IDEMC6: New Product Marketing
Building balanced portfolios and marketing products successfully
New product development is an important but risky business activity. Recent research has shown that the majority of all new products launched fail in the marketplace. While a superb marketing strategy may not "save" a bad product, a poor launch strategy will surely kill a great product.
This Master Class addresses the success and failure factors in new product development (NPD) with a special focus on the role of marketing. The interactive blend of theory and practice introduces participants to NPD topics including product innovation, new product failure scenarios, best practices for launching new products, and provides hands-on experience on how to build a product and brand portfolio that is balanced and strategically aligned. The Master Class uses case studies drawn from recent innovative product introductions.
During this master class you will:
- understand why some new products succeed while others fail;
- benchmark your own NPD process with best practices from other firms;
- critically reflect on marketing aspects like brand extensions, co-branding, pre-announcements, how to deal with new product rumours and many other;
- understand how to use social media to market new products successfully.
- Market acceptance of individual new products.
- Holistic perspective on a company's complete innovation portfolio.
- Decision processes used to develop a balanced and strategically aligned NPD portfolio.
Erik Jan HultinkErik Jan Hultink is full Professor of New Marketing at IDE, TU Delft. Ranked number six in the list of the World’s Top Innovation Management Scholars, he is internationally respected for his work on launch and branding strategies for new products, and a much requested lecturer and guest speaker.
|9:00||Registration and welcome drinks|
|9:30||Session 1: Setting the context for New Product Marketing (Erik Jan Hultink)|
Introduction of lecturer and his background & experiences. Discussion of importance and risks of new product introductions. All new products are new but some products are newer than others. Minor versus major new products. Marketing challenges.
|11:30||Session 2: Success & Failure in Marketing New Products (Erik Jan Hultink)|
Discussion of success factors and failure scenarios in new product development. New product failures. What went wrong and who is to blame? The role of branding in new product innovation.
|14:00||Session 3: The Importance of an Effective Launch Strategy|
Launch strategies and launch tactics. The role of rumors and social media.
|16:00||Session 4: New Service Innovation and Marketing|
Interactive session on new service development. A case study. Takeaways from case.
|9:00||Session 1: Introduction to Co-creation (Martijn Pater, Fronteer Strategy)|
Different forms of co-creation. Which stakeholders to involve within the innovation process.
|11:30||Session 2: Case on Co-creation (Martijn Pater, Fronteer Strategy)|
Key lessons learned on Co-creation. Takeaways on co-creation.
|14:00||Session 3: Introduction to Portfolio Management (Erik Jan Hultink)|
Introduction. Case “Le Petit Chef”. Discussion and takeaways from case.
|16:00||Session 4 (Erik Jan Hultink)|
Wrap-up Portfolio Management. Takeaways on new product marketing.
Participant"Very interesting to learn, share and discuss with soul mates from similar companies."
Participant"I could pick up topics that I have missed during my studies at IDE, but now need in my career."
How to prepare?
One week before the course, you will receive a homework assignment to get prepared for the master class. Furthermore, it can be useful if you think of a case from your design practice to bring to the course.
Books and materials
At the end of the course, you will also receive literature on the relevant topic (book and/or reader). Handouts of the IDE Master Class will be provided with space for personal notes. All materials provided are included in the course fee.
After the course
Two months after the course a preset consultation timeslot will be offered to all participants to share experiences and consult the Master.