New Product Development refers to the process of launching and introducing new products and services in the field of business and engineering. From launching new services to testing new products, there are a lot of crucial aspects associated with this particular phenomenon. One needs to generate new ideas, conduct thorough market research, and design products and services in accordance with the trend. Now that you are willing to know about the same by exploring the fundamentals of a New Product Development process, then here is something for your knowledge.
First things first, you need to understand what exactly does new product development means. In both engineering and business, new product development is said to cover the entire process of bringing a new product or service to the market.
The product design is considered as the primary aspect of development. However, it is to be mentioned that New Product Development shouldn’t necessarily refer to a new product development process. It may involve modification of an already existing product, its presentation and formulation in accordance with the market niche.
An ideal product development ensures the end product will fit all requirements and meet all codes with perfection. From using industry data to improve the product and the entire project to conceptualising the entire idea behind the latest improvements; it’s a lot of things. We shall learn about the same and explore various facets of New Product Development in the following sections.
Now that you know about the definition and functionality of new product development, it’s time to understand the new product development process. Here are the crucial points one must consider. Watch out.
The entire new product development process (NDP) in Australia, the UK, the USA or in any other country across the globe refers to the journey from conception to market. Initially, every potential product or service remains merely a concept. Things tend to change or improve gradually when that very concept is turned into a concrete plan.
The NPD process sets out a series of stages. And the new product is required to go through the same. Here are the key stages one must consider taking his/her products and services through. Take a look.
Generating saleable ideas: Not just ideas, you need to come up with ideas that sell. Prior to planning a new product or a service, you need to generate relevant ideas. Invest enough time in brainstorming, call your board members and employees for a joint meeting and figure what develops at the end of the session. Venturing out without proper planning will always lead you towards potential risks and failures.
Defining the concept: Merely generating a saleable idea is not enough. If you are not defining the concept and making things clear in your head, then the entire idea of new product development will simply go waste. You should consider jotting down the key points and aspects of your idea in a piece of paper, and define the same by highlighting technical feasibility, product specifications and functionalities.
Strategic analysis: It is absolutely important for an individual to analyse each of the strategic points thoroughly. The idea is to evaluate each of the strategies and confirm whether the aspects fit as per your business requirements. Take note of other crucial strategic plans that determine company goals, costs and profit margin.
Product testing: Now comes the most significant stage, which is product testing and development. Prior to introducing or launching a new product, you need to create a prototype and see how things work. If you find loopholes then consider fixing the issue before launching the service or the product.
Market testing: Once you are done testing the product, it’s time for market testing. Take a closer look at the market trend and read your consumers’ mind. Based on their preferences and purchasing behaviour, you may choose to make improvements by modifying the product according to the customer, manufacturer and support organisation’s reviews.
Commercialising the product: Prior to launching the product, consider commercialising it on the basis of price determination. You need to take note of each of the features associated with the product. Once you are done evaluating the same, consider finalising marketing plans based on the proposed price of the service or the product.
Launching the product: And here comes the real deal! Once you are meeting each of the aspects mentioned above, consider launching the product or service accordingly. Jot down the vital points and attributes you would like to talk about during the launch. Make sure that the product launch ensures a seamless introduction to the competitive market.
Now that you are aware of the 7 stages of the new product development process, here are the aspects you should consider exploring.
Launching a new product is no child’s play. You are already aware of the different aspects associated with it. However, there’s more to it. There are certain limitations and challenges associated with the approaches for new product development and launch. Below mentioned are the different challenges one might face. Take note of the same and consider resolving the issues to avoid hindrances in any form.
Technical challenges: Product development and launch in the USA has been acknowledged for doing a good job of standardising the technology. But, what is more, critical in this context is the fact that the technical standards do not always match. Things tend to change as per countries, and that’s where the challenges and limitations are created. For example, the standard electrical voltage tends to differ country wise. So, the products or the services should be designed in accordance with the electrical standards.
This means that each of the product or services meant for different countries are required to be designed separately. Another major challenge associated with new product launch and marketing is the aspect of raw materials. You never know, but the raw materials that are available in the United States might not be easily available in Canada.
Distribution challenges: For example, distributing a new product in the USA might be made easier due to the availability of Wal-Mart and Target. However, the scenario might not be the same in other countries, especially if those countries lack a proper national distribution channel.
