New Product Development (NPD) masterclass for beginners | Bishwo Pokharel | Skillshare

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New Product Development (NPD) masterclass for beginners

teacher avatar Bishwo Pokharel, Content Creator

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

10 Lessons (24m)
    • 1. Introduction and Class Project

      1:37
    • 2. What is New Product Development (NPD)?

      3:17
    • 3. Developing NPD strategy

      2:38
    • 4. Generating ideas for new products

      2:10
    • 5. Screening ideas for new products

      2:36
    • 6. Concept development and business analysis

      2:26
    • 7. Prototyping (fun part)

      3:10
    • 8. Launching and commercialising

      0:58
    • 9. Managing business activity of NPD projects

      4:48
    • 10. Outro

      0:33
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About This Class

In this course, you will learn everything you need to know about the new product development process. I will guide you through different steps involved in the NPD process including

1. Developing NPD strategy

2. Generating and screening ideas

3. Concept development and business analysis

4. Prototyping

5. Launching and commercializing new products

6. Managing NPD projects

This course will give you the basic knowledge about the product development process and will help you start your career as an NPD professional.

Meet Your Teacher

Teacher Profile Image

Bishwo Pokharel

Content Creator

Teacher

Hello friends,

I am Bish (for colleagues), Bishu (for family), and Bishwo (for friends). Some of my friends call me Bandhe, my middle name. My colleagues at work call me Dr. Bish. I spend most of my weekend making tutorial videos for my YouTube channel that you might want to check out.

I was born in Nepal, did my undergraduate in Nepal and PhD in Canada. Currently, I am working as a full-time Project Manager in Australia. I love to share what I know for free. Although I spent most of my time in university where I paid an enormous amount of tuition fees, I believe that education should be free (if not free, should be available at an affordable cost). I am a strong critique of the current education system, therefore I believe in platforms like SKILLSHare and YouTub... See full profile

