New Product Innovation, Development, and Implementation Strategies


4 locations available

Program Description

This unique program will provide you with the frameworks, tools, techniques, and perspectives that will help you to more effectively develop and market new products. The course provides comprehensive coverage of major topics in developing and implementing a market-driven approach to innovation. Incorporating cutting-edge thinking and best practices in new product development, this program will help you to both create and modify your organization’s new product development process and position your firm to gain a strategic competitive advantage. It covers a wide spectrum of industries including business-to-business, consumer products, and services.

Topics cover four broad areas:

The strategic role of new products in your organization

Reviewing best practices in new product development across various industries

Incorporating best practices and cutting-edge frameworks to develop a market-driven new product development process

Implementing the new product development process

During this program, you will learn:

-- How to conduct a new product diagnostic audit and develop a new product strategy.

-- Best practices in new product development that separate the "best" firms from the "rest" in different industries.

-- How to develop a new product development process that incorporates the best practices and is based on cutting-edge frameworks and approaches.

-- How to adapt the new product development process for: different types of projects - lower risk short-term versus breakthrough projects, in-house versus outsourced projects, platform projects, different strategic decision situations: speed to market versus extensive development, proactive versus reactive strategies,building flexibility into the process.

-- How to implement the new product development process.

-- How to create new market space by identifying a new value curve that better meets customer needs.

-- How to identify new product opportunities using both "resource based" and "market based" approaches.

-- How to uncover "breakthrough" consumer needs and develop and test new product concepts that serve those needs.

-- How to create a value proposition for your new product and develop a positioning strategy.

-- How to use latest tools and techniques that will help you to design new product offerings that deliver customer value through differentiating benefits.

-- How to develop sales forecasts for your new products and services.

-- How to develop a launch plan.

-- How to build successful cross-functional teams for effective new product development.

-- Cutting-edge techniques and latest frameworks for effective new product development.

Who Should Attend

This course is appropriate for mid- to upper-level managers in any area involved in the development and management of new products. This may include functional areas such as new product development, marketing, research and development, business development, general management, design, engineering, operations, sales, strategy, and finance, as well as members of cross-functional new product development teams.

Representative titles include vice president or director of marketing, new product manager, product or brand manager, business development manager, strategic planner, designer, engineer, market analyst, and vice president or director of sales.

Topics Outline

New Product Development and Strategic Marketing

Strategic Role of New Products in Organizations

Developing a New Products System

Developing a New Products Strategy

New Product Development Best Practices

Identifying "Breakthrough" Customer Needs

Concept Screening

Product Development Using Consumer-based Methods

Implementing the New Product Process

Sales Forecasting: Methods for New Product Development

Developing a New Product Marketing Launch Plan

Course Summary and Wrap-Up

Last updated Jan 2018

About the School

Since 1898, the University of Chicago Booth School of Business has produced ideas and leaders that shape the world of business. Our rigorous, discipline-based approach to business education transforms ... Read More

Since 1898, the University of Chicago Booth School of Business has produced ideas and leaders that shape the world of business. Our rigorous, discipline-based approach to business education transforms our students into confident, effective, respected business leaders prepared to face the toughest challenges. We are proud to claim: an unmatched faculty, degree and open enrollment programs offered on three continents, a global body of nearly 42,000 accomplished alumni, strong and growing corporate relationships that provide a wealth of lifelong career opportunities. As part of the world-renowned University of Chicago, we share the university's core values that shape our distinctive intellectual culture. At Chicago Booth, we constantly question test ideas and seek proof. This extraordinarily effective approach to business leads to new ideas and innovative solutions. Six of our faculty members have won Nobel Prizes for these ideas - a record no other business school has matched. This same culture transforms our graduates into business thinkers superbly equipped to analyze and solve the greatest business challenges. Read less
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