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The New Product Development Process

Know what you are trying to do Teams only succeed if they understand their goals and each member's responsibilities. Get buyin for both by asking 'what are your responsibilities' or 'who is responsible for"¦' Set the stage"¦ Some product team jargon: BOM, GA EnPeeDeePee"¦ Help new Team members fit. Go throught he deliverables and get point person responsible for each. UPFRONT PLANNING IS BEST DONE UP FRONT! Dealing with negative personalities"¦this can be difficult. some terminology Market requirement: a customer need Product feature: something a product has or does Product attribute: a trait or characteristic Product benefit: the reason the customer finds the feature useful Tech specs: implementation of attributes Example of Definitions - calculator Market requirement"”user needs to be able to figure out weekly budget"¦ Product feature"”product adds, subtracts, multiplies and divides Product Attribute"”buttons, display Product benefit"”does math accurately Tech specs"”batteries, buttons, case, display characteristics More terminology--- Value proposition"”benefits/favorable points of difference, resonating value Positioning Statement"”Statement that incorporates all of the above, succinctly. Elevator pitch"”6 floors or 30 to 60 secs. To tell an important stranger why they should be interested in what you have. Exercise: Describing who your target market is"”who is your customer? What do you think the key values of your product are? Think about: why your customers should buy from you, what the points of difference between your product and your competitors products are, and what the RESONATING value your customer sees"¦ The New Product Delivery Cycle A circle: Market Analysis product concept/strategyproduct planproduct design/development etc.--> back to market analysis Another way to show it: Discovery Development  Commercialization Seven General Phases Strategy: corporate mission/values, market sensing, trend analysis, competitive landscape, etc. Assessment: Market segmentation, user needs analysis, target, match to core cometencies, positioning, financial and technical feasibility, sales structure, business plan Requirements: prioritization, resorce planning, trade offs, preliminary specifications, preliminary launch plan, message articulation, roadmap (and exception handling) Product Development: Technical requirements, spec, QA plan, final schedule, development, documentation, support plan, packaging, pricing, bundling, refine targets, BOMs, prototype, deliver alpha, alpha magmt, deliver beta, deliver gold Marketing Plan: value proposition, message, development, promo plan, collateral, sales training, beta mgmt, beta analysis, testimonials, success stories Programs and Tactics: collateral matrix, web, tradeshow, roadshow, field support white papers, case studies, media placement schedule, sales support materials, product brief, competitive analysis Readiness & Launch: sales training, promo, build, awareness and interest, PR, build and ship the products