Developing Successful New Products: Process and Implementation

The University of Massachusetts Dartmouth Center for Marketing Research offered a two part seminar series on new product development. Companies introduce new products in an attempt to increase sales and become more competitive. Indeed, innovation and new product development has become the livelihood of many companies. A global over-supply of consumer goods, rapid depletion of natural resources, slow economic growth, and aggressive competition in international markets have created huge pressure on innovation and new product development and still most new products fail. The goal of the seminar was to consider the factors related to new product success and failure in an attempt to build an effective development and implementation process. The seminar series was presented by Dr. Fahri Karakaya, Professor of Marketing at the University of Massachusetts Dartmouth. Dr. Karakaya has published over 70 articles and 3 books. Visit Dr. Karakaya’s website at: http://www.faculty.umassd.edu/fahri.karakaya.

Session 1 — September 7, 2006

• Factors related to new product success and failure
• How to measure new product success and failure
• New product idea generation process
• Screening of new product ideas
• Concept development, testing, and evaluation
• Developing a prototype and testing
• Market testing and evaluation
• New product introduction and evaluation
• Commercialization

Session 2 — September 21, 2006

• Diffusion of innovations
• Product life cycle stages
• Marketing strategies for product life cycle stages
• Market exit strategy!
• Using regression analysis in developing successful products
• Using conjoint analysis in developing successful products
• Marketing strategy development for new products including
• Market segmentation and product positioning