new product development process essay

The New Product Development Process

The new product development is a compound process that consists of diverse stages directed to collecting and analyzing the data related to the market and developing a profitable offer based on the research. Each product development process includes such stages as idea generation, idea screening, feature specification, development, testing, and commercialization. The ideas for a new product can come from anyone, for example, companies’ customers, employees, managers, and their families. Any person can come up with a great idea based on the evidence that proves the target audience’s struggles, as well as anything, can play a role of a trigger for finding the solution to the problem. However, corporations still tend to conduct various brainstormings, meetings, and research centers to generate new ideas.

The idea screening stage is one of the most significant stages as the company estimates the idea based on various criteria such as ease of implementation, profitability, or goodness. Companies need to evaluate all ideas to discredit the bad ones and prevent the loss of investment and profit. At the feature specification stage, the important components of the future good are chosen and estimated. This stage involves the examination of the consumer, the creation of the target audience portrait, and the division of potential buyers into target groups based on specific criteria. These strategies help companies understand which features are the most important for consumers, what additional components can be added to the product, and what is the optimal price for each target group.

The development is one of the most volumetric stages of this process. It includes planning of the production process, creation of prototypes, calculation of all needed variables and parameters, the final offering is suggested, and all good’s specifications are carefully analyzed and documented. This stage provides the physical evidence of how the product looks or what costs it demands. Therefore, the company can find more effective ways of production for this good before its actual launch on the market. Testing follows the development stage and aims to evaluate the practical utility of the good. During the testing process, a group of consumers utilizes the product in their daily routine and gives feedback on the pros and cons of the commodity. At this stage, some minor mistakes can be corrected, or the good can be completely changed based on the experiment’s results. However, further product development can even be stopped if the commodity is considered dangerous or deleterious. For example, this situation is common in drug development; new medicine is usually tested on animals such as rats; therefore, in case some side effects occur, the drug development is started from scratch. However, if no great problems appear at the testing stage, the final product is inculcated in the market, and its performance is estimated.

In new product creation, such notions as invention and innovation are important. However, there is some difference between those two marketing ideas, although both are related to the new product development process. An invention can be defined as the creation of a new product that has no analogs. However, innovation adds value to the invention by improving it. According to Marion (2020), innovation can be defined as the introduction of a new product, service, or method (p.195). For example, Steve Jobs did not create the smartphone, but he created a new model of it. Therefore, it can be called an innovation.

While studying the Unit, I got interested in the product life cycle of various goods. Although I already knew some information on that topic, it was new to me that some products of almost the same qualities can pass through the stages of PLC during different periods. It is seen in the Pepsi example provided in the book. Therefore, I am curious whether there is a way to predict the PLC of a product.

Marion, T. J., & Fixson, S. K. (2020). The transformation of the innovation process: how digital tools are changing work, collaboration, and the organizations in new product development. Journal of Product Innovation Management, 38 (1), 192-215. Web.

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New Product Development - The 7-Step Process Explained

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Delivering innovative products can help you gain a competitive advantage, but maintaining that advantage requires continuously delivering new products that keep pace with your customers' evolving needs. New product development is the key to building and keeping market share and customer loyalty.

What is new product development?

New product development is the end-to-end process of creating a product that has never been brought to market—from idea to concept, prototyping, developing, testing, and launch. It involves building a product strategy and roadmap to successfully guide cross-functional teams and stakeholders through the entire process.

Unlike product enhancements and upgrades that modify and improve existing products, new product development addresses the unique challenges of designing and delivering brand-new products. This article discusses the seven stages of new product development, some challenges Agile teams face along the way, and how you can succeed.

The 7 stages of new product development

Successful Agile software development takes careful planning and good project management practices . The seven stages of new product development guide you through the process by breaking the work into stages or steps.

1. Generating ideas

Every new product begins with a problem and ideas to solve it. Ideas may come from within the company, such as the customer service team, or from outside via customer and market research. In this phase, it's important to gather all ideas without discrimination. The more ideas you can brainstorm, the better.

Products such as Jira Product Discovery help product teams structure the chaos of prolific ideas. Ideas can be supported by data, customer feedback, sales input, support tickets, and more to help shape what the product team should focus on, creating ongoing feedback loops. Idea generation is most effective as a team activity with the outcome of developing the essential elements for a new product. 

To help you prioritize ideas, methods such as a SWOT or Competitive analysis take the guess-work out of the process. When generating ideas, having a clear understanding of where opportunities exist and knowing how the competition stacks up can lead to brainstorming disruptive and game-changing ideas.

2. Screening ideas

Agile teams can use Jira Product Discovery matrixes to view a large number of ideas, using criteria such as impact, effort, and confidence level before scoring and selecting which ideas to move into the next phase. Gathering and organizing product ideas in a centralized tool makes it easier for product teams to prioritize which ideas or features will drive the most impact.

