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
Day One: How to Make Technical Innovation Succeed Commercially in the Market
Making technical invention work commercially
Why a market-focused approach to innovation is essential
What you should know about the market and why
Market impact
Customer impact
Competitor impact
Day Two: How to Make Technical Innovation Succeed Commercially in the Market
Market stakeholder impact
Estimating the size of the potential market for a new product
Discovering what must be achieved for a new product to succeed in the market
Prioritizing market key success factors
Assessing the organization's capability to succeed in the market
Impact of a new product on the product portfolio
Day Three: How to Build a Credible Business Case for a New Product
Understanding the stage-gate product development process
Using a 'Dragons Den' approach in the stage-gate process
How to construct a credible business case
What a business case should contain and why
How to present a business case
Day Four: How to Create a 'Go to Market' Strategy and Plan for a New Product
Strategy and how it works in a market
Setting market objectives for a new product
Defining the 'go to market' strategy for a new product
Specifying target groups and positioning the new product
Constructing an integrated marketing mix for a new product
Defining the new product, its value proposition and its role in the portfolio
Day Five: New Product Marketing Plan – Continued
Determining the pricing strategy for the product
Specifying the marketing communications tools and messages to promote and sell the product
Managing distributors to win preference for the new product
Applying the marketing solutions mix
Scheduling the plan and applying resources
Specifying the budget and financial outcomes
Contingency planning
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course