Essay On New Product Development
Process has to do with series of activities that are linked or connected. So the process of new product development has to do with the various step NPD team undergo to bring a new product/ service into the market.
THE PROCESS OF NEW PRODUCT DEVELOPMENT
According to Kotler et al. 2008: 254 stated in order to create successful new products, a company must understand its consumers markets and competitors and develop products that deliver superior value to consumers. The company must ensure that they plan about the new product and set a systematic new product development process for bringing new products in the markets. It includes idea generation, idea screening, concept development, marketing strategy development, business analysis, product
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It is not dying fact that engineers working on the directions from consumers. The whole business is aimed towards bringing the technology of new product development and the consumer together in order to maximize profit.
2.6 SUMMARY
New products development as noted by Ewah et al. 2008 are the life blood of any manufacturing companies, however it is of necessary to replace old and outdate products with new and update products to match the expectations of consumers in the markets. A new product development enhances sales, profitability, customer satisfaction and retention of consumers.
2.7 CONCLUSIONS
Manufacturing companies of any kind must increase its ability in bringing new products into the market to boost their profitability. Despite new product development in itself is very risky owing to the fact that there are some new products that fail out rightly. So management must concerns in setting a process for finding and growing successful new products. Ensures that once new products are launch, they want their products to enjoy a long and happy stay in the market that will cover all the risk, the research efforts and impact the profitability of manufacturing
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