IIM Indore’s Industry Interface Office conducted an Expert Talk on the topic—‘Winning at New Product Development’ on May 13, 2017. Professor Abhishek Mishra, Faculty, IIM Indore was the speaker for the talk.
Professor Mishra began his talk discussing about the changing customer needs with tremendously changing time. He said, ‘One thing that remains constant in this universe is change. In this changing world of customer needs and preferences, no business can continue to offer the same unchanged product to the customers. In fact, a lot of companies find it difficult to maintain a fine-delicate balance between engaging and retaining existing customers, using regular products and attracting new customer by developing new products.’
Developing a new product or upgrading a regular product by adding certain value-added features is not a cake walk for any company, indeed a lot of new products frequently fail in the market and such failures result in huge consequences for the organizations. It is not only small start-ups that fail with their products, but even large corporate with a huge budget and sophisticated project management skills face market rejection. But despite the risk of failure, no firm can afford to ignore or give up on the front of new product development. So it is quite evident that new products are the life blood for any organization, Professor Mishra noted. Today, to win a BIG share of the pie, companies are investing heavily in the process of NPD and are taking valuable insights from their marketing, sales and R&D function for developing new products.
Professor Mishra then discussed how innovation can maximize the efficiency of the company. He also shed light on how to communicate value to the customers and understand and learn critical aspects related to the process of new product development. Mentioning about various work modules from big giants like Facebook and Google, Professor Mishra mentioned how innovation brought about change in the current business scenario.
The talk was attended by delegates from companies like Tata International, Case Constructions, Jaideep Ispat, National Steel etc., from Pithampur and Dewas regions.
The talk was followed by a Q&A session.