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The main components of the Product Development framework as used by Nike include idea screening, concept development and testing, and promotional strategy development. Initially, a creative team of product designers sifts through ideas to determine which product will most improve athletic performance. This is followed by concept development and testing, where customer reactions are sought and market research is conducted to determine market acceptance. If a product is not accepted, alternative ideas are tested. Finally, a marketing team develops the promotional strategy.
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Second in the process comes idea screening. Nike uses a creative team of 75 product designers to sift through ideas and determine which shoe will most improve athletic performance. After idea screening, Nike implements concept development and testing. Here, Nike seeks customer reactions about their product ideas and conducts market research. Product teams determine whether the shoe will be accepted in the market. If not, alternative shoe ideas are tested. A marketing team then develops the promotional strategy.
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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in ...
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