Why Choose this Training Course?
Technical innovation is essential for business to business companies, but to be successful a new product or solution has to work commercially in the market and deliver an acceptable level of profit to justify the investment.
However, most technical experts do not have an understanding of the market, the customers and their needs, or the competitors. As a result, new products or solutions fail in the market.
It is essential that technical innovation takes into account the market at an early stage in the new product development process. Some organizations that have a high rate of success have a strategy of continuously assessing the market for opportunities first, and then using technical experts to create solutions to meet the market need.
This course is designed to increase the success of technical innovation by giving attendees an understanding of what they should consider in the market, so that they avoid wasting time, money and effort developing potential new product or solutions which are likely to fail in the market.
It is specifically designed for technical organizations that manufacture products and solutions which they sell to other organizations – it is about technical innovation in business to business (B2B).
This training course will feature:
- How to make technical experts and product managers market-focused
- How to understand the market for a potential new product or service
- How to bring market knowledge into the new product development process
- How to construct a credible business case for a new technical product or solution
- How to create a product marketing strategy
- How to create a product marketing plan
- How to integrate the product marketing mix to make the product successful in the market
What are the Goals?
By the end of this AZTech training course, participants will be able to:
- Avoid developing products which are technically sound but not commercially feasible
- Consider the market implications when they are developing new products
- Embed market and commercial thinking into the new product development process
- Construct and present a credible business case to justify investment in a new product
- Design a workable product strategy so that the product can succeed in the market
- Create a written product marketing plan to manage the product in the market
Who is this Training Course for?
All Senior or middle managers who are required to approve business cases for new products. Product and marketing managers, product development and R&D team members, sales managers and sales teams, market researchers and key account managers.
This AZTech training course is suitable for a wide range of professionals but will greatly benefit:
- Senior and middle managers, from multiple disciplines, who are involved in new product development
- Product and marketing managers
- R&D managers and technical experts
- Sales and key account managers
- Members of new product development teams
How will this Training Course be Presented?
This AZTech training course will be delivered using formal presentations, tools, templates, videos and real-life examples from B2B companies. Attendees will have the opportunity to ask questions and participate in practical exercises and discussions.
This training course is not just theoretical, it is designed to show attendees how to put the content into practice in real life. A structured step-by-step process is applied throughout the course so that attendees can build a logical understanding of how each aspect fits together, so that they can take the approach back to their organization and start to apply it.
The Course Content
Day One: How to Make Technical Innovation Succeed Commercially in the Market
- Making technical invention work commercially
- Why a market-focused approach to innovation is essential
- What you should know about the market and why
- Market impact
- Customer impact
- Competitor impact
Day Two: How to Make Technical Innovation Succeed Commercially in the Market
- Market stakeholder impact
- Estimating the size of the potential market for a new product
- Discovering what must be achieved for a new product to succeed in the market
- Prioritizing market key success factors
- Assessing the organization's capability to succeed in the market
- Impact of a new product on the product portfolio
Day Three: How to Build a Credible Business Case for a New Product
- Understanding the stage-gate product development process
- Using a 'Dragons Den' approach in the stage-gate process
- How to construct a credible business case
- What a business case should contain and why
- How to present a business case
Day Four: How to Create a 'Go to Market' Strategy and Plan for a New Product
- Strategy and how it works in a market
- Setting market objectives for a new product
- Defining the 'go to market' strategy for a new product
- Specifying target groups and positioning the new product
- Constructing an integrated marketing mix for a new product
- Defining the new product, its value proposition and its role in the portfolio
Day Five: New Product Marketing Plan – Continued
- Determining the pricing strategy for the product
- Specifying the marketing communications tools and messages to promote and sell the product
- Managing distributors to win preference for the new product
- Applying the marketing solutions mix
- Scheduling the plan and applying resources
- Specifying the budget and financial outcomes
- Contingency planning
- AZTech Certificate of Completion for delegates who attend and complete the training course