Product Development and Business Research Paper

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New product development is pivotal and vital for the success of any business and organization. By developing and unveiling new products, a company is able to generate new prospects and reach markets. One particular important aspect that is deemed important in achieving successful product development is attaining innovative feedback and participation from consumers and markets, as they provide a concrete basis (Zemlickiene and Maditinos, 2012). Despite the fact that new product development encompasses a great deal of risk, it is deemed to be one of the most imperative strategies in any market or industry that is filled with competition. Numerous companies have been able to generate competitiveness and attained considerable profits and returns through the process of new product development. The influence that new product development has on consumer espousal and innovative behavior cannot be stressed or underlined enough. The unveiling of new products and services in the marketplace signifies a significant and imperative source of enhancing and amassing the size of a company and the profits that are generated. It is key to point out that companies that frequently innovate new products appeal to consumer innovators in addition to other parties in the social real to espouse the innovation. What is more, consumer innovative behavior elucidates the extent to which the parties included in a social system are eager or can fast adopt or buy a new product that has been developed (Zemlickiene and Maditinos, 2012). The purpose of this paper is to discuss the processes and elements encompassed in new product development, outlining their importance and also the difficulties faced in the process.

New Product Development Process The table below provides a systematic elucidation of the new product development process from the point of conception up until the product gets to the market. In particular, the table delineates the steps and main steps that ought to be completed, the significance of these steps and the challenges that are presented in these particular steps.

Steps and Main Task to be Completed

Importance of these Steps

Challenges Presented in these Steps

Idea Generation:

The main task in this step is the methodical search for new product conceptions.

This step motivates employees' resourcefulness to nourish the channel that cultivates the design and development of new products. Creative capabilities of organizations are imperative to their capability to innovate and survive in the contemporary competitive setting (Adiele, 2012).

Some of the challenges presented in this step includes figuring out whether the ideas should be sourced internally or externally. Another challenge is attaining the right idea that befits the markets and consumers (Adiele, 2012).

Idea Screening:

The main task to be completed in this step is the initial evaluation and assessment of new product concept. Some of the tasks include looking at return on investment (ROI), affordability and market potential. The significance of this step is that the selected conceptions and ideas are expected to turn into profitable products.

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Therefore this step is important in making certain that unfitting ideas, for whatever reason, are excluded as soon as possible.

The main challenge that is faced in this particular phase is determining which ideas are good to spot and which ones should be dropped.

Concept Development and Testing:

Once the product idea gets to this phase, it implies that it has been successful through screening. The tasks encompassed here include testing the consumer base to perceive their response and how they visualize it. This includes assessing whether the consumers can understand the product concept and whether they want or need the prospective product (Adiele, 2012).

The significance of this stage is that it hands the company an opportunity to develop the product idea a step further, taking into consideration the response, but also beginning to think about what its marketing communication will be set to be.

The challenge that is faced in this stage is understanding that the internal opinions and insights are not the most significant, but rather those of the consumers are what matters the most.

Marketing Strategy Development:

The tasks that are included in this phase are designing and fashioning of a key marketing strategy for a new product on the basis of the product idea that has been generated.

The importance of this phase can be perceived on the fact that the company will be able to ascertain the initial level of success that the product can attain with respect to market share and also the target market and consumer base.

The challenges that the company faces in this phase not only encompasses properly positioning the product, but also choosing one particular target market. A product can easily be marketed to different consumers and therefore the challenge of the company is to attain the most suitable and fitting target market (Adiele, 2012).

Business Analysis:

The tasks that are undertaken in this step encompass a comprehensive marketing strategy, underlining the target market, product placement and positioning and marketing mix analysis.

The main significance of this particular phase encompasses assessing whether the new product being developed will be one that is feasible and profitable.

Some of the challenges that are faced in this particular phase encompass: ascertaining whether there is demand for the new product, being able to fully analyze and evaluate the costs and also determining the break-even point.

Product Development:

This phase comes about once the ratification and approval of the new product is undertaken. The task that is done is passing on the product to technical and marketing activities.

The significance of this phase takes into account the fact that since the prototype has already been generated, the organization will be able to investigate precise design and specifications and….....

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