New Product Introduction
New product introduction is complex and can be a daunting task especially for companies who are entering new markets. It is the basis for market effectiveness. It is critical to have well thought through new product development process and to follow it through to the launch. Even in the best situations product programs go awry.
Reasons for this include but aren’t limited to incomplete business cases, changes in the marketplace, difficulty with the product design, poor planning, lack of teamwork (individual teams and divisions), etc. It is imperative that companies introduce a “known good product” which consists of the following attributes:
- Meets quality and reliability goals
- Can be produced within the specified cost targets
- Has lead times that exceed customer expectations
- Generates revenue over its lifetime
- Provides competitive advantage
- Sustainability in the marketplace
Effective new product introduction programs typically generate their highest sales and profit margins int he fist 12 months after implementation. Product programs that are poorly implemented lose their competitive advantage , pricing power and the ability to disrupt the marketplace.
Group50 specializes in new product introduction: its development and implementation. We are especially good at recovering new product programs that have gone awry. You can see some of our projects and results here in the product development and implementation section.
We have effectively brought new product and service programs into the marketplace on budget and on time in consumer goods, highly engineered product sectors, aerospace and service sectors by working with a company’s functional teams to define market and product strategies, create manufacturable designs and design manufacturing and supply chain systems.