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This article has been brought to you by both our marketing experts as well as the operations experts to discuss both the aspects of new product development. Experts at my assignment help are committed to deliver excellence to the university student communities. My Assignment Help .com’s mission is to help each student understand the basics of the management studies and help them learn and secure good marks by providing assignment help in all fields of marketing assignment help, dissertation help and essay help. In the article the marketing assignment help experts will be dealing with both the stage one by one, unrevealing the best kept secrets of new product development experts and professionals alike. We ensure the article produced by our esteemed assignment help experts will be an enriching experience and surely help with your assignments.
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New Product Devlopment Assgnment Help
New Product Development is the process of bringing a new service and/or product to different markets. It is often referred as NPD. There are two main stages of NPD which run side by side. The first stage deals with the idea generation and product design, testing the feasibility of product and making it realize with all the expected features satisfying the customer needs. The second stage, which is related to marketing and the focus of the article, deals with the marketing feasibility of the new product and the marketing analysis.
Following are the detailed steps in the stages involved:
- Idea Generation is the first and foremost activity that is absolutely necessary for the new product development (David , 2009). The idea must be new and should have enough potential to deliver strong profits to the firm and realize the potential of the marketers. Most commonly used and widely practiced method of generating a new idea is by SWOT analysis which determines the strength, weakness, opportunity and threat to organization as well as an industry.
- The idea generation process usually results in lot of ideas; some of them are feasible and credible while others are just a farfetched dream. The careful selection of right idea with the potential must be selected by the process called as the idea screening process. Few questions can help us select the right idea for our company as well as its customers, (a) how beneficial is the idea for our target market customers? (b) What does the competitive analysis suggest for the new product, is it bright or a gloomy one resulting in the early demise of the idea itself ?(c) What are the growth prospects of the product in terms of profitability matrix and target market? (d) How feasible is the idea? (e) And, most importantly the idea needs to be profitable for the organization to invest the money into it(Steven, 2004)..
- After the screening and selection of the RIGHT ideas we get into the development of concept and the testing part of the new product. In this phase the organization needs to look into the patents if any and the intellectual property rights filed by other firms(David , 2009).. Need to decide on the key product features which need to be emphasized upon. The expected reaction of the target audience and the benefits provided to them. To find the most cost effective way to produce the new product.
- Business Analysis is the most important part in the phase as this influences the decision of making the product hugely. This actually decides that the new product will see the day light or not. In the analysis the analyst team decides upon the likely selling price, expected sales volume and resulting profits. This is often done on the basis of scenario planning (David , 2009).
- Market Testing of the new Product and the Beta testing: If the product still continues and passes all the tests done by management and the technical team, a prototype is launched and a pilot testing is done with a handful of targeted customers. They use it and give their opinion and feedback on the product. The full fledged launch depends on the results of pilot testing. This is pretty helpful as it helps tie the loose ends of the products and makes it economically viable (Steven, 2004).
- Technical Implementation: deals with the quality of the product and ensures that the product can be produced in masses to leverage the economies of scale. It has more working with the logistics and the operations people ensuring the smooth roll out of product and making them available to the target market.
- Commercialization: is launching the product and promoting it, so that the customers can buy it. This domain is largely part of the sales team who select the best distribution channel for smooth supply of the products(Steven, 2004)..
- Pricing: If everything runs smoothly, then pricing of the product is decided through various means. Though it is a new product hence different strategies can be used to get maximum profitability. But according to the marketing assignment help experts, best pricing option could be price skimming which generally results in the maximum profit. To know more about price skimming please browse through the pricing pages by our assignment help experts or talk to My assignment help .com’s robust customer support.
References:
Steven D (2004) Product Design and Development, 3rd Edition, McGraw-Hill, New York
David G. (2009) The Mechanical Design Process, 4th edition, Mc Graw-Hill, New York
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