Innovating Products:
Invent, Justify and Market

Why do most new products fail?

The primary reason for failure is often attributed to developing products without sufficient market consideration right from the outset of the innovation process.

When considering a potential new product, innovators frequently focus heavily on its technical aspects, sometimes overlooking the critical need for commercial success in the market.

Therefore, it is crucial for all involved in new product innovation, regardless of their role, to adopt a market-oriented mindset. This approach involves scrutinizing new product ideas from a market perspective, identifying those with genuine market potential, and substantiating their selection with a robust Business Case to justify investment. Additionally, proper market support post-launch is essential for sustaining new products.

This Anderson training course equips delegates with the skills to innovate with a market-centric approach, select viable product ideas, substantiate their choices with compelling Business Cases, and effectively market their innovations. Adopting this methodology significantly enhances the likelihood of success for new product initiatives.

By the end of this Anderson 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

This Anderson 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

 To enhance learning we utilize proven adult learning technology and methods that will result in maximum retention and application. This includes presentations, discussion, practical activities, videos, team practice exercises and case studies.

• 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

• 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

• 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

• 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

• 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

Anderson Certificate of Completion will be provided to delegates who attend and complete the course