StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Product development - Assignment Example

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.6% of users find it useful
Product development
Read TextPreview

Extract of sample "Product development"

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).
The involvement ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Product development Assignment Example | Topics and Well Written Essays - 4500 words”, n.d.)
Retrieved from https://studentshare.org/management/1645274-product-development
(Product Development Assignment Example | Topics and Well Written Essays - 4500 Words)
https://studentshare.org/management/1645274-product-development.
“Product Development Assignment Example | Topics and Well Written Essays - 4500 Words”, n.d. https://studentshare.org/management/1645274-product-development.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Product development

Pricing - New Product Development

...? Pricing-New Product Development The Company The company is about to introduce a new product in UK market, which is an “eco car bin’’, a restoring eco friendly product. The aim is to launch the product in utmost 200 sites of the country and with a strong pricing strategy. In long-term goals, the primary objective is to initiate a marketing mix strategy with a right set price for effective product development. Market promotion is a secondary stage, which would be possible if a pricing strategy is there to meet it adequately. Analysis of design and technical features of the product are essential part of...
14 Pages(3500 words)Essay

Product development

...?Research Question: Is product development the best approach to have a competitive advantage over your competitors? Introduction: Various studies have been conducted on how a company can build a competitive edge over its competitors. Through majority studies it has been proved that though development of a new product might not be the only way of building competitive advantage but it is one of the best approaches that can be applied. Product development process is basically an introduction of a new product which every company has to go through at a certain point of time. Individual’s needs and wants change with time,...
7 Pages(1750 words)Assignment

Product Development

...CEO Vice president of Marketing June 6, New Product Development I am writing to inform you about new type of product that Marketing Department proposes to launch. Taking into account the fact that for several years our company has been producing paper clips of the same type, it is recommended to modify our product for making it fit with the requirements of the market. The strategy of new product development is implemented in seven steps, which let to analyze and appraise reasonability and effectiveness of new commodity line in a full way. The stages of product development are the following: Idea...
2 Pages(500 words)Essay

Product Development Process

...PRODUCT DEVELOPMENT PROCESS Introduction As firms undertake the process of creating or manufacturing a new merchandise or item for consumption, every design project is considered distinct since the objective is to craft and produce a product (or a product variant) that does not yet exist. Moreover, the prospective work is shaped and affected by the differences in the context where it takes place, such as company organisation, strategies, procedures, market, legislation, society, technologies and knowledge, and the knowledge and experience of the team members (Blessing 2002). Moving into the 21st century, new challenges and opportunities have emerged driven by global...
20 Pages(5000 words)Assignment

Product Development

...New product development is an integral part of the evolution of the company in the future. New products keep the companies momentum going. New products may be variants of an existing one like new packaging or a new flavour or a slight modification. Alternatively, it may be a very new concept set to revolutionise the market. The life cycle of the product development of the Sony spherical speaker went through the following phases. Marketing Research A new product development process starts with the search for ideas. Many of the best ideas come with asking the customer what they need. Being the primary...
12 Pages(3000 words)Essay

Product development

...What the target markets are for the art? There is a great deal of examples when new-products fail because of too small market attractiveness, that is why it is extremely important to identify the target market. Broadly, the target market for the art consists of all people who are interested in art and have a possibility to buy the fruits of creativity. However, this group of customers could be divided into separate representatives: businessmen who buy masterpieces as an investment, gallery-owners who buy to re-sell in future, ordinary people who want to present their dearest and nearest an original gift etc. There are two main ways how the artist can choose the target market for his “products”: 1) He...
3 Pages(750 words)Essay

New product development

...New product development Establish how your chosen company currently produces new products. Ensure you check all the stages of the new product process, some may be very informal. Introduction: Cadbury, an UK based confectionary company, is one of the world’s largest confectionaries. Some of the products of Cadbury include milk chocolates, Dairy Milk, Bourneville, Picnic, Curly Wurly, Crunchie, Brunch bar, etc. Dairy Milk was one of the prized brand name and Cadbury’s foremost chocolate bar by profits. The newly designed product is ‘challenge bar’. The company values on quality, worth for the cash paying and superior promotion. These...
10 Pages(2500 words)Essay

New Product Development

...New Product Development Introduction The new product development is basically an iterative process by step by step implementing and analyzing the development process. The processes involved in the whole system starts from generation of ideas for new product and ends with the commercialization or launch of the product. New product development process Idea Generation Idea generates from different sources. It may be by the influence of the competitor or from the customer. Ideas can be either generated from the internal source like through research and development or from...
6 Pages(1500 words)Essay

New Product Development Process

...New product development: Organic Food Restaurant Consumers in the 21st have developed an interest in organic foods especially after the establishment of the USDA standard (Knudson, 2007). It has resulted to a dramatic expansion of the organic food market. Restaurants have taken up the trend but unlike the supermarkets or other groceries they prepare ready to consume meals or served as dessert. Developing new restaurant product menu is critical to provide solutions to emerging needs and variety for consumers to choose from. It also serves as a way of expanding the product line and increasing the product mix (Kotler and...
3 Pages(750 words)Coursework

Product Development

... Product development Samsonite has realized that by blending technology and marketing of their new products, they can be competitive in the market. This idea has added impetus to the business’ production abilities, which are aimed at ensuring that the customer gets the best value for his money. The company’s core competencies are in its technological and marketing field. The company has employed the latest technology in ensuring that they not only make a bag that accommodates a lot of personal items, but also that the bag is safe. With flight passengers being the company’s target market, it hopes to be aggressive in its marketing including the use of social media. In...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Product development for FREE!

Contact Us