The differences result from the differences between products and services, namely, intangibility, heterogeneity, perishability, inseparability, new product development essay, and simultaneity in production and consumption of the product and service. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. APA-6 MLA-8 Chicago N-B Chicago A-D Harvard. Other ideas will come from the current and existing consumers and market trends. As a matter of fact, the company will use distinct approaches and mechanisms to idea generation to get the new product development essay possible outcome.
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New Product Development Process Sample Essay, new product development essay. The world is full of opportunities to satisfy unmet needs by creating new products and services. However, the challenge is determining the product of service that will help the organization to meet its objectives. This means that every good product idea is no always visible. It is therefore important that a company does thorough research of the of the new product idea before it begins to mass-produce the product so to avoid new product failure. This paper will outline the process of creating a new product. There are four main stages in the new product development process: idea generation, idea screening, idea evaluation, development of the product, and product commercialization.
According to Annacchinonew product development essay, the market is full of opportunities, ideas, concepts, and triggers of new product. An idea refers to a perception of a new product or idea that helps a business to solve the needs that exist in the market Ahmed, A concept refers to a description of a technology needs and the customer benefits that will result from a conceived idea. One of the triggers to new product idea is advancement in technology, which creates a new opportunity to improve existing products. Another trigger is increase in competition, which forces business organizations to improve their products in order to remain relevant in the market. A company should choose only the ideas that fit into its overall objectives and strategies Veryzer, The second step in new product development is screening existing business ideas.
The managers should also look at whether the idea has a potential for growth, is technologically viable, and is legal Annacchino, The third process in new product development is conceptualizing the product idea. One of the main activities that take place in this process is market research. Carrying out the market research helps the managers determine whether there is enough demand for then new product. The data that the business collects during the market research stage helps it in designing a projection of the costs, new product development essay, revenues, and profit from the new product. This will help the managers to determine whether the new product is financially viable. The business should also design a number of working prototypes for the new product.
The fourth process of the new product development process is the new product development essay of product. During this process, the managers must design the final product and manufacturing the new product or service. This process also involves determining the selling price for the new price, estimating the sales volume, and conducting a market test. The test marketing helps the business to test the performance of the new product without inventing too many resources in a full-blown marketing campaign. New product development essay fifth step in new product development is the commercialization or the launch of the new product.
During this stage, the business should increase the product production and delivery so that the product is available to a larger share of new product development essay market. This will also involve observing the marketing data and production costs to determine whether the new product development essay will start earning profits as the company increases its sales volume. The company should also design a marketing promotion strategy to market the new product and create awareness in the market Ahmed, The process of developing a new services such as those offered in restaurants is different to that the process of developing.
The new product development essay result from the differences between products and services, namely, new product development essay, intangibility, heterogeneity, perishability, inseparability, and simultaneity in production and consumption of the product and service. These unique features of services make the process of designing and marketing the new service different from that of designing and marketing tangible products. For example, intangibility of services makes it difficult to share the new service idea with others in the organization.
This therefore means that the service development team must make the service tangible by the use of flow charts and pictures. Secondly, the new product ties the clients to the service provider or employees of the firm. This means that designing a new service involves more work in training the personnel within the firm in order to offer the new service to the clients Annacchino, In conclusion, the process of designing new product development essay new product or service begins by identifying the opportunities available in the market. Next, the managers must screen the ideas, evaluation the available pool of ideas, develop the product, and commercialize the product.
Once the company has commercialized the product, it must design a marketing strategy to promote the new product or service in order to increase awareness among the customers. However, new product development essay, when designing and marketing a product, a firm must keep in mind the unique features of a service and adjust the product development and promotion strategy to match these features. Ahmed, R. International Journal of Management, IT and Engineering, new product development essay, 4 5 Calantone, R. An integrative model of the new product development process, new product development essay. Journal of Product Innovation Management, 5 3 Schilling, M. Managing the new product development process: strategic imperatives.
The Academy of Management Executive, 12 3 Urban, G. Design and marketing of new products. Englewood Cliffs, NJ: Prentice Hall. Veryzer, R. Discontinuous innovation and the new product development process. Journal of product innovation management, 15 4 New Product Development Process Sample Essay The world is full of opportunities to satisfy unmet needs by creating new products and services. This paper will outline the process of creating a new product There are four main stages in the new product development process: idea new product development essay, idea screening, idea evaluation, development of the product, and product commercialization. References Ahmed, R. SELL YOUR OLD PAPERS. Recent Posts Acknowledgement Sample Categories Academic Writing 23 Admission Essay Book Summaries College Tips Content Writing Services 1 Essay Help Essay Writing Help 76 Essays Blog 0 Example Infographics 2 Outlines Photo Essay Assignment 4 Resume Writing Tips 62 Samples Essays Writing Jobs 2.
