • Multifunctional Pen • Convenience: All basic writing utensils and useful accessories on one unit • Compact: Fits into any purse, pocket, desk compartment • Stylish: Modern and sophisticated appearance • Reusable: Ink refills, battery replacement • Pricing: Potential cost reductions for consumer

  5. Industry Focus: Problems • Multifunctional Pen • Thickness: Features may make pen difficult to grasp/hold • Weight: Features could make pen difficult to maneuver • Unpopular Features: Some options on the instrument could be undesirable by consumers E R G O N O M I C S

  6. Industry Focus: Trends • Writing Instrument Competitive Market • Primary Competitors: • BIC • Pentel • Avery Dennison • Sanford (Paper Mate)

  7. Industry Focus: Trends • Additional industry perspectives/outlooks: • Mature industry

  8. Industry Focus: Trends • Additional industry perspectives/outlooks: • History • Modern Pens (circa 1900’s to present): • Fountain pens • Ball point pens • Erasable pens • Fly pens

  9. Industry Focus: Trends • Additional industry perspectives/outlooks: • Multifunctional Pen: Uncommonly seen writing utensil in the United States • Consumers still appear to prefer traditional writing instruments • Example: Students still commonly use a wooden pencil instead of an mechanized pencil Comparable Example: BIC E3 3 in 1 Pen

  10. Consumer Segments: Identification & Evaluation Writing Utensil Users Individual Writing Utensil Users Corporate Writing Utensil Users Basic Writing Utensil Users Multi-Functional Writing Utensil Users Basic Writing Utensil Users Multi-Functional Writing Utensil Users Office Workers Teachers Professionals All Students Stay-at-Home Workers

  11. Consumer Segments: Selection & Description • Promising writing instrument consumer market • Students: Pre-college aged, college aged • Stay-at-Home workers: Telecommuters • Office Workers: Secretaries, clerks, managers • Teachers: Professors • Professionals: Engineers, accountants, doctors, nurses, designers

  12. Consumer Segments: Example The Percentile of Average Age for Usage P E R C E N T Age

  13. Product Innovation Charters (PIC) • Multifunctional Pen • Background: The introduction of this new product would improve upon the existing competition/alternatives by offering a more compact and convenient instrument able to satisfy consumers’ most basic writing needs. • Focus: We understand the consumers’ need of pens, highlighters, erasers, rulers and even an LED light in a convenient and compact form. Using the latest technology to minimize and compress each component into a single unit, it will be more compact and convenient to for students or businessmen to carry. We hope to be recognized as the most innovative, technically competent company in these sorts of products.

  14. Product Innovation Charters (PIC) • Multifunctional Pen • Goals-Objectives: In the short term, our company is hoping to gain brand recognition with the product’s successful introduction to our target markets. Our long term goal is to persuade 95% of office retailers in the United States with our target market customers to display and sell the product. • Guidelines: We will take existing comparable products and improve upon their functionality for its entry into the marketplace. Necessary care will be taken to establish patent-protected positions in this new product development.

  15. Two New Product Ideas • Second Product Concept • Device combining the processes of washing and drying clothes in one cycle

  16. Industry Focus: Strengths • Combined Washer and Dryer • Convenience: • Single cycle for all washing and drying processes • Saves time: Elimination of transferring clothing between machines • Compact: Saves valuable living space

  17. Industry Focus: Problems • Combined Washer and Dryer • Drying Time: Moisture caught in drum could keep clothes damp • Smaller Loading Size: Compact unit • Maintenance: Lack of support due to technicians unfamiliarity with new device • Price: New technological development (High R&D costs and no current economies of scale) will be expensive for consumers to purchase

  18. Industry Focus: Trends • Washer and Dryer Competitive Market • Primary Competitors • General Electric • Whirlpool • Frigidaire • Haier • LG Electronics • Thor Appliance • Quietline

  19. Industry Focus: Trends • Additional industry perspectives/outlooks: • Mature industry

  20. Industry Focus: Trends • Additional industry perspectives/outlooks: • History • 1970: Washer and dryer combination emerged (mainly for commercial use) • Unpopular: Power usage, extended drying time • Currently: Combination units more efficient and effective Examples: Thor Quietline

  21. Consumer Segments: Identification & Evaluation Washer and Dryer Consumers Household Consumers Business Consumers Consumers Living In Apartments Consumers Living In Houses Fitness Center And Hotels College Dorms Married Couples Single Parents Single Adults

  22. Consumer Segments: Selection & Description • Promising washer and dryer consumer market • Fitness Center and Hotels • Married Couples: Mother and father households with children • Single Adults: Never married or divorced and living in apartments • College Students: College dorms

  23. Consumer Segments: Example Newer Vs Old Fashion Machines P E R C E N T

  24. Product Innovation Charters (PIC) • Combined washer and dryer • Background: A major growth opportunity for a new device is combining the processes of washing and drying clothes (without moving garments from the washer to dryer). It will be a differentiated product due to its many advanced features, reducing the average time of doing laundry. Although other all-in-one washer and dryers exist, none will be comparable in features, efficiency, or quality. • Focus: The technology dimension looks to provide a quality, high efficient washer/dryer combo unit to the market. For the market dimension, our product will be able to enter a market where the competition has regrettably overlooked. The introduction of this new product would improve upon the existing competition/alternatives by offering consumers a faster, compacter, convenient and energy efficient solution to cleaning clothes.

  25. Product Innovation Charters (PIC) • Combined washer and dryer • Goals-Objectives: We want our target market customers to save time and energy costs by purchasing the product. In the short term, successful introduction of the product will be achieved if our product gains 90% of our target market awareness. In the long run, the company is looking for a 10% increase in market share. • Guidelines: It will be a differentiated and adaptive product because of its new features that reduce the average time of doing laundry. Using a system of selective distribution allows producers to have more control over the product to avoid further problems created by multiple retailers, such as lowering the price without a limit to obtain more customers.

  26. Questions or Comments?

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