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Transcripts

1. Introduction and Class Project: If you want to develop your career in new product development, also called as NPD, then this video is a must to ask for you. Hi everyone. My name is be supernatural. People at work call me. I'm a full-time project manager who manages the NPD process in my company. So what that means is, I mean, is all the projects that involves new product development from generous enough idea to the market loans. So in my tutorial today, what I will do is I'll guide you through wholly NPD process, and I will also show you some of my experiences. Alright guys, let's begin. So as a part of today's class project, what you will have to do is make a list of two product that failed in the past. And also you will have to write two reasons for those two products, why they failed. And also what you will have to do is you will have to write down what you know about the NPD before completely watching my tutorial. And also you will have to write what you learnt from my tutorial. So in that way, you can make a difference between what you learnt earlier and what you learned after watching my videos. So there are two task for you guys to do. One is make a list up to product that failed in the past because aporia and pretty process and, and make a list of what you knew about the NPD before watching this tutorial and what you learned about the NPD after watching my video. 2. What is New Product Development (NPD)?: So what is new product development? New product development is often called as NPD. So in this tutorial, sometimes I use the words new product development and sometimes I may call it NPD, so don't get confused, guys. So NPD is basically the process of bringing new products in the marketplace. It is really interesting because you are giving life to completely new product that never existed before. And you are bringing that to market place for the first time. And that is where it gets really interesting. And new product development is a really creative process. And I'm sure if you are in this professor newlines are every bit of it because every day is a new challenge for you and everyday you are willing to learn new things. And new product development is not just about product, it is about research, it is about being creative. It is about having marketing achievement. It is about project management and also leadership. So you will, you will get sounds to know many things within your company that makes you really dynamic and creative. So from my experience working as a project manager in the new product development side up my company for more than a year. But I can say is I'm enjoying every bit of it because it's such a creative process and you feel like you know everything. And again, you will get new talents. And then you'll have to do some research. You will have to do this, you will have to do that and you'll have to try this, try that, and then that makes you really creative. And that gives you some inner busy all the time to go forward. So this is what I enjoy NPD and that makes you really dynamic. So in today's video, I will guide you through each and every process of NPD. And when I talk about process, those process sometimes may follow, follow each other in a linear manner, but sometimes they may overlap. So it really depends on your company. So the first step is as a, as a company owner or as a as a managing director often accompany what you'll do is you'll have to develop your NPD strategy. You will have to develop a strategy, how you are going to define your new product development side in your company. And then what you will have to do is you'll have to come up with ideas, which is called ideas in recent part. And then after ideas in recent part, you will have to screen those ideas because not every ideas are great, although idea by itself is great, but they may not work in the real life. So you will have to screen those idea and you will have to filter from, let say, ten ideas to one or two ideas. And after screening ideas, then you'll have to describe idea. You'll have to test that concept and you will have to also analyze the business case of that idea. That is also called business analysis. And then the next fun part is after you do a business analysis, you will develop prototype. Audio will develop product for the first time, which is also called prototyping or product development. And then what do you do is you will do some kind of market testing. Again, that depends on your company, how you wanna do it. And after market testing, what you'll do is you launch and commercialize your project, which is for the first time, you are bringing your product to the market, to customers. 3. Developing NPD strategy: So let's talk about developing NPD strategy within your company. It is really important that you need to have a strategy around your NPD area within your business. Because that is where you are defining your company and that is where you are giving called sorry, NPD closer to your company. And that is where you are making your company's stand out from other companies in terms of innovation and invents. And so what you will have to do is you'll have to define the product here. You need to know what you really want to produce next year, maybe in five years time or in ten years time. And you need to think about long-term. So you want to have idea of what is the product category where I wanted to develop my business open? Because you do not have all the time in this world to focus on 1000 different topics. You always have to become specific so that you can allocate your resource and time of your company to focus on that particular area. That is where you define the product. And also you need to identify the market needs. You need to know the trends, where the market is going. You need to know where is the gap in the market. And you also, you also need to know the benefit of your, your new product. And also you need to have some kind of rough idea about where is your competitor. If you want to compete with Coke, Coca-Cola, or Pepsi, then that may not be feasible because they are already existing in the market and they have a very strong hold on market, so that may not work. But if you are working in nice where the competition is quite low, then that is where you might flourish and your product might really grow in the market. So all those things you need to consider that is a strategic part and also you need to establish our timeframe. So for example, how much time you want to give Permian P-T process one year to year six months or you want to be going through Stage-Gate process, where do you want to only move ahead after going through previous part and after approving previous part. Are you want to develop RUN to go through the uploads of lean methods. So all of these things you will have to consider as a part of a strategic process. And if you do not have a strategy, then you will have a problem in 2-3 years of time because you are just working on something without a strategy that might work for one year, two years. But for the long-term, this is not good because you need to be strategic to get a stronghold in your marketplace. So this is where the strategy around the NPD process comes and many of the company may not do it. They will just develop product without being strategic. And this is where they will fail. 4. Generating ideas for new products: So once you develop a strategic plan around the NPD process, the second step is generating ideas. And this is a fun part of the NPD process because now you are talking about ideas, you