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 handson experience on how to build a product and brand portfolio that is balanced and strategically aligned. The Master Class draws on case studies 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, preannouncements, how to deal with new product rumours and many other;
• understand how to use social media to market new products successfully.
Erik Jan Hultink is full Professor of New Marketing at IDE, TU Delft. As one of the World’s Top Innovation Management Scholars, he is internationally respected for his work on launch and branding strategies for new products.
Roland van der Vorst is full Professor of Strategic Design for Brand Development at IDE, TU Delft. He is Managing Director of Freedomlab in Amsterdam.