Developing a New Product - Essay Example

It can be easily achieved by transferring current product technologies to new markets. But depending on old technologies should not be a long-term plan to get a competitive advantage; new technologies should be developed (Mosey 115).

Classification of new products
Mosey (115) has developed a theoretical mechanism to research the behavior divided into two sections. First, a particular quantifiable division of new-to-market products, and secondly, a theoretical representation of the company's capabilities for new product development should be made. The NPD has different typologies of new products -- product capability and technology capability are two dimensions of NPD. These two dimensions incidentally should support the thinking of the customer and the company as well. On the basis of product capability, they have typed either incremental innovations or “new-to-market” products. Performance improves multifold with the introduction of such products in comparison to currently in-use competitive products.

Different types of NPD depend on the usage of technology in their development. The first type of NPD uses the same technology as used earlier. The second type of NPD employs new technology in the firm although it is not new to the outside world. The third type of technology is new innovation in the technology. The second type of technology meets the needs of ordinary customers by being introduced in the new markets; enterprising companies just transfer the technology to new markets. For the operational purpose, a definition of technology as a tool, a system, and a big tool helps in working on the earlier research. From here on technology as a tool was used to make types of product technologies (Mosey 115).

A sequence of process development for attaining the dynamic capability includes
(1) Single product development;
(2) Searching the future; and
(3) Joining routines till the last.

Thus, processes need to be improved first of all. They should be streamlined to know the future trends in technology and marketplace and then be introduced for concurrent and recurrent learning on the development of the new products. New opportunities for partnering with end-users should be used after identifying them. Issues arising out of such situations should be handled by a cross-functional management team with guidance from the company proprietor. The team should be capacitated to change resources and processes to follow the emerging needs arising from new opportunities. To find whether these capabilities can be developed by finding the paths, positions, and processes for new product development depend on the research findings (Mosey 119).