are talking about new product. You are getting ideas from internal areas of your business. You are getting ideas from external parties such as customers and also part parties, and also from suppliers and several other business partners. And you are making a list of ideas. So what do you need to do is to get the ideas fast, you have to brainstorm your current product issues. So maybe there is some issue in the current existing product that will help you develop new products. And also you need to use, use, and utilize your R&D process within your company because they are constantly talking about continuous improvement and they are constantly working on improving your current product. That will, that will, that may give rise to new product. And also, you need to review your quality assurance process within the company. Maybe there is a gap in quality of your current product which might help you come up with the idea for the new product. And also what you can do is you can review and make a list of all the complaints from customers. So let's say there is a product and there is a lot of complaint within certain aspects of that product, then what you can do is you can work on that aspect and you can develop new products. And also you do market research. And you also come up with ideas. Ideas about where the current trend is going on. For example, maybe people are moving towards vegetarian and vegan diet. If you are working in a food manufacturing company, then this is where you need to focus your some of your new products on and also talk to the suppliers, talk to the customers, and also, and get idea from them. Maybe they want some specific products where you allocate your resources to develop those specific products. And also what you can do is you can research all the products that are currently existing in the company and make our catalog of those and then get an idea from them and, and work towards getting new ideas. 5. Screening ideas for new products: So now ideas in recent parties complete. The third step is to screen those ideas because now you have the list of 20 ideas, but you are not going to work on all those 20 ideas because you don't have all the resources and all the time in this world. So you will have to screen, you'll have to become more creative to screen those ideas. And you will have to develop certain criteria so that you can only filter, let's say, one or two ideas from those 20 ideas. So what you can do is you can develop a set of criteria. So let's say you are confused about two products, product a and product B. So what you can do is you can make some start-up checklist where you can see why that product a and product B. B is addressing customer needs are not they are addressing customer needs. Then then click yes to both of them. And also, you can make a criteria whether they are improving current existing product or not. If yes, then give yes to both of them. And also, you can make a criteria such as whether those products a and B are benefitting, your customers are benefiting market are not. And you if, if yes then say yes to both of them and maybe product a is yes. And product B is know. And also you can make our criteria for weather developing those product a and product B is feasible or not, whether you have capability to develop product a or product B, R-naught. And also, how close is product a2, current competitor, and how close is product B2, current competitor? And also whether product a will address your business objective or not. And whether a product a or product B had great marketing potential or not. And let us say product a address all those criteria and product B only address pour off them, then product A's or go to product maybe you need to focus your resources and time on product a. So that's how you will come up with the criteria to the screen, your ideas. And then you will focus your resources and your time on product a, because you know now product a is going to be a good product. And also you can do some setup SWOT analysis, also called Strength, Weakness Opportunity and Threat analysis. If you want to go really inside in the depth and really know about every aspect of your ideas, then you can do SWOT analysis that will also help you come up with some sort of idea to screen your product on screen your, all those ideas. 6. Concept development and business analysis: Now you have screened your ideas. Now you know you are going to develop only one product. So now what do you need to do is you need to do a concept testing. You need to develop a concept, and you need to develop a business case for that product. So what you need to do is you need to describe that product in detail. You need to create a brief of that product. And you need to develop the features of that product. You need to describe that product in complete detail from a customer's perspective. And also you need to do your Psalms carefully because you need to know the feasibility of that product. And you need to analyze whether you can really produce that are not. And you need to talk to people who are going to buy it. And also you need to do some kinds of, some kinds of analyses whether that product will benefit the market or not. And also maybe what do you need to do is you need to closely look at intellectual property issues of that product. Maybe that product resembles so much, almost 90% when the current existing product and you may get legal lawsuit after one year. So you need to examine all those issues. So what do you need to do is you need to take some time and analyze every aspect of it and then move forward. And what do you need to do is after that, you need to do some sorts up business analysis. So what do you need to do here is you need to estimate the product price. You need to do some sort of costing. How much would be the raw cost? How much you'd let say labor cost, how much it would be, registration costs and all of those costs. And you need to come up with a minimum sale price for that product so that you can generate some sort of profit from that. And also you need to come with a breakeven point. Let say you are going with a really large product where you will, you are investing on a capital to develop that product. Then you need to know when is your breakeven point. Let's say you take one year. Let us say that productive takes one year to recover all the costs from capital side and from the development side. And also you need to consider a long-term. So that's how you analyze every aspect of that product. So basically you developed concept around your product and you develop a business case for your product, which is going really down into the NPD process. Now you are taking it seriously and you are moving forward with that product. And you are analyzing every aspect of it so that the product is not going to fail in the market. 