Business Ideas and Opportunities - Coursework Example

Business Ideas and Opportunities Introduction In the fields of business and engineering, the concept of new productdevelopment describes the entire process that is carried out for purposes of ensuring that a new product is introduced into the markets (Fixson & Marion 2012). Products in this case may be described as services and experiences, or tangible commodities that offer consumer particular benefits in exchange for monetary resources invested. In a majority of commercial organizations operating in the present day commercial arenas, the process of new product development is generally perceived as a basic phase in the strategic product life cycle management in regards to the creation and commercialization of emergent products in the firm (Sköld & Karlsson 2013, p. 63). One of the most successful businesses in the twenty first century commercial arena is Power assisted bike designed by Oxoxvector. This paper will describe in detail the process of product design and development management applied in the generation and commercialization of the Power assisted bike. New Product Development Process The process of developing new products is also referred to as the product realization process; this process refers to the official set of procedures that are applied by a commercial organization in the supervision and regulation of ideas aimed at the attainment of successful product launches (De Paz et al, 2009). In a majority of commercial organizations operating in the present day, this process has several goals (Gudlavalleti et al 2013). The most notable goal is to promote the evaluation of emergent ideas for purposes of choosing the most viable ideas and setting up programs to ensure market success (Fixson & Marion 2012). The process of product development also ensures that the chances of products being cancelled at a later stage are minimized and that the break-even periods in the product program are shortened (Sköld & Karlsson 2013). Product Design & Development for Power Assisted Bike Power Assisted Bike The process of product design and development is characteristically comprised of 8 main stages. These are the stages of idea generation, idea screening, concept development and testing, business analysis, market testing, technical implementation, commercialization and new product pricing (Fixson & Marion 2012). It is, however, not uncommon, for some of these process to be eliminated or modified in order to respond to the different requirements of different commercial organizations. Many business firms in the present day, for example, depict a preference for carrying out most of these steps concurrently in order to save on time and money (Sköld & Karlsson 2013). One of the phenomena in bicycle industry that has attracted increased interest and fascination in the last couple of years is the process of product design and development management in the industry. The main reason for this interest is the fact that, unlike many other companies operating in similar markets in the cycle industry, Power assisted bike has the tendency to disobey the conventional principles that guide the manner in which bicycles should operate. It is noteworthy that Power assisted bike has earned a name concerning the brand’s inclination towards enhancing the efficiency of bicycle. The Power assisted bike is designed in such a way that it can use stored electricity to help in times when the cycler is tired or whenever he or she needs a bit of electric help when climbing uphill. There is a distinct structure of product design and development on which the Power assisted bike is based. Idea Generation for Product Design The first step in the development of the Power assisted bike is for designers to come up with ideas for product designs. The ideas for product design were generated from fundamental research and investigations on important issues such as the market and consumer trends, competitors, employees in the firm and the strengths, weaknesses, opportunities and threats that the firm is exposed to (Ullman 2009). One of the most important categories of employees in Power assisted bike is the designers. In Power-assisted bike, designers are much esteemed since they are responsible for coming up with product designs, which are well matched to the product’s vision (Arar 2007). Unlike in other business firms where designers are attached to different departments such as manufacturing of finance departments, Power assisted bike is comprised of a design department. In this department, particularly the Industrial Design studio characterized by secret agreements, the designers are allowed the time and resources they need to come up with innovative ideas for product development. Many ideas, of different types, for product design and development are usually generated in this stage (Fixson 2009). The ideas generated at this phase of Power assisted bike product design and development process in Power assisted bike are usually accessible to a limited number of top Power assisted bike managers (Arar 2007). Establishment of a Start Up After the ideas for identified Power assisted bike product design have been agreed on, a secret team is created and isolated from the mainstream Power assisted bike organizational processes in order to allow the team the secrecy and quiet that it requires to work on the new product. This generates a start up in the firm (Fixson & Park, 2008); the different members of the team in the Power assisted bike product design and development team are freed from the larger structure of Power assisted bike in order to fully concentrate on the new product. New Product Process After the designated team has began its work of designing a new Power assisted bike product, the set of procedures referred to as Power assisted bike New Product process are set off (Fixson & Marion 2012). This process is characterized by a description of the different processes that are to be carried out in the detailed development of the new Power assisted bike. The different phases in the creation and development of the new Power assisted bike product and the different individuals assigned to work at each stage are cleared mapped out (Unger & Eppinger, 2011). In addition to this, the expected time for the completion of the project, as well as the different parties responsible for this completion are also identified at this stage (Arar, 2007). Product