New Product Development - Essay Example

Extract of sample
New Product Development

(Chopra et al, 2007) New product development is that series of events that starts with the conception of the product and its ideation, and ends with reaching the product to the end user through strategic brand positioning through the meeting of competitive advantage. New product development is an important part of any and every business today in order to show a portfolio that thrives on enrichment through innovation and new experiences in the market place. It is a concept that will hold the prospective consumer's attention for long enough in order to turn him or her into an actual end user. In a nutshell, through new product development, one renders a quality of improvising and strategic branding to the business and helps reach out to more and more people and turn them into consumers. Therefore, it is an important part of meeting competition and venturing into new markets to increase profitability and brand visibility as well. (Savage, 2007)
According to the above diagram, the importance of new product development lies in the fact that there is a need in today's world of competition to keep redefining the business and its ...Show more

Summary

New product development and supply chain configuration or management go hand in hand. The underlying ingredient here is information or knowledge management. This paper integrates these three concepts to better understand supply chain management.
In keeping with the theories of competitive advantage which today's global market place thrives on, it is apparent that innovation is the name of the game…
Author : rcruickshank
New Product Development Essay essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"New Product Development Essay"
with a personal 20% discount.
Grab the best paper

Related Essays

Pricing - New Product Development
In long-term goals, the primary objective is to initiate a marketing mix strategy with a right set price for effective product development. Market promotion is a secondary stage, which would be possible if a pricing strategy is there to meet it adequately.
14 pages (3500 words) Essay
New Product Development
Various fruits have the capability to manufacture juices for the consumer market; avocadoes, oranges, mangoes, pineapples, passion fruits, pears etc. The same applies to vegetable related items. As a result of the availability of a wide variety of fruits and vegetables, it has become easy for diverse products to be derived from these items.
3 pages (750 words) Essay
New Product Development
The importance of computational theories in the present times can be assessed by the fact that almost all mechanical and manual processing are now being digitized. This is meaning to say that the digital alternatives of many manual, mechanical and tangible processing are being deployed instead of their original predecessors.
4 pages (1000 words) Essay
Innovation and New Product Development: Essay
These benefits can be both tangible and intangible. Tangible benefits include for example clean skin with the use of soap and tastier food with the use of ketchup. Intangible benefits on the other hand create an emotional connect for the consumer; these include the ambience of a certain restaurant and the relaxation and comfort associated with buying the right mattress.
10 pages (2500 words) Essay
Innovation and New Product Development:
Very substantial studies are available to prove this point of view; our concern is, by sifting through the studies and by citing different firms', who have been successful by introducing new product or a new process in the market, to prove this standpoint.
4 pages (1000 words) Essay
New Product Development
With a renewed emphasis on the creation of a more enriching experience every time one goes out and makes a purchase or avails a service, innovation and competitive advantage have become a part of every company's strategy. This paper extensively studies all the steps involved in a concept known as new product development through a study of checklists and other such tools.
26 pages (6500 words) Essay
NEW PRODUCT DEVELOPMENT
Insufficient time becomes a possible challenge when the length of time to develop a new product will not catch up with the launch of a new product based on a marketing intelligence report. Because the time frame of the
8 pages (2000 words) Essay
New Product Development
This change is aimed on a single target i.e. increase the bottom line, which can be increased by either decreasing cost or increasing revenues. Companies decrease cost by making their operations and value chains much more efficient. While on
6 pages (1500 words) Essay
New product development
The newly designed product is ‘challenge bar’. The company values on quality, worth for the cash paying and superior promotion. These three things are important in Cadbury’s launch of the new product. The introduction of the new bar
10 pages (2500 words) Essay
Answer a short essay style question of marketing NPD new product development
A firm may have a good product but fail to meet the wants of the consumer. An example is when Coca-Cola introduced C2, which most men rejected at its launch because of unfavourable benefits. In most instances, the
2 pages (500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT