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Title:

New Product Development

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Convenience: All basic writing utensils and useful accessories on one unit ... Frigidaire. Haier. LG Electronics. Thor Appliance. Quietline. Industry Focus: Trends ... – PowerPoint PPT presentation

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Title: New Product Development


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 1900s 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
    products 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 RD
    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

Quietline
Thor
Examples
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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