New Product Research: Laying the Foundation for New Product Success (RA02)
Details
- Develop an integrated new product development process from idea to launch.
- Create and develop concept ideas and statements.
- Understand the key components of a new product sales forecast.
- Optimize feature combinations using conjoint analysis to meet the needs of various demographic or behavioral based segments.
- Assess performance of new products under natural and simulated test market conditions to assess their trial and repeat purchase potential.
- Make decisions concerning brand name, package designs and positioning/repositioning.
Outline
08:30 AM - 08:45 AM Introduction of Participants
08:45 AM - 10:30 AM Session 1
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NEW PRODUCT DEVELOPMENT PROCESS & MARKET DEFINITION:
- The steps and stages in the new product development process
- Research needs during the various stages in the product life cycle and the applicable methodologies
- Market definition process, market structure and segmentation
10:45 AM - 12:30 PM Session 2
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IDEA GENERATION:
- Sources of new product ideas
- Consumer and expert-based approaches to idea generation: ethnography, co-creation qualitative, outcome-driven opportunity identification, etc.
- Role of the customer and the marketer in ideation
- Workshop on creating an ideation research plan
01:45 PM - 03:00 PM Session 3
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CONCEPT EVALUATION:
- Concept screening system attributes, and sequential-monadic designs
- Elements of successful concept testing
- Key considerations in presentation and evaluation of new product concepts
- What to include in a concept statement, workshop on concept statement writing, how to design a concept test study and the questionnaire, how to interpret the results
- The purchase intent question and the relationship between purchase intent and purchase behavior
- Considerations for online testing: some problems with traditional concept testing
- Naming research
03:15 PM - 05:00 PM Session 4
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CONCEPT/PRODUCT OPTIMIZATION:
- Conjoint analysis: what it is, when to use it, how to use it
- Case studies using conjoint analysis
- Alternatives to conjoint analysis
- Variety optimization using TURF
- Price optimization
08:30 AM - 10:30 AM Session 5
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CONCEPT/PRODUCT POSITIONING:
- Strategies for positioning new concepts and existing products
- Use of perceptual mapping and related techniques in positioning research
- Comprehensive case study illustrating positioning a new product based on factor analysis
10:45 AM - 12:15 PM Session 6
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PRODUCT TESTING:
- Key decisions in product testing
- Interpreting product test data
- Packaging research
- Product test designs for evaluating one, two or multiple products
12:15 PM - 01:30 PM Lunch Break
01:30 PM - 03:00 PM Session 7-
FORECASTING:
- Steps in planning a test market, data sources and key measurements
- Simulated test market models (STM's), how they work and when to use them
- Key components in a volume forecast; forecasting principles
- Common sources of error
- Workshop on designing a forecasting research plan
03:15 PM - 04:30 PM Session 8
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LAUNCH MANAGEMENT
- Pre-launch checklist
- Role of marketing research after product launch
- Sales and consumer tracking
- Growth strategies
- Research for mature and declining products
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