12. Introducing New Market Offerings






Its hard to believe that this is my last blog on marketing planning. Its been an incredible journey filled with insights, growth, and a deeper understanding of the world of marketing.


The market for a new product can change rapidly, which can impact whether the product can be developed and delivered. For example, new competitors may enter the market, or consumer preferences may change. Technical challenges. There may be technical challenges associated with developing and producing the new product.


Centralized structures assign accountability for both new product development and existing product management to the Head of Product or Head of 'Digital', who typically reports to the CEO (or other C-level executive such as a COO). Product managers report to the Head of Product in a simple, linear reporting line.

New Product Development is the entire process of introducing a new product to the market, from idea generation to launch. It helps companies maintain a competitive edge by introducing new or innovating existing products, contrasting with regular product development that builds on existing concepts.




The process of new product development can be broken down into seven main stages. The first stage involves idea generation, which involves brainstorming for new product ideas or ways to improve an existing product. This process can be facilitated by examining market trends, conducting product research, and understanding users' needs and wants. Internal ideas come from various departments within the company, while external ideas come from external sources like competitors and customer feedback.


The second stage involves idea screening, which involves identifying the most promising ideas based on factors such as expected benefits, product improvements, technical feasibility, and marketing potential. This stage is best carried out within the company, with experts from different teams helping to assess technical requirements, resources, and marketability.



The third stage involves concept development and testing, where all ideas passing the screening stage are developed into product concepts. These concepts should include the target market, features and benefits, proposed price, and estimated cost of designing, developing, and launching the product. Concept testing helps validate product ideas with users before investing time and resources into building them.



Finally, the marketing strategy and business analysis stage is crucial in determining the viability of the product idea in the target market. This stage helps in determining the most effective marketing strategy and business strategy for the product.


The new product development process involves customer-centered, team-based, and systematic efforts. Customer-centered development focuses on solving customer problems and creating satisfying experiences. A team-based approach involves a sequential sequence of steps, overlapping steps in various departments to save time and increase effectiveness. Systematic development is holistic and systematic, avoiding compartmentalization and haphazardness. Companies can implement an innovation management system to collect, review, and manage new product ideas, appointing a senior person as the innovation manager and encouraging all stakeholders to participate. Recognition programs reward those who contribute, 

Understanding the Drivers Behind a Product Purchase

• The choice of a product can be driven by factors such as popularity, newness, eliteness, and distribution network.
• Diffusion Models are used to understand the spread of innovations in a market.
• The diffusion process consists of four elements: innovation, communication channels, time, and the social system.
• The depth and intensity of the diffusion of a new product are determined by these four drivers.
• Diffusion research helps marketers understand the spread of innovations and their impact on existing or new markets.



New product development: Process & stages. (2021, August 20). Maze. https://maze.co/collections/product-development/new/

Managing new product development. (2017, March 8). LinkedIn. https://www.linkedin.com/pulse/managing-new-product-development-deepti-n-s

New product launches: Diffusion across markets and brands. (2017, August 5). LinkedIn. https://www.linkedin.com/pulse/new-product-launches-diffusion-across-markets-brands-karan-wanchoo

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