The Innovation of a New Pproduct CarpetFlick by P&G - Case Study Example

New Product Development is defined as; 'the processes involved in getting a new product or service to market.... Secondly; it has become easy for companies to replicate a new product offering.... 14] a new product strategy identifies the role a product is intended to play in satisfying company and marketing goals.... For example; a product may be launched to protect market share, to create a new category or attain a specific return on investment....

From the paper "Microsoft's Products, Domination, Development, Innovations" it is clear that as Microsoft is the leading software organization in today's market, it implements new ideas and innovations to hold the existing position.... Microsoft developed many new software components other than operating systems....  Microsoft has created a major impact on innovation in the software industry....

The analysis provided below examines data from three different CIS surveys in order to also assess changes in innovation and the importance of new product development over a brief period of three years from 2005 to 2008. The first of the CIS surveys included in this study was… conducted on UK firms in 2005, covering 16,446 enterprises in total, divided into four broad sectors, i.... In the 2007 survey, 28,000 enterprises were surveyed , mostly across the manufacturing and services sectors and predominantly those firms which had more than 10 employees, and focused primarily on the development of new products....

The gathering of the relevant information such as market trend, competition and new market segments the company can decide on whether to expand its product line just strengthen its marketing strategies.... new York: Prentice Hall.... Generally it is Gillette: Product and Product innovation Question The case analysis provides a lot of information that isvery helpful when put to the right use in helping Gillette stay ahead of the competition in a rather sudden and unpredictable environment....

The concept of innovation is not new.... 90% of businesses claim that innovation is their priority.... The importance of innovation is increasing and ways in which companies innovate is constantly changing.... hellip; However, the approach for innovation has evolved.... innovation can be broadly categorised into open and closed innovation.... 23) “successful innovation requires control....

The information collected is then compiled and used to determine the customer's reaction to various products and services that are offered by the organization, and this aids with product improvements, innovation of new products and market launch of new products.... There are various management innovation practices that are linked to strong innovation performance such as understanding technology and its contribution, use of external sources of business intelligence in a well structured way, reviewing products and services and services and… Generating ideas for new products and processes in a firm requires the exploitation of various sources of data that is required to generate st and these will include looking into historical data, previous sales projections, promotion plans, corporate objectives, market share and market research....

The author of the following research paper "Process of New Product Introduction" states that New Product Introduction (NPI) or, sometimes, New Product Development (NPD) is the process by which organizations launch a new product or service into the market for the first time (Moore, 1999).... hellip; According to the text, NPI involves the entire process involved in introducing a new product in the market.... The process of introducing a new product should ideally be very easy....

This product innovation is majorly concerned with the product market.... From this paper, it is clear that flanges are the most essential mechanical component or part that is being used exclusively in large numbers during a drilling process and even in the production phase of an oil and gas....