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Product development - Assignment Example

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Since the last two decades, companies have taken up the strategy to develop new [products and launch in the market to get the competitive advantage over other companies. In this global competitive market it is very necessary to keep coming up with new creative and innovative…
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Download file to see previous pages development of new products has increased a lot and also the products are developed at a good speed with high performance and also to get cost advantage. This process has become more stringent and also the companies have looked to focus a lot on this side. The companies need to have a good co-ordination, need to improve well and also reconfigure the whole capabilities of the company.
Though for the company it is very important that all the departments do perform well and in efficient way. The suppliers do also affect a lot in the way the company introduces a new product in the market. The Original Equipment Manufacturers (OEMs) are one of the major players who decide and give the idea about the new product that can be developed by the company for attracting more number of customers.
For any particular company which does produces goods the suppliers and the Original Equipment Manufacturers (OEMs) do play a vital role. The company does depend a lot on its 1st tier and 2nd tier suppliers for the materials so that they can look forward towards developing a new concept and a new product. There are basically 7 steps involved in the new product development process (Barclay, Dann and Holroyd, 2010, pp. 34-37). The steps are been shown in the diagrammatic form in the below diagram.
In this process the strategy is been developed which is related to the development of the new product in the company which should be in line with the objectives that are been followed by the company and also must help the company to achieve its goals.
In this step the return on investment with regard to the new product that is going to be developed is been determined and estimated which gives a clear indication of how the new product can be beneficial for the company.
In this step the new product is been commercialized and launched in the market for the customers to get more market share and also to get competitive advantage over the competitors (Fuller, 2011, pp. 45-49).
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