New Product Development For Dummies book cover

New Product Development For Dummies

By: Robin Karol and Beebe Nelson Published: 05-07-2007

The global consumer product market is exploding. In 2006 alone, 150,000 new products were brought to market. Now for the bad news: of those, fewer than 5% were hits, and fewer than 15% will even exist five years from now.

Written for small business owners and entrepreneurs looking for an inside track on new product development, New Product Development for Dummies offers you a unique opportunity to learn from two consummate insiders the secrets of successfully developing, marketing and making a bundle from a new product or service. You learn proven techniques for sizing up market potential and divining customer needs. You get tested-in-the-trenches strategies for launching a new product or service. And you get a frank, in-depth appraisal of the most challenging issues facing new product developers today, including the need to collaborate with global partners, optimizing technology development for a 21st century marketplace, getting start-up capital in an increasingly competitive environment, and much more. Key topics covered include:

  • Developing a winning NPD strategy
  • Generating bold new ideas for products and services
  • Understanding what your customers really want
  • Keeping projects on track, on budget, and on-time
  • Building effective cross-functional teams
  • Planning and executing a blockbuster launch
  • Collaborating with global partners
  • Maximizing your chances for success

No matter what size or type of business you’re in, this book provides you with an unbeatable competitive advantage in the booming global marketplace for new products and services.

Articles From New Product Development For Dummies

3 results
3 results
New Product Development For Dummies Cheat Sheet

Cheat Sheet / Updated 05-03-2022

To take your product idea from planning to the market, have a look at how the new product development process works. Also check out product development terms and phrases, so you’re able to understand and contribute at meetings and events.

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Product Development Lingo

Article / Updated 03-26-2016

Get to know the following product development language so you’re on top of your game and your head isn’t spinning from all the jargon used during new product development meetings and conventions: Product development acronyms B-2-B, B-2-C: When a business sells to another business, it sells “B-2-B”; when a business sells to a customer, it sells “B-2-C.” COGS (cost of goods sold): You have to make more than the COGS to make an ROI (return on investment). DFX (Design for X): Product developers on cross-functional teams design products so they can be manufactured, serviced, and so on. IP (intellectual property): Knowledge that someone owns and can potentially use to make a profit. JVs (joint ventures): JVs help multiple companies develop new products. All firms contribute equity and share in the profits and expenses. P&L (profit and loss): The basic calculation of “money in/money out” in a project or a business. R&D (research and development): The name of the business function that carries out research and the design and engineering part of the product development process. ROI (return on investment): The amount of revenue a company gets after making an investment. QFD (Quality Function Deployment): A matrix that enables product developers to match up customer needs (usually the Y-axis) with product features (usually the X-axis). SBU (strategic business unit): A division of a company that focuses on a particular market or set of opportunities. New product strategies often vary among SBUs in a single organization. SVA (shareholder value added): The amount of value a project is expected to return to shareholders. VOC (voice of the customer): How companies and new product teams find out what moves, inspires, and frustrates their customers. Other important product development terms to know Alpha testing: Testing new products to make sure that they work in customers’ hands. Often, people within the company, or very friendly customers, participate in these tests. Beta testing: Testing your product with real customers to make sure that it works in their environments. Business case: This describes in business terms the benefit a concept or product will provide the company. Cannibalization: When your new products eat up the sales of products you already have in the market. Commodity: When a product no longer competes on differentiation and earns low margins, it has become a commodity. Cross-functional team: A group of people brought together from several different functions within a company to develop a product. Cycle time: The length of time it takes to deliver a new product, from idea to commercialization. Portfolio: The collection of products in development and products in the market that focuses on achieving the company’s strategic goals. Value chain: The companies that share in the value that new products create, including materials suppliers, parts makers, firms that assemble full products, dealers and distributors, and many others. Value proposition: A succinct expression of what a new product will do for customers and for the company. Take a look at the glossary on the Product Development and Management Association Web site for more NPD terms. The list keeps growing, and PDMA is keeping up with it!

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The New Product Development Cycle

Article / Updated 03-26-2016

So you can turn your great ideas into money, take a look at how the cycle of new product development evolves from inception to successfully marketing and selling your product:

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