Innovating Products: Invent, Justify and Market

Training course overview

Why do most new products fail?

The most common reason for failure, is that the product has been developed without giving sufficient consideration to the market, right from the start of the innovation process.

When a potential new product is first considered, innovators get carried away with the technical aspects of the product. They often overlook the fact that the product can only succeed if it succeeds commercially in the market.

Therefore, it is essential that everyone involved in new product innovation, regardless of their role, approaches innovation with a market mind-set. They need to challenge new product ideas from a market point of view, to select those that have market potential, and then present a credible Business Case to justify the investment. They also need to ensure that new products are supported properly in the market after they have been launched.

By attending this Coventry Academy Training Course, delegates will learn how to innovate from a market point of view, select the right products to invent, justify their selection with a Business Case and market them correctly. Delegates who adopt this approach will greatly increase their success rate.

What are the goals?

By the end of this Coventry Academy Training Course, you will be able to:

• Adopt a market mind-set for innovation
• Influence new product ideas and select products that can succeed commercially
• Ask the right questions in the product development process to improve decision-making
• Construct a credible ‘Business-Case’ for a new product and win support for it
• Create a practical ‘Go to Market Strategy’ for a new product
• Define the ‘New Product Marketing Plan’ and implement it

Who is this training course for?

This Coventry Academy Training Course is suitable for a wide range of professionals but will greatly benefit:

• New product innovation team members
• Research and development engineers who design new products
• Project managers and product managers who are responsible for new product success
• Product development directors and managers
• Marketing directors, managers and team members involved in marketing new products
• Senior managers who have to evaluate business cases for new products
• Entrepreneurs seeking funding for new products
• People who have to decide on whether or not to finance new product ideas

Course Outline

Amongst a wide range of valuable topics, the following will be prioritised:

• Adopting a mind-set that focuses the innovation team on commercial and market success
• Sourcing new product ideas
• Understanding the market factors that can affect the success of new products
• Innovating a new product that delivers a superior value proposition that customer will pay for
• Identifying the internal resources and capabilities required, to succeed in the market
• Bringing market related questions into the new product development process
• Selecting the right products to innovate
• Designing and justifying a new product Business Case
• How to create and illustrate the right Product Strategy for a new product
• Creating a product marketing plan that delivers success for the new product in the market

The certificate

• Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course