New Product Scorecard For Effective Development And Launch
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Sam Miller
May 4, 2013, 5:00:03 PM5/4/13
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Please consider this free-reprint article written by:
Sam Miller
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Article Title: New Product Scorecard For Effective Development And Launch
Author: Sam Miller
Word Count: 530
Article URL: http://www.isnare.com/?aid=239745&ca=Business+Management
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=239745
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A product is considered new if it entirely opens up a new market, replaces an existing product or significantly broadens the market for the said existing product. Old products may be considered new when introduced to a new market, newly packaged or is marketed in a different approach.
Some new product sources include academic institutions, acquisition, competition, customers, external investors and internal product development. Development and launch of new products can be very expensive and risky. In fact it is generally said to be riskier than market development or penetration. A way to make sure that the money used in developing new products does not go to waste or to reduce flops in new product launches is to adopt the new product development process.
This process constitutes generation of ideas, selection of new ideas, development and testing of concepts, business analysis, marketing strategy and many others. Planning and measuring of the new product�s success may be done against how it performs at various stages of the product life cycle � that is if the company uses this control method over the products� progress. Important stages to consider when it comes to new product launch are the introduction, growth and maturity. The company, however, can choose other indicators as well.
For instance, indicators such as revenue from new product sales, cash flow and profit margin will indicate the performance of a new product from the financial standpoint. New products, however, are usually subject to loss at the introductory stage due to inadequate demand, research and development costs, high fixed costs and others. This must be taken into account when establishing objectives and gauging results.
Also, market share growth serves as a positive success indicator although this may not apply to all products or markets. For instance, there are some niche products or a specific product that is new and needs to open its own market.
Internal perspective indicators constitute indicators that show how the processes within the company affect the new product�s success in terms of development and launch. These indicators are budget and schedule compliance, new product development evaluation, marketing mix and occurrence of shortages or excess of new products and resources. Going beyond the budget or schedule or regular shortages show that something could be wrong in the company�s operations, which may lead to failure in new product development and launch.
Moreover, frequent evaluation of the new product development process and the marketing mix quality can help boost company expertise as well as identify changes or modifications that can be established to improve product performance as well as the company�s performance overall.
The next set of indicators shows how new product launch can affect the situation in the company. Additionally, customer perspective indicators include repurchase rate, number of complaints and customer awareness of new products. Development and production of new products usually require new skills, which could be through training. Employee participation in new product development is also similarly important as well. In addition, evaluation and analysis of every launch is essential in order to achieve company expertise in launching new products.
About The Author: If you are interested in new product scorecard, check this web-site to learn more about new product metric. http://www.strategy2act.com/solutions/product_launch_excel.htm
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=239745
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Sam Miller
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=239745
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=239745
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: New Product Scorecard For Effective Development And Launch
Author: Sam Miller
Word Count: 530
Article URL: http://www.isnare.com/?aid=239745&ca=Business+Management
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=239745
Easy Publish Tool: http://www.isnare.com/html.php?aid=239745
*********************** ARTICLE START ***********************
A product is considered new if it entirely opens up a new market, replaces an existing product or significantly broadens the market for the said existing product. Old products may be considered new when introduced to a new market, newly packaged or is marketed in a different approach.
Some new product sources include academic institutions, acquisition, competition, customers, external investors and internal product development. Development and launch of new products can be very expensive and risky. In fact it is generally said to be riskier than market development or penetration. A way to make sure that the money used in developing new products does not go to waste or to reduce flops in new product launches is to adopt the new product development process.
This process constitutes generation of ideas, selection of new ideas, development and testing of concepts, business analysis, marketing strategy and many others. Planning and measuring of the new product�s success may be done against how it performs at various stages of the product life cycle � that is if the company uses this control method over the products� progress. Important stages to consider when it comes to new product launch are the introduction, growth and maturity. The company, however, can choose other indicators as well.
For instance, indicators such as revenue from new product sales, cash flow and profit margin will indicate the performance of a new product from the financial standpoint. New products, however, are usually subject to loss at the introductory stage due to inadequate demand, research and development costs, high fixed costs and others. This must be taken into account when establishing objectives and gauging results.
Also, market share growth serves as a positive success indicator although this may not apply to all products or markets. For instance, there are some niche products or a specific product that is new and needs to open its own market.
Internal perspective indicators constitute indicators that show how the processes within the company affect the new product�s success in terms of development and launch. These indicators are budget and schedule compliance, new product development evaluation, marketing mix and occurrence of shortages or excess of new products and resources. Going beyond the budget or schedule or regular shortages show that something could be wrong in the company�s operations, which may lead to failure in new product development and launch.
Moreover, frequent evaluation of the new product development process and the marketing mix quality can help boost company expertise as well as identify changes or modifications that can be established to improve product performance as well as the company�s performance overall.
The next set of indicators shows how new product launch can affect the situation in the company. Additionally, customer perspective indicators include repurchase rate, number of complaints and customer awareness of new products. Development and production of new products usually require new skills, which could be through training. Employee participation in new product development is also similarly important as well. In addition, evaluation and analysis of every launch is essential in order to achieve company expertise in launching new products.
About The Author: If you are interested in new product scorecard, check this web-site to learn more about new product metric. http://www.strategy2act.com/solutions/product_launch_excel.htm
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=239745
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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