New Product Development ( Npd )

This report outlines the various stages and the evaluation processes that are usually encountered when implementing a new product in the market, which is new to the organization.

When a new product is launched into market, it will go through four stages of product life cycle, which are introduction, growth, maturity, and decline (Kotler and Armstrong 2001). The first three stages, however, may be the optimal period at which the effect of sales promotion can be maximized. Therefore, features of the first three stages and the corresponding marketing targets will be discussed in the following subsections.

New-product development process- Home Depot has a seven-step process to success on a research case study online that it starts with a new design and is built on customers want, identify potential customers and make products to order.

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:

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

- Product Development- product development is composed of existing markets and new products, it occurs when an organisation with a current or existing market undertakes a strategy of creating a new product which provides

Because the external environment of any company is ever-changing, opportunities must be sought and taken to succeed and continue to compete in the marketplace. Such opportunities can be derived from a variety of reasons (such as new regulatory restrictions or internal mandates), so taking the time to properly identify prospective opportunities for product development is absolutely crucial for an advantage over existing and potential competitors (Crawford, Di Benedetto, 2015). While many companies' products are in a position where they could likely continue to thrive as they are, seeking and taking new opportunities to sustain product growth could pay off in the long run.

New product development is crucial for a business to succeed. Firms that decide to introduce a new product to market must create a product-development strategy. The new offering of a product involves the same steps, but it will also depend on the size of the company and the type of product to decide if the product testing will be necessary before launching to market. The new

The following interim report is an overview of the work that I have done during my first work term (4 months) at Xxx. This report will also go in to detail and explain the progress that has been made up to date and my expectations for the remainder of my upcoming work terms. This report will not show any information that Xxx regards as sensitive. This report is for the ELEC 3999A Fall 2017 Co-op course at Carleton University.

Customers will often organize and prioritize their needs differently than the "insiders." In new product development, it is critical to solicit the Voice of the Customer to correct undesirable feature sets, determine most desirable value propositions, and understand future uses and applications of a new product. This also gives the customer an opportunity to offer innovative product/service ideas into the development process. Not only does this result in new perspectives, it also increases customer satisfaction and loyalty when their ideas are implemented.

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.

Product development is when a firm seeks to gain growth by targeting its existing products to new market segments. An example of this with Coca-Cola is vanilla coke. Having had a successful launch in America, Coca Cola decided to launch its new Vanilla flavoured version in Great Britain. Prior to doing so, Coca Cola carried out taste tests and developed the graphical ‘look’ of the Diet Coke brand. When they did this, they took great care to incorporate aspects of the Coca Cola brand, but still differentiating it so consumers would see it as an alternative to Coke.

The stage gate process takes the complex process of taking an idea from the beginning of the concept to launch and divided it into smaller stages and gates (Stage-Gate, 2015). Stage is where project tasks are carried out and gate is the business evaluation and making decision whether to stop or continue the project. Typically there are 5 stages with an additional stage 0 in this model, which are idea discovery, scoping, building the business case, development, testing and validation, and launch (Stage-Gate, 2015). Each stage is separated by gate so that decision makers can have a clear view of the project

Explain the four (4) key stages of the project cycle. Your response MUST describe the key activities involved in EACH stage:

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.