Marketing Development Of New Product Development

This first strategy calls for the creation of more sales without changing the original product, which can achieved through the four P’s of marketing. The next strategy, market development, allows the supplier to find new markets for their current products by using demographic markets to see where the greatest revenue will be based on the target group you are selling to (seniors, teens, etc.). Product development is the next strategy which focuses on new products the modification of current products. This strategy is rather important as without evolving products to meet the ever changing needs of current and potential companies can see a loss in sales and would limit their ability to be competitive in the market. The final strategy is diversification. This strategy calls for companies to attain current or new businesses allowing them to “diversify” their offerings and break into new markets.

Sol. Q2. A) New Product Development (NPD) is defined as the process of bringing a new product to the market on the Business and Engineering fields. It can be also defined as the process of developing a product for sale from a market opportunity. There are various methodologies to develop a product are:

New product developments are one of the main sources of competitive advantage for companies today. Companies need new product to keep up with its’ competitors. New product development can be considered as activities that aim to bring new products to market.

In our textbook[1], it says to move quickly and also avoid expensive new-product failures, companies should follow an organized new-product development process: (1) idea generation, (2) screening, (3) idea evaluation, (4) development (of product and marketing mix), and (5) commercialization. The hypothesis to have marketers to discover product flaws early, and find the remedy to it, has proven unprofitable. This process requires much analysis of the idea before the company spends money to develop and market a product.

     Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting

While some of these differences are the result of legitimate differences in their business strategy, business environment, organization, and the nature of their products, a frequent problem is the lack of a common framework of the best practices of product development. With extensive investment of time, an organization could develop the broad, internal expertise necessary to produce an effective improvement plan for product development. During the entire process from conceptualizing to the launch of new product;the activities of the production and marketing functions are as important as those of product development/design function. Many of these activities are interdependent and the new product design must fit in not only with the production and marketing functions of the company but also with a company’s marketing & operations strategies and the existing systems & policies.If a new design warrants change in these strategies or policies or systems , it needs the wholehearted concurrence of production & marketing functions.

As in the Stage Gate System, the source of our new innovation ideas is not rigid. Anybody can become the major source of the innovation idea. The disruptive innovation model for the 21st century encourages all employees to contribute the organization’s brainstorming of what our next innovation will be (Cooper & Kleinschmidt, 1993).

There are many ways for the product manager (PM) to gather information on their way to creating a successful business plan to present to upper management to justify the funds and support for new product initiatives, projects and activities. The research methodologies of quantitative, qualitative and experimental research are important processes to assess, identify and refine the many variables which help define the path to decision-making for new product development, product lines and product portfolios.

For an existing company product development is the strategy that most companies employ as no company will last long if their products are not constantly developed. The product development strategy has a huge contribution most especially in the fashion market, because fashion changes form season to season, product development of these companies is continuous and constant and must always be updated. According to Strategic Assets retail companies usually takes this route because the product lines are constantly changed to keep up with the changing tastes of the consumers.

“Successful new product development is a critical cornerstone of firm success” (Tuteski, et al., 2015, pg.60). So to improve a business effectively, to experience fulfillment and to gain wisdom for developing competencies, it should follow the strategy of prototyping. The startup prototyping is about making and marketing new products and or service. It is also about how to get the new products to customers ' usability and user experience.

At the most fundamental level, the continual improvements McDonald's New Product Development and Introduction (NPDI) process serve as the catalyst for the continually high levels of creativity the company is achieving in new product design and concept development (Martin, 2002). McDonald's has created a unique and highly differentiated new product development process that ensures every member of the supply chain, procurement teams, quality management, product management, pricing,

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.

1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking.

4) PlayStation gaming company should to create that type of glasses in which there is facility of watching television and playing different type of games. This type of glasses will provide advantage to the people to watch different types of movies, program and play different type of exciting games during traveling.

Companies face critical challenges when making strategic choices in new product development. Many organizations aim to remain competitive through innovation, while others opt for strategies of imitation. This paper will focus on the benefits of imitation over innovation as an effective product development strategy.