7. Prototyping (fun part): Once you conduct in-depth analysis around concept and business case, now is the time to move to the next step, which is called prototyping. And prototyping is a really interesting and creative process because you are giving a live to a product for the first time in the real world and you are preparing that product for market entry. You never heard that product until yesterday and today you are holding that product in your hand, which is where it makes the NPD process really interesting and creative. Because now all of sudden you have that new prototype per product and you can see that new product. And I especially like this part because I can see and I can feel the new product and I can see all the results are the hard walks coming into life. What do you need to do here is you need to assign someone in the role of project manager who has a really strong project management skills because he's going to develop our timeline. Because although the NPD is a big umbrella, there are inner aspects. There are many things you need to work to develop a new product from creating core, creating barcode, creating artwork, and creating, let's say Sippar. If you are working in the manufacturing industry and there are many other things and sourcing raw materials, developing recipe, and many other things if you are working in the food industry. So you need to consult experts. And also this is the time where you need to register, maybe for the intellectual property right. And also when you have a product in your hand, you need to show it to your customers, get their feedback and make again further improvements. Let's say you work in a food manufacturing industry and this is the product you want to develop. This example, guys. So what do you need to do here is you need to develop our prototypes and prototype could look like this. So let's say this is product. So this is a product a, and this is a prototype. So you need to know what kind of packaging it will require, what kind of product and how much product should go in that package, and what kind of artwork that should go on the packets. And then you will have something like this. And then how many of those will go into in the sleeper. And then how many of those people will go in a palette and how many of those ballot will go in a truck. So this is how you develop a prototype and you saw it to customers. And customers will see and give a feedback and you will make further improvement in this product. This is how you will develop the prototype and maybe customers doesn't like this packet is maybe you need to work around some different kinds of packets. And maybe maybe customers who doesn't like the super, maybe they want not to six of them in a Sippar and then that's how they want. So then you can work around all those aspects. So this is called prototyping and actual product development side. And this is where creativity comes into life. 8. Launching and commercialising: And finally, it is a time to launch a new product in the marketplace. What do you need to do is you need to develop a marketing campaign. You need to develop advertisement and you already need to book Purdue's advertisement. Maybe you want to run advertisement in social media like Facebook or Instagram or Twitter. Or maybe you want to run advertising campaign in television. So that's what you need to do and also you need to develop sales plan. You need to contact to your distributors and you need to talk to your salespeople. And maybe you want to only launched this product locally, are maybe reasonably r to the international market. And so that's what you need to develop. And then you need to create a plan and launch them, commercialize your product, which is the final part of the NPD process. And after launching and commercializing your product, then actual lifecycle of your product begins. 9. Managing business activity of NPD projects: So to manage the business activity of NPA process, what I will do is I will take you to my screen and then I will show you what Alba actually steps inside the steps that might be involved and how to manage that process using some sort of Excel. Alright, let's learn how to manage business activity around the unbidden process. The NPD is a big umbrella, and in, in particular, NPD is up, there might be 102030 different steps. You want to manage this process using some sort of tool. And I think Excel is one of the good way to start. So let's say you want to manage this project which is about making biscuits of let say ABC brand. And there are, let's say a five tasks. And there could be additional tasks such as making finished good goal, making barcode and several other process. But let's do five per now because this is just a tutorial. So the first step is product brief. And what do you want to do here is you want to write the owner of that step, and you want to write the deadline and you want to know that you want to write the status. And similarly, you need to develop artwork for that particular product. And Rob is the owner and you have the deadline of this and you will have the status. And similarly products and our packets and similarly products and have good AND seeping up that product. So this is just an example. And let's say there is another product. Where do you want to make a new pellet of a DEF brand and further product brief. Owner is let say this and the deadline is, let say five days from now and the status is, let's say not restarted. And then for the artwork owner is, let's say again that Rob and the deadline is let us say 15 years from now. And the status is, let's say in progress and further products and af pack is again, the honor is R1 and the deadline is, let say, 30 days from now, which is tenders after this. And then the establishes nerdy started, as you can see here, the instead task which has not started is read the status which is in progresses L0 and they stepped us, which is the task which is complete is green. So this is how you can manage and you can get instant look of all the product and you can get in standard report duff all the projects in your company and the products enough. Good. Again, the honor easily let say n. And that is, let's say after the product is not Becker's after it during the days of the production of packets. And the status is again not distorted. And similarly, again, that one out of four sipping would be n. And that is seven days after production. And the status is again, not distracted and you can write any comments such as artwork. Need to start suing something like that. And instantly you saw the overview of this project. So there are four task which hasn't started. And maybe you need to organize meeting asap to talk about those product because sibling is in less than two months and only 11 Basque of that project has been in progress and all other task has not started and you'll get instant overview of that project. And that is how you can men is that project. And you can follow semi strategy for other projects as well. There are other many tools you might find useful, but if you have people working in your area who are not tech-savvy and who only know how to use Excel, then maybe this is a good tool for you. This is a tool you use for their company. And then what you can do is once you do this, you can have, let's say, weekly meeting. Then you discuss about the task which haven't been restarted. And you talk about the task which is in progress and you ask them whether they need any help or not, and this is how you manage it. So this is just an example, guys, and there are many other small task we can multitask and soft ask within those, those big task. And you can create another list are another checklist similar to this, so that you can manage those task as well. It really depends on your company and it really depends on how you manage those products. 10. Outro: Alright, here comes they end up my today's tutorial. I hope this video was useful to you. I didn't go into in-depth details for every aspect of NPV process because this tutorial is mainly for beginners, one to develop any start their career in NPD area. Please do not forget to leave your comment and put your feedback in the discussion section so that I can improve my videos in the future. I hope you liked this video. I would like to wish you good luck in your, in whatever you are doing. By, by good luck. Data.