Guest Lecture on New Product Development

A lot of companies have chosen to downsize, and maybe that was right thing for them. We chose a different path. Our belief was that if we kept putting great products in front of customers, they would continue to open their wallets. Mrs. D Sangeetha Rath, Vice President and Cluster Head, Radio Mirchi (Karnataka and Kerala) visited IFIM Business School on 2nd January 2014, to substantiate the above quote from Steve Jobs on New product Development by giving an insightful guest lecture on the same. Mrs. Sangeeta started off her career from Star TV as a Production assistant, moving on to Citibank as a Manager, Standard Chartered as Product Manager, then promoted as Head of Smart Banking, Credit cards and Personal loans and currently working at Radio Mirchi. She expressed her thoughts on the importance of new product development as a very important aspect of any company’s sustainability, new product development according to her is, a new way to place the product in the market and she very cleverly gave justice to her statement by showcasing examples of companies which fail t survive because they couldn’t find new ways to place their product. The reasons she shared for the need of new product development is that, rapid changes of customer needs and tastes, new technologies, shortened product life cycles and increased competition both domestically and internationally. Mrs. Sangeeta also pointed out some common reasons for new product development failure, and highlighted the issue that top management of all corporations are constantly trying to balance the situation through developing a culture which indicates innovation and establishing a process of new product development to minimize risk. She also explained the stage gate system of the new product development in her presentation which broadened the idea of student’s perception on the product development in reality and also the strategy of go error and drop error. She suggested the student’s to visit the museum for new product failures in Washington DC before moving on to the question answer session of her presentation with student. The knowledge about the museum amused the student’s, thinking that there is also a museum for product failures, which would seem hilarious to anyone who learns about this museum. She closed her presentation leaving a mindful of insight about the importance of new product development in the students of IFIM B School. I got a chance to deliver the vote of thanks to her, I thanked her for visiting the college for the wonderful lecture to the students and assured her that this presentation had helped the students present there a lot and when they become managers they won’t make these silly mistakes of not innovating product with respect to change and time in their company.

An Article By:

Nikhil T Ramachandran
PGDM 13-15 Batch
IFIM Business School