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This will help the managers to determine whether the new product is financially viable. The business should also design a number of working prototypes for the new product. The fourth process of the new product development process is the development of product. During this process, the managers must design the final product and manufacturing the new product or service. This process also involves determining the selling price for the new price, estimating the sales volume, and conducting a market test. The test marketing helps the business to test the performance of the new product without inventing too many resources in a full-blown marketing campaign. The fifth step in new product development is the commercialization or the launch of the new product.
During this stage, the business should increase the product production and delivery so that the product is available to a larger share of the market. This will also involve observing the marketing data and production costs to determine whether the product will start earning profits as the company increases its sales volume. The company should also design a marketing promotion strategy to market the new product and create awareness in the market Ahmed, The process of developing a new services such as those offered in restaurants is different to that the process of developing. The differences result from the differences between products and services, namely, intangibility, heterogeneity, perishability, inseparability, and simultaneity in production and consumption of the product and service.
These unique features of services make the process of designing and marketing the new service different from that of designing and marketing tangible products. For example, intangibility of services makes it difficult to share the new service idea with others in the organization. This therefore means that the service development team must make the service tangible by the use of flow charts and pictures. Secondly, the new product ties the clients to the service provider or employees of the firm. This means that designing a new service involves more work in training the personnel within the firm in order to offer the new service to the clients Annacchino, In conclusion, the process of designing a new product or service begins by identifying the opportunities available in the market.
Next, the managers must screen the ideas, evaluation the available pool of ideas, develop the product, and commercialize the product. Once the company has commercialized the product, it must design a marketing strategy to promote the new product or service in order to increase awareness among the customers. However, when designing and marketing a product, a firm must keep in mind the unique features of a service and adjust the product development and promotion strategy to match these features. Ahmed, R. International Journal of Management, IT and Engineering, 4 5 , Calantone, R. An integrative model of the new product development process. Journal of Product Innovation Management, 5 3 , Schilling, M. Managing the new product development process: strategic imperatives.
The Academy of Management Executive, 12 3 , Urban, G. In a broad perspective, the company can get these ideas by conducting a good SWOT analysis. These ideas can also come from consumer and market trends Ullman, , p. Employees and our sales men will play an important role in coming up with new ideas that will help us to develop and launch our new product. Ideas that have been generated will be screened to come up with the best outcome. This will be done to eliminate unsound concepts that might not suit our market. Screening is necessary before resources can be devoted to the whole process of developing the new product Koen, , p. In this stage, the company will develop the engineering and marketing details that have to be used.
This will include looking for the target market, the amount it will cost to develop the product and how the market will react Ullman, , p. Business analysis can be done by looking at various market dynamics. In this case, the company will have to come up with a price, estimate sales and project the break even point and profitability Koen, , p. In this stage, the company will have to test the product in the market and make the necessary adjustments in relation to customer needs and expectations Ullman, , p. This will help the company to evaluate if the product is acceptable in the market. Technical implementation includes various processes that have to be followed or initiated Ullman, , p. This include; resource estimation, logistical planning, contingencies, supplier collaboration and others.
In this stage, the company will now launch the product in the market Koen, , p. As a matter of fact, the company will run various promotions and advertisements to popularize the new product in the market. New product pricing involves various aspects that relate to the new product in the market. These aspects revolve around value segments of the product, product costs and value analysis Ullman, , p. All this aspects should be evaluated because pricing will play an important role in the success of the product in the market. There are various approaches that will be used to get ideas on the new product. As a matter of fact, the company will use distinct approaches and mechanisms to idea generation to get the best possible outcome. In this case, the company will carry out a basic research based on SWOT analysis Ullman, , p.
Other ideas will come from the current and existing consumers and market trends. It should be known that the company has its own research and development department that will also help in coming up new ideas. Employees will be given an opportunity to have a say on product development. In extreme cases, the company will look at competitor products in the market to come up with its own product. Different ideas have to be filtered to settle on the best possible outcome Koen, , p. In this case, the company will have to filter all ideas as time goes by. Forums will be used to share different ideas and come up with the best new product idea. This is because different people can be able to identify faults in a given idea than when it is done on an individual basis. Critical analysis will also be done on each idea to identify its strengths and weaknesses Koen, , p.
This is because an idea can be technical and difficult to implement based on its strengths and weaknesses. In the long run, the company will settle on an idea with more strength and less weaknesses. This will be done through the channeling of different voices from the market and competitors to pick the best idea Koen, , p. The company will also run through its business values to settle on the best idea. For an idea to move to the next stage, it will have to suit the target market.
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