Expert Speak – New Product Development

PROTON business school conducted a special session on New Product Development. The eminent speaker was the 2001 batch topper of IIM Calcutta & the President and CEO of 100percentile.com - Mr. Sandeep Anand.

Mr Anand structured a remarkably insightful session for Protons, comprising all aspects of the challenging art of creating a new product from scratch. He started by explaining the hows & whys of the initial challenge that any fresh manager faces after entering the corporate world by trying ‘To introduce a New Product in the market successfully’. He dealt with this issue, using various authentic case studies of products which were successful due to meticulous planning and implementation & even the cases which turned into fiasco despite excellent planning and implementation. The conclusion of the debate was to have a deep market analysis (including demographics, demand, substitutes, competitors etc…) before implementation of any new product.

The session included technical discussions on - Reasons for product development, Goals for innovation, Ways to introduce new product, Stages to be used while entry & Factors of new product development.

Potential managers are keen to learn about innovative methods for product development and making it a grand success. Mr. Sandeep Anand included the most pertinent topic – “7 MANTRAS of effective product development”. He highlighted some key aspects which Product Development Managers must ensure. Some thoughts:

1. Clearly defined product development strategy
2. Structured line plan
3. Ensure product development efforts are efficient & effective
4. Accelerate speed to market
5. Create calendar discipline with exception management
6. Integrate sourcing & development activities
7. Enhance information availability

Every mantra propounded on the stage was related to the real market, which made the whole lecture very relevant and interesting. This session was concluded with a unique quiz - “What not to do for effective Product Development?” This ensured that all students also see the other side, which as managers is necessary to take decisions. At last, the session concluded with Mr. Sandeep Anand participating in the daily Chaupaal session which impressed him, as it is a unique leadership development platform in PROTON.