Maternity Clothes Forever - Essay Example

Product Development Plan Outline I. Introduction A. Describe problems in the market necessitating developmentof a new product.B. Thesis: Breeding market ideas for new and improved market products follows definition of problems in market. Review of market problems encompasses feedback from customers, suggestions from stakeholders and encroachment of technological advancements.II. Identification of strategiesA. Strategies conforming to ideas generated are developed on basis of position the proposed product holds in market and available skills for implementing such ideas.B. The resources at disposal should serve to develop the proposed new product.III. Evaluation of potential solutionsA.

Based on proposed strategies, develop viable solutions to problems of product development. These solutions require a deep understanding of market for newly developed products.B. Determine whether new products conform to business strategy and current assortment of the firm. Research on strengths of new products in market by evaluating customer needs and potential for sale of new products.C. Perform a SWOT analysis to determine a balance of potential risks, opportunities, competition in market, and possibility of future expansion in market. IV. Implementing SolutionsA.

Form a team of experts possessing skills in procurement, production, marketing, finance, and design to oversee implementation of a viable solution of developing new products.B. Plan a schedule for activities to be undertaken towards developing new products. Scheduled activities follow a critical path with a definite duration for developing new products. Activities for developing new products are prioritized on the basis of urgency with some activities occurring simultaneously.C. Set a budget of financing activities of developing new products by estimating the cost of production.D. Set a market price for the new product whose price tags correlate to prices of competing products and then launch the new product in market. V. Evaluation of OutcomeA.

Monitor sales of the new product and corresponding competing products by market testing techniques to evaluate market growth of the new product.B. Monitor reactions of customers and suppliers regarding the new develop product and determine viable adjustments to be made on the products.VI. Conclusion A. Development of a product plan takes various sequential steps from inception of product development idea, production of the new product, and marketing of the new product to evaluating market performance of the new product.

ReferenceAnnacchino, M. A. (2007). The pursuit of new product development: The business development process. Amsterdam: Butterworth-Heinemann.