A Compare and Contrast of the New Product Development Model

Every company will focus on supplying a service, product, or both. How and where the product is made plays a crucial role in the company’s success. In order to help visualize how the products are made process maps are formatted. These process maps can help to identify areas that need improvement. In order to implement improvement, process development will be implemented. The form of good that a company supplies is also important and to ensure that the best product is distributed product development is conducted. Target Corporation is a complex company, which provides consumers with their necessities.

Companies find opportunities in product innovation by providing new products and services to customers. This keeps current customers interested in doing business with the company and has the potential to attract new customers. Sometimes this is done by creating new products, greatly changing an existing product or by just changing the way the current product is presented. Another form of product innovation is branding. By creating a more positive brand image a company can keep the interest of consumers.

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

It has ability of achieving targeted results. It provides improvement by modifying the process. Employers get motivated to understand new processes.

A. describes the stages a new product idea goes through from beginning to end B. has three major stages

It will enable you to concentrate resources on improving profits, reducing costs , exploring opportunities, knowing of the limitations and increasing returns on investment.

Speedup time to market. Because there are more people involved the process of innovation is faster

But as derived from the companies design for the new product, it is expected that the project will be successful and introduced in the time frame pre determined. In looking that there is already a competitive product out to that of the project, the company is expecting that with the new features, and adds on possibilities it will as well bring a positive outcome for the project (PMI, 2004).

B) The stage gate process is an iterative project management tool in which a project is divided into stages and separated by gates. The rapid prototyping process on the other hand is a product development method that emphasizes more on adjusting/changing the requirements according to the knowledge gained as the project progresses rather than the traditional approach of rigorous planning before the development

Product Development as a marketing technique is where a business develops a new product to sell to existing customers. Such as, if a customer buys a Playstation game and then buys the expansion pack that offers more

Stage-Gate. Stage‐Gate is a value‐creating business process and risk model designed to quickly and profitably transform an organization’s best new ideas into winning new products (Edgett, 2015, p. 1). A Stage-gate development system is remarkably simple: a series of information

The nonproductive network, Strengthen the specialization of production and development of core technologies for the management and operation of the brands and trademarks, as well as sales and services, corporate image planning, logistics system means the manufacturers, vendors, integrated into an organic whole .

the introduction of new products. With its steady drive for improvement and consistently high quality,

Onity, one of the pioneers of electronic door lock systems formerly known as TESA Entry Systems was founded in 1941. Onity is a part of United Technologies Corp.’s (UTC, NYSE:UTX) Building & Industrial Systems division. Onity has set the standards for electronic door locking systems with installations of more than 4 million throughout the world and was second to none in the Hospitality, Corporate, Education, Government and Marine markets since 1984. With the flagship products such as Advance RFID, Advance, HT24, HT28, Front Desk Systems, etc., Onity had its electronic locking systems installed on 22,000 properties in 115 countries. However, fierce competitive products launched by the rivals like Salto and Ingersoll Rand had forced Onity to dive into the market for a narrow styling locking system. The sleek designed locks from Salto in particular were eating into the luxury hotels’ market of Onity.

Starting a new product is never easy for a company. The difficulties they face are diverse in nature, and often they lack initiatives so that customers are not interested in the product.