the conventional New-Product Development Process- What are the steps here and wh
ID: 1216175 • Letter: T
Question
the conventional New-Product Development Process- What are the steps here and what goes on where? Which do you feel creates the greatest challenges and why? While we are at it....New products can be everything from new-to- the-world products to minor revisions to existing lines...What are the possible gyrations here? Does one category succeed and/or fail the most and why? What category do most new products fit into and why? And...Finally...With this well thought out work on new product development...Is new product failure an issue? Why do new products fail?
Explanation / Answer
Answer:
New Product Development (NPD) process:
The New Product Development process can be described as “In the literature as the transformation of a market opportunity into a product available for sale.” To create the next product in a company’s product line a design team goes through product development process steps. It can be followed the below steps:
In the new product development process, the market research plays a crucial role to planning to start a new business. Why because before starting the business we can know briefly what the structure, size, shape of the firm or industry, where we can start, what is the market position and etc., about the business to minimizing risk. They producers have to find potential customers to develop the business and what are the strategies we can produce to attracting them for invest our time and money.
The most of causes for fell down the new business like lack of capital, poor cash flow management, no strong business plan, lack of market understanding, weak products technological problems, poor advertising and understanding the competition. Therefore, we can observe all of these strategies with brief manner for success the business. In this process we should consider the market structure, market value, what price we can fix and how much we can earn profits.
The advertisement is very important to developed the new business, because we unable to reach customers without advertisement. So we can choose to advertising what is the best strategy for reach our intention to customers through websites, social networking like Face book, major television, magazines and newspapers. What type of testing will work best fields business depends on who you’re trying to reach our budget a new product you try and most cost-effect message to customers. These all are the biggest flat forms to develop a new business plan.
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