Trace a real or hypothetical new product through the steps in the new product de
ID: 456061 • Letter: T
Question
Trace a real or hypothetical new product through the steps in the new product development process, including idea generation, concept verification and testing, actual development, and test marketing. Discuss the establishment of “go/kill” points, meaning the criteria used to determine whether to proceed with the new product idea or abandon it at various stages in the process.
The idea generation stage should include potential sources of ideas such as trend monitoring, serendipity, or customer focus groups. The concept testing stage should include possible modifications based on feedback from potential customers, such as asking customers how this new product idea compares with present ways of the need the new product is intended to satisfy.
The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response.
Your posting should be about 1 page (400 to 500 words) in length.
Explanation / Answer
New Product Development (NPD) is strategic term used to describe the complete process of developing new product or service and launching it to market. There are two parallel paths concerned NPD process.
Organizations seeks new product development as the first stage in developing and commercializing new products with process of product life cycle in development which is used to have growth and increase market share. There are general categories of new products which may be new to the market like Blue Rey players into the home based electronics movie market), to the company like. Game consoles innovations for Sony, novel and create totally new markets, new product concepts with minor modifications in existing products or completely innovative products or service.
New product development process includes
Idea Generation and screening
Source for New Product Ideas can be
Internal sources
Customers of existing products
Market competitors
Wholesalers or Distributors
Suppliers of existing products
Idea Screening is Process to judge and select feasible good ideas and drop poor ideas with concerning criteria like market Size, Product Price, Development Time & overhead costs involved, Manufacturing Costs, Rate of Return, profit analysis
Design, Product Development and Testing
Design, develop the marketing and engineering information about target market and decide decision maker in the purchasing process. List out which features of product must be incorporated and benefits product provide to end users. This step includes research on how will consumers react to new product and buying behaviour of them. Product should be produced in cost effective manner with proven feasibility. It includes testing of products by asking a sample of prospective customers about new product or ideas
It includes analysis of new product in business or financial perspective
Example Nike : SWOOSH –leader in sports equipment - new Product development from new idea to consumer
Nike is the world's one of the largest sports and fitness company which has identifiable logos the swoosh in sports equipment research and development (R&D) activity. R&D department identified a gap shoe market of sports to have features which mimics barefoot running to strengthen runners' feet and legs and giving them power and speed and comfort with reducing the risk of injury in running. Nike Free, was developed as result and to fill this gap. Nike Free was tested at initial with controlled group and for 12 month release before finally promoted to consumers across worldwide.
Nike anticipate the needs of the consumer as Innovative product to satisfy needs of consumers .
Perfect product positioning and market analysis
Product was positioned as an additional training shoe in sportsman’s kit bag, not as a replacement to traditional running shoes.
Reaching to target consumers
By using various sales promotions strategies like advertising, Nike has created attention-grabbing advertising to reach in market.
Conclusion
Nike has put actions on inspiration and innovation to every athlete in the world and has aim that everybody to be an athlete. As company which is market lead in Sports Company, Nike positions itself to keep at the forefront of product innovation and design. Through extensive research and development activities, the Nike Free shoe was created in response to strengthen athletes’ feet and legs naturally. In strategic promotion, Nike tries to deliver the message that Nike Free is not to replace athletic performance footwear but it is an important part of training to improve performance.
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