preview

Marketing Development Of New Product Development

Better Essays
New product development is a vital segment to consist of a successful business. It closely integrated with the perspective of business. It is a process from idea generation to post evaluation. Strategy development is the first step of the NPD Process. The Beerens et al. (2004) report found that most companies have difficulty in controlling their product development activities because they ignorance the NPD roles and responsibilities, the management experience, and lack of suitable strategies for launching new product. Therefore, developing a clear strategy is essential because it provides the guidelines for resource allocation and also the key criteria against which all projects can be managed through to the market launch. With a well-considered new product development (NPD) strategy, company can avoid wasting time, money and business resources. The strategy will help the company well-organise the product planning and capture your customer’s attention. Idea generation, the systematic search for new product idea. Major sources of new product ideas include internal source and external source such as customers, competitors and others. Using internal source, the company can find new ideas through formal R&D. Companies can also obtain good new-product ideas from any of a number of external sources. For instance, distributors and suppliers can provide ideas for new product development. Due to distributors have close relationship with the market and can collect primary
Get Access