The Department of Management Studies organized a guest lecture on New Product Development on 18th September 2024. Our MBA students had the privilege of attending a thought-provoking guest lecture on New Product Development, delivered by Prof. Dr. Venkataraghavan, Platform Leader, Unilever, Bengaluru. The session focused on critical aspects of product development, providing students with real-world insights into how innovation drives success in industries today.
Key Highlights of the Lecture:
Prof. Dr. Venkataraghavan began the lecture by explaining the core process of innovation and product development, highlighting how industries foster creativity and transform ideas into market-ready products. He emphasized that innovation is not just about ideation but about identifying unmet consumer needs and solving real problems with sustainable, scalable solutions.
The professor shed light on the importance of product features and their relevance to the target market. He explained that understanding the user’s pain points and preferences is critical when defining a product’s unique features. A product’s relevance, he noted, is directly linked to how well it satisfies the needs of the market, differentiating itself from competitors.