Consultancy and Management Development Program in Creating and Managing New Products

-Introduction:

Creating and nurturing any New Product (Service) Development determines the future of any company. Though research and practical experiences have shown that there is no one right strategy for a company, still creating and managing new Products involves careful analysis of the company's goals, capabilities (strengths, core competencies and financial resources), in the backdrop of the emerging new market environment and opportunities. It must take into consideration presence of key competitors and their strategies in the form of competencies and product / service strategies.


-Strategic Thrusts:

Strategic thrust to New Product development lies in different areas such as:

Time-to-Market This orientation tries to get a product to the market at right point of time. This is typical of companies involved with rapidly changing technology or products with rapidly changing fashion. Pursuit of this strategy will typically lead to trade-offs in optimizing product performance, cost and reliability.

Low Cost Focus This orientation is focused on developing the lowest cost or highest value new products. This is typical of companies with products in fast moving consumer goods which have reached the maturity or declining phase in their life cycle.

Low Development Cost This orientation focuses on minimizing development cost. While this phenomenon occurs mostly in case of companies who are developing newer products under contract for other parties, This orientation involves tradeoffs with product performance, innovation, cost and reliability.

Product Performance, Technology & Innovation This orientation focuses on having the highest level of product performance in the form of functions and features, the latest design or the highest level of product innovation (eg; cell phone, consumer electronics). Pursuit of this strategy involves high risks with newer technologies and accepts a trade-off between time and cost.

Quality, Reliability, Robustness This orientation focuses on assuring high levels of product quality, reliability and robustness. This is typical of industries demanding high quality because of the significant costs to correct a problem (e.g. case of automotive) the need for high levels of reliability (e.g; food processing industries) or where there are significant safety issues (e.g. devices and pharmaceuticals etc.).This requires added time and cost for planning, testing, analysis and regulatory approvals.

Service, Responsiveness & Flexibility This orientation focuses on providing a high level of service requirements as part of development, and maintaining flexibility to respond to customers, new markets and newer opportunities.


-Pedagogy:

The pedagogy will consist of limited amount of lecture inputs, analysis of numerous live case studies in the form of group exercises. The MDP will offer a forum to discuss examples of successes as well as failures in new Product launch in Indian as well as overseas markets and share participants' experience.


-Arrival/Departure:

For the participants, accommodation is arranged from the evening of the day before the programme. Participants are requested to report at the Reception Desk of Tata Hall latest by 9.00 a.m. on the first day of the Programme. Reception of Tata Hall is manned round the clock.

The Programme is expected to be over by 2. 00 p.m. on the last day of the Programme. The participants are requested to make their travel plan accordingly.