These factors make the approach to new product development a critical one (Ribbens, 2000, p. 1). The process thus requires management support; it must also benefit from the experience of new product development teams composed of people from all affected activities; it has to follow distinct phases with extremely well defined activities in order to enhance understanding, greater accuracy and reduce risks and failures that are eminent in new product development. Key elements in new product development The process of new product development takes into consideration seven distinct elements, stages or phases. The first element is idea generation. This is the most critical aspect of all the elements in new product development because without idea generation it is difficult to come up with new products. Here ideas are gathered which present possible product options. Many companies conduct idea generation as a continuous process with contributions from within the organization and outside the organization. A number of methods are used and these may include focus group discussions with consumers, comments suggestions and feedback from customers and research from secondary sources. Creative problem solving technique such as brainstorming is used in this case that enables creative minds to come up with new ideas about an existing problem or a gap in the market. In the brainstorming session, first individuals are told about the problem as a creative challenge. This is important in order to come up with ideas that are viable for a new product. After this, people are given a time limit to think and come up with ideas. When the session begins, the people voice out their ideas and the facilitator lists them down with no criticism made. The best ideas are selected by the facilitator and which all group members agree with. The ideas are then evaluated on a scoring criteria and the idea with the highest score becomes the solution to the problem. Another model, the creative problem solving process model advanced by Osborn-Parnes can also be used here if a feasibility analysis has been carried out to identify problems upon which ideas are generated and solutions sought (Blythe, 2006, p. 50). The model is composed of six stages that can be compressed into three with distinct activities at each of these stages. They include: exploring the challenge which involves identifying the goal, gathering relevant data and clarifying the problem at hand; generating ideas involves coming up with options to solve the problem; and preparing for action which involves solution finding and preparing a plan for action. The process is lauded for its involvement of convergent and divergent thinking that can be used at each of these three stages. The second element is screening and this involves the careful and critical evaluations of the options presented by the new product development team to isolate the best idea or attractive options. This could be done in rounds depending on the number of ideas and may also involve a number of techniques. As the ideas are being evaluated, other considerations are also made in terms of potential sales, the costs of production, profitability, competition. Only the accepted ideas
Key Elements in New product Development (Name) (University) (Course) (Tutor) (Date) Introduction New product development is one path that a company might want to take to provide for future profitable growth. Many companies manufacture products internally getting input from customers, workers, suppliers and external consultants…
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.
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.
The 'secret' to successful brand development is to understand how to meld all these things together into one cohesive unit. "Companies need to understand and manage design to achieve maximum brand-building results. From the design of their corporate identity to retail, web, packaging and products, design is the key that ties it all together."1 This is where companies fail once too often.
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.
Innovation is that element in the global market place which deals with variations of the same product for the creation of a unique selling point for each kind of product and producer of the same. The reason for using the word producer along with product when talking of unique selling point is the fact that in today's world of commerce, brand identity is everything and this brand identity comes from a successful marriage of the product and its producer.
is shaped and affected by the differences in the context where it takes place, such as company organisation, strategies, procedures, market, legislation, society, technologies and knowledge, and the knowledge and experience of the team members (Blessing 2002).
Moving into the
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
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
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
With regard to the concept on estimating sales, it is therefore important to consider who will definitely buy the product, who would probably buy, who might or might not buy, probably would not buy, and definitely would not buy.
The first concept generated about the
1 pages (250 words)Essay
Hire a pro to write a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you an essay for FREE
Contact us via Live Chat, call us at +16312120006or send an email to email@example.com