Review & Technical Implementation One of the most important processes in the design and development of new products in Power assisted bike is the process of product review. On the first day of every week the executive tam tasked with the responsibility of the new Power assisted bike product design and development convenes in order to discuss the different products that Power assisted bike is in the process of producing (Raasch 2011). There are particular persons that are entrusted with ensuring that the process of designing and developing new Power assisted bike Power assisted bikes is successfully completed (Hsu, 2011. These are the global supply manager and the engineering program manager (Unger & Eppinger 2011). The engineering program manager completely regulates the product design and development process (Unger & Eppinger 2011). Since most of the production processes for Power assisted bike products takes place in the People’s Republic of China, these two executives are usually in China monitoring the process of product design and development for Power assisted bike’s Power assisted bike. It is important to note that the number of new products that Oxoxvector produces at any particular time is quite few. At all times, the products being produced are always close to relevant key decisions in the firm (Fixson & Marion 2012). Oxoxvector ensures the integrity of its new product, the Power assisted bike in several ways. One of the main ways in which the firm is able to achieve this is through paying attention to detail (Marion et al, 2012). Beta & Market Testing As in any other product, market testing is an important part of the process of designing and developing new Power assisted bike products at Oxoxvector. In order to test the product being developed in target markets, Oxoxvector engages in the production of power assisted motors for use in the Power assisted bike and then “leaks” it into particular segments of the target market. These “leakages” were for purposes of testing the Power assisted bike product and its specifications in situations where the product is expected to be utilized by consumers (Koen 2004). After the Power assisted motors in Power assisted bike have been created, the product ensures that these Power assisted bikes are revamped and exposed to the process of manufacturing one more time (Seidel & Fixson 2013). It is for this reason that there are several versions of Power assisted bike Power assisted bikes that are purportedly “leaked” into the market. Market testing also aims at making out customer acceptance for the Power assisted bike product. In spite of the fact that it is indeed a very costly process, Oxoxvector ensures that all the different versions that are leaked into the market are finished (De paz et al 2009). In spite of its initial setbacks, Oxoxvector continued with the process of improvement and innovation and launched the Power assisted bike on 7 December 2014. The process of improvement on Oxoxvector’s Power assisted bike has mostly centered on the enhancement of the Power assisted bike’s speed, design, backup of key parts of the bike, for instance frame, brake, battery, and throttle and weight (60kg). The riders of the bike should be above 14 years of age Commercialization Commercialization refers to the stage of product design and development at which the Power assisted bike designed by Oxoxvector, is packaged and launched. The new Power assisted bike products by Power assisted bike are usually packaged in a segment of Power assisted bike marketing department, which is characterized by very high levels of security. The designers, Oxoxvector in the launch of Power assisted bike products is regulated by a formulated set of rules referred to as the “Rules of the Road” (Kanno & Shibata 2013). This refers to a very secret document that describes the different processes and high points that the product has undergone up until its launch (Unger & Eppinger 2011). The members of Oxoxvector designers who were directly responsible for the new product at its different milestones are also depicted in this document (Ullman 2009). This is therefore a very important document in Power assisted bike not just for the design and development of new Power assisted bikes but all other bicycle products. Conclusion From the descriptions of the product design and development process for the Oxoxvector’s Power assisted bike made in this paper, it is clear that the product development strategy utilized by Oxoxvector is unique in comparison to the strategies applied by similar commercial ventures in the present day commercial realms. In spite of the fact that Power assisted bike Bikes start from around £500, and they can up to well over £3000, with plenty of choice in between in the design and production of new Power assisted bikes (and other Power assisted bike products) the end result is usually pleasant. Rather than come up with very successful breakthrough technologies, Oxoxvector designers incline towards the production of efficient creations such as the Power assisted bike, which are then introduced to target consumers in the markets. After such products have been released, Oxoxvector then devotes itself to improving them in order to fit in features and functionalities that are desired by customers. Bibliography Koen, PA 2004, “The Fuzzy Front End for Incremental, Platform, and Breakthrough Products,” PDMA Handbook of New Product Development (2nd Edn), pp. 81–91. Marion, TJ, Fixson, SK & Meyer, MH 2012, “The Problem with Digital Design,”MIT Sloan Management Review, 53 (4), 63-68. Raasch, C 2011, “Product Development in Open Design Communities: A Process Perspective,” International Journal of Innovation & Technology Management, 8, 4, pp. 557-575. Seidel, VP & Fixson, SK 2013, “Adopting “Design Thinking” in Novice Multidisciplinary Teams: The Application and Limits of Design Methods and Reflexive Practices,”Journal of Product Innovation Management, 30 (6). Sköld, M, & Karlsson, C 2013, “Stratifying the Development of Product Platforms: Requirements for Resources, Organization, and Management Styles,” Journal Of Product Innovation Management, 30, pp. 62-76. Ullman, DG 2009, “The Mechanical Design Process (4th Edition),” Mc Graw-Hill. Unger, D, & Eppinger, S 2011, “Improving Product Development Process Design: A Method For Managing Information Flows, Risks, And Iterations,” Journal Of Engineering Design, 22, 10, pp. 689-699. Read More