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Essay example - New product development and product innovation charter
Pages 10 (2510 words)
New product development and product innovation charter Name Institution Date Introduction New product development strategies are dependent on the product innovation charter. The fact is that a company cannot endeavor in developing a product before strategizing on the ongoing trends of consumer behaviors (Shavinina, 2003)…
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Therefore, a white product manufacturing company must understand that technological advancements are the key to success in the market (Avlonitis & Papastathopoulou, 2006). 1. a) Product innovation charter entails product planning and strategizing prior to its development. PIC charter summarizes all the necessary tools that a company’s development team should draft to come up with new products. The charter ensures that a product developed under it targets to achieving the company’s goals and objectives. Thus, the specialists must abide to PIC if they target to ensure their development is for the best of the company once it is in the market. It enables the team to set the product’s objectives in accordance to sales forecasts. A product will product will be of critical importance to a company if only it will draw positive attention from the consumer markets, as this is the only way of improving sales margins (Annacchino 2007). Similarly, sales should be profitable to the company at the long run as far as the company is a profit making organization. Further, a significant development is that which enables a company acquire a higher market share relative to its previous one. Managers and product developers should focus on improving the market share competently and profitably (Avlonitis & Papastathopoulou, 2006). b) Every company has a mission and vision in its business field. ...
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