New Product Development (NPD)
The Strategy of Product Management From Business Case to Launch
Each year thousands of new products hit the market. Many are launched with great excitement and fanfare…only to quietly disappear without ever showing a return on investment.
Innovative new products are the future of your company, but new product development remains a risky and complicated process.
What sets a successful product apart from an also-ran?
Everything from product excellence to cost-effective production to compatible distribution channels and effective marketing. Consider the different methods of each of the following:
Sales Forecasting by Estimating benefits, Voice of Customer (VOC), Proxies, Diffusion
Ideation techniques like Brainstorming, Lateral Thinking, Six Hats, TRIZ and Futurism
Business Case process of Definition, Opportunity Assessment, Proposal, Evaluation, Decision and Commitment
And while nothing can ensure product success, a comprehensive, interdisciplinary development process can help your company avoid some of the most common pitfalls.
Discover a plan for success at the University of Wisconsin-Madison’s “New Product Development” course.
During our three-day program, you’ll learn from accomplished experts who bring a fresh approach to the development process and aren’t afraid to think outside the “business-as-usual” box. Their relevant, practical insights help you to minimize the ups and downs of the new product development cycle, and deliver hard-hitting information that you’ll be able to use immediately.
Many companies find it useful to send a cross-functional team of participants, and special study groups can be arranged to focus on specific issues. Please contact Linda Gorchels at 1-800-292-8964 or lgorchels@exed.wisc.edu for more information.
“New Product Development” will teach you how to:
- Build strong and powerful—yet flexible—strategies and structures for product development
With an ever-shortening time-to-market and a near-constant flood of new products, it’s crucial that your new product development process is based on a framework that will help you streamline your process, eliminate redundancies, and minimize roadblocks and risk. We’ll share best practices, discuss how to adapt processes to meet specific needs—such as internal development versus outsourcing—and help you start a preliminary process for your company. If you are currently using a method, like Stagegate(t) or others, we’ll show you how to improve on your existing processes. - Evaluate an idea’s potential for your firm
Your best product idea could make your company…or break it. Before you leap, learn both how to look at the competitive marketplace and consumer needs, and how to evaluate whether you have the resources in place to effectively develop, manufacture and launch this product. - Discover the best sources for useful, relevant facts and statistics
Information should be the foundation of every new product decision. Discover how to uncover market trends and consumer needs that will drive effective product evaluations. - Determine which customers are the best targets
Is your product an innovative breakthrough…or a creative “me-too?” Will it help you to carve out a niche among early adapters, become a new favorite of your current heavy users, or help you to enter an already-crowded—but high-potential—market? We’ll show you how to pinpoint and reach your most profitable target customers. - Gain approval for new product funding
Intuition can be a promising starting point, but a compelling business case goes much further in helping you get funding for your project. During our seminar, you’ll learn how to prepare and present an effective business case. - Streamline the transition from prototyping to production
Prototyping is an invaluable way to test your ideas prior to investing in full-fledged production. But when every day—and every dollar—can make the difference between a successful product and one that’s too late to market, it’s crucial to make the transition as efficient as possible. We’ll show you how. - Involve the sales force and channel in your launch efforts…and determine when, where and how the launch process should unfold
Your new product will not succeed without the commitment and support of your sales force and your channel. Learn tips for involving them early in the process, plus methods to integrate their suggestions to ensure an effective launch…and ongoing support.
Who should attend?
This class targets mid- to upper-level executives who are involved in the development and management of new products, including:
- New product managers
- Business development managers
- Product managers
- Marketing vice presidents, directors and managers
- Directors of R&D or manufacturing
- Research engineers/scientists/chemists
- Project managers
How do you know this is the right workshop for you? See our daily outline, or call our Program Director, Linda Gorchels at 608-441-7336.
I’ve completed the New Product Development course...what’s the next step?
Upon completing the New Product Development course, immediately apply what you have learned to your business: invite up to three of your colleagues to join you for the NPD Application Lab, held the very next day. Linda Gorchels, director of the Executive Education marketing program, will assist you and your team in putting your new skills to practical use. The one-day NPD Applications Lab offers a wealth of knowledge for a small fee: $1,000 covers a team of up to four people (Note: at least one team member must have completed the previous New Product Development course). Visit NPD Applications Lab for more information.
The University of Wisconsin–Madison, as a member of the University Continuing Education Association (UCEA), authorizes this course for 2.1 Continuing Education Units (CEUs) or 21 hours.
bwolfe@exed.wisc.edu