New Product Development
| Date: | June 2008 |
| Author: | Richard Phillipson |
| Price: | £5,000 to non-members of the Investit Intelligence member service |
This research defines the challenges of introducing new products across the fund management firm and its suppliers and analyses the issues for operations, IT and technology.
The pervasiveness of change when new products are developed is well recognised. However, the business justification of new products and the co-ordination of change required to launch and support profitable products is not always well handled. In this paper we identify why these problems occur and offer a template for best practice in product development.
| Management Summary | 1 | ||
| 1.0 | Introduction | 3 | |
| 1.1 | Structure of this paper | 4 | |
| 1.2 | Methodology | 5 | |
| 2.0 | Product Portfolio Management | 7 | |
| 2.1 | Have we got marketing? | 8 | |
| 2.2 | What business are we in? | 10 | |
| 2.3 | Product management | 12 | |
| 2.4 | Are new products important? | 14 | |
| 2.5 | Operational impact | 15 | |
| 2.6 | Product maintenance | 16 | |
| 2.7 | Product closure | 17 | |
| 3.0 | NPD Management | 19 | |
| 3.1 | Formalising NPD | 20 | |
| 3.2 | NPD in the organisation | 22 | |
| 3.3 | Supplier management | 26 | |
| 3.4 | Measuring NPD success | 29 | |
| 4.0 | Idea Generation | 31 | |
| 4.1 | Evolution or revolution | 32 | |
| 4.2 | Research | 34 | |
| 4.3 | Treating Customers Fairly and NPD | 38 | |
| 5.0 | Product Selection | 41 | |
| 5.1 | Business case outline | 42 | |
| 5.2 | Product selection | 46 | |
| 6.0 | Implementation | 47 | |
| 6.1 | Project background and purpose | 48 | |
| 6.2 | Project description and objective | 48 | |
| 6.3 | Project organisation | 48 | |
| 6.4 | Risks and assumptions | 49 | |
| 6.5 | Constraints and dependencies | 49 | |
| 6.5 | Communication | 49 | |
| 6.6 | Workarounds | 49 | |
| 6.7 | The post implementation review | 50 | |
| 7.0 | Towards Best Practice | 51 | |
| 7.1 | Product portfolio management | 52 | |
| 7.2 | NPD management | 53 | |
| 7.3 | Idea generation | 54 | |
| 7.4 | Product selection | 55 | |
| 7.5 | Implementation | 56 | |
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