In such cases, the new product developers and distributors are required to look for other alternatives. In some cases, countries lacking structured chains of national distributors have to collaborate with regional chains, independent stores and local distributors.
Legal challenges: In addition to technical and distribution challenges, there are legal challenges associated as well. For example, the laws associated with new product development in Australia may vary with the laws prevalent in the USA and the UK.
This, as a result, will require the company to abide by the laws of other countries (in the case of global market penetration). Moreover, certain services and products might get banned or discontinued, if the targeted country does not observe the law in support of the proposed product.
Apart from each of the above-mentioned challenges, there are other limitations concerning the promotion of product, functionality and acceptance. In case there is a deficit of promotional channels and the availability of social media platforms in a particular country, reaching out to a wider base of the audience might be a major issue. If in case the product demo fails to impress the target audience, then the company might have to reorganise things and design the product in accordance with the preference of their clients.
In 2017, a group of innovation team members from UNILEVER approached SPRINT with a simple mission. It was about gaining consumer insight for their new 100% plant-based margarine, available in several oil-inspired flavours. The product was about to hit the market.
UNILEVER was interested to know how consumers would interact with and use the new flavours. The information collected was useful for the company as it helped them to design their product according to the consumer’s choice and behaviour.
However, SPRINT faced the biggest challenge, which was to gain access to the right consumer for this project within a short period of time.
SPRINT reached the target consumers and figured out their experience with UNILEVER’s products. They found out how the consumers used the margarine by uploading images of their margarine-inspired meals.
Steady and interactive conversations were introduced among the consumers. The respondents had the opportunity to view and respond to each other’s experiences related to the product.
Few key questions were raised. The respondents were asked to indicate on what occasions and how frequently they would use the product. In addition, they were also asked why they thought the product was best for them. They were also asked about similar products that could prove to be an ideal substitute.
SPRINT was successful in conducting the research on the UNILEVER product which was scheduled to launch soon. Top-notch and informative insights were drawn within a short timeline. In March 2017, UNILEVER launched its new product successfully.
Are you stuck with the complexity of solving an overly tricky marketing assignment? Are you afraid that a stringent deadline will ruin your performance and reduce your productivity? No worries! Simply choose to count on the expertise of MyAssignmenthelp.com and bid goodbye to stress and anxiety once and for all.
We have the best team of 5,000+ diligent and experienced writers holding scholarly degrees in Marketing. They are available round the clock. So, feel free to get in touch with us during any time of the day and place your order at the earliest. Here’s how we work in order to deliver excellence in every form.
Each of the marketing assignment topics is reviewed and analysed thoroughly.
Our writers are trained to use updated tools that can detect and eliminate critical plagiarism issues with perfection.
We don’t wave green signals to marketing assignments without proofreading and editing the paper with precision.
When it comes to adding references, our writers add relevant citations following each of the rules and academic conventions of different formats and styles of referencing.
Now that you are aware of the various strategies we follow and the aspects we meet in order to craft your marketing assignment with precision, order your copy with us. What’s more? You get to enjoy the benefit of availing flat 30% discount along with a free $20 sign-in bonus. Hurry up!
MS in Computer Sci...
I boast excellent observation and analysis skills. I am excellently thorough with the subject knowing all the aspects, a...
400 Completed Orders
42 Student Reviews
MS in Statistics...
I am skilled in creative writing to craft any kind of assignment especially essays, thesis and dissertations of any kind...
360 Completed Orders
45 Student Reviews
M.sc in Electronic...
Allotting responsibilities and giving directions on achieving the targets within the team. Excellent research and creati...
350 Completed Orders
45 Student Reviews
Msc in Nursing fro...
I am in this field for 15 years, which helps me come up with unique topics and cases for students’ papers. I have comp...
400 Completed Orders
125 Student Reviews
MS in Biology...
I am skilled to do research to find proper content for research papers, thesis and dissertation. I give only verified co...
200 Completed Orders
56 Student Reviews
I took a MBA degre...
Along with an in-depth knowledge in marketing I am also skilled in composing assignments especially case studies with pr...
300 Completed Orders
51 Student Reviews
Masters in Account...
I am thorough with the changing financial scenario in US and the factors behind it. I am also updated with the changing ...
250 Completed Orders
34 Student Reviews