This project explores the hypothetical new product development for a nail industry leader, OPI, including analyses and management of the following processes:
- Industry and Market Analysis
- Competitive Analysis
- Value Chain Analysis
- Customer Analysis
- Expanded SWOT Analysis
- Concept Generation
- Concept Testing
- Development and Strategy Soundness Evaluation
- Recommendations
The NPD team identifies Odorless Gel Polish as the strongest concept that would support the company's forecasted profits for 2022 is $9 million, and for 2023 the number is $21 million.
This project was completed in collaboration with Aishwarya Suhas Bakre, Olimpia Mkrtchyan, Rosie Marcial, and Yishuang Tian.
OPI is seeking to expand their product portfolio as a means to maintain their status as a market leader in the nail industry. The product should reflect the brand's standard for excellence, be environmentally conscious, and have an ROI of greater than 30%.
Through market, supply chain, customer, and concept analyses, our team was able to generate, test, and identify a single product for consideration for production: Odorless gel polish. Financial analyses were completed for the selected concept to identify its viability to reach the ROI goals for the company. A complete implmentation plan is also provided to guide next steps in the product development cycle.
- Multiple data-driven metrics are essential to ensure product viability and success
- The new product development process can be optimized via agile methodology to account for changing industry and consumer needs that emerge from ongoing analyses
- Sometimes the concepts you least expect to succeed, end up having the greatest implications. Check your biases and your data!