Scoring ideas by product development effort versus the overall impact of the solution is an excellent way to focus on those with the most impact. The SWOT and competitive analysis templates from step 1 can provide the foundation for where to place priorities. 

You can also identify good ideas that are simply not right for this new product but may be suitable for future products and the goals of the team. Screening ideas can be difficult, but aligning each good idea to your goals and comparing its impact to other ideas will help identify the most impactful opportunities.

3. Creating a product strategy

After selecting ideas to develop into a new product, it's time to create your product strategy. This is a concise definition of the need that the new product meets. A good product strategy includes the vision, target market or user, position in the industry, features and benefits, and the value the new product brings to the business. This phase involves creating a clear definition of the requirements.

Confluence offers a strategic plan template that can help you refine your strategy messaging, remove ambiguity, and clearly communicate the goal. From here, the Confluence requirements template walks you through the process of outlining your objectives and success metrics, listing assumptions and options to address them, and adding supporting documentation. These efforts include prototyping and validating with customers, ensuring the product being built will be something that customers actually want.

4. Building a product roadmap

A product roadmap is an action plan. It outlines product functionality and release schedules and helps you manage new product development. Think of the roadmap as the core communication tool for short- and long-term efforts that align with your business goals. It's a shared source of truth for a product’s vision, direction, priorities, and progress over time. Creating a great product roadmap keeps your entire team working together and moving in the same direction. They also make it easy to check in on the work at any time throughout the product development life cycle.

Product teams using Jira Product Discovery can then share their product strategy using always-up-to-date, custom roadmaps to present which ideas will be built, when, and why.

5. Prototyping

Time to market is critical for new product development, and your ability to rapidly prototype and develop products ensures viable solutions. Jira Product Discovery’s integration with software development tools like Jira Software makes it easy to seamlessly connect your entire software delivery lifecycle.

Defects and change requests are simply a fact of new product development, but concise tracking and issue management keep everyone on your team informed, organized, and on schedule. Testing can span both internal quality assurance (QA) teams as well as customers and end users engaged in alpha, beta, or user acceptance testing. Jira Software is the leading tool that Agile teams use for testing, in part because it optimizes the QA workflow by writing and managing test scripts, tracking test cases, and managing defects. 

The product roadmap template from the previous step, along with other Confluence project planning templates , also inform testing and help ensure you miss nothing.

7. Product launch

You only get one chance to make a good first impression, and launching a new product requires careful planning and delivery. Every step in the process is a building block to a successful launch. Confluence’s product launch template helps ensure a smooth launch.

Additionally, sales and marketing, HR, and legal teams are already using your product strategy and roadmap to align messaging, identify opportunities, and ensure regulatory compliance. Using Jira Work Management , they can seamlessly connect their work with the product team’s. It provides a streamlined UI and integrations with the tools they use daily, such as Gantt charts and spreadsheets.

4 main types of product development

There are four types of product development, including:

• New product development : These are products that haven’t been released in the market before, such as software applications that solve new or novel customer problems. 
• New product categories : These products may not be new to the marketplace, but they are new to the company developing them. For example, a software company may expand their offering to include products within the category they currently develop, such as adding tax accounting to their portfolio of personal finance applications. 
• Product line extensions : These expand the products offered within the organization’s existing range of products, such as adding new industries within a category. For example, a company may develop accounting software for the construction industry and decide to extend their accounting software to the airline industry.
• Product enhancements : These are new features and capabilities within existing products. Companies generally design them to provide customers with new or added value. Enhancements respond to changes in the market, performance issues, or new competitive products. 

Example of new product development

Whether creating a new product that hasn’t been seen in the market before, or expanding an existing application to address new geographic locations, understanding the time it will take to develop is essential. 

Jira Software insights help teams make data-driven decisions based on their own historical progress. Insights can come from every aspect of the product development process and provide continuous improvement opportunities with each new product development project.  

3 challenges teams encounter in the new product development process

Great tools can help alleviate the challenges of new product development. Understanding these challenges and how to address them can keep your team on track for a successful launch.

1. Defining clear requirements

When speed is important, the requirements often become an ironclad set of instructions. While clear requirements are necessary, Agile teams must have a shared understanding of and empathy for the customer. Include various members of your team in requirements-gathering activities, such as customer interviews. When designers, developers, and QA share an understanding of user stories, they can produce results more quickly and accurately without maintaining rigid rules.

Confluence’s requirements template gives you the power to capture and update assumptions, use cases, UX design, and scope together.

2. Estimating the development effort

Working with realistic project timelines is essential for bringing new products to market and gaining a competitive advantage. However, product development tasks are notoriously difficult to estimate, and new product development can be even harder. Break work into smaller tasks for more accurate estimates. In addition to giving you more flexibility with resource assignments, smaller tasks minimize the impact on your overall project when something takes longer than expected.

Many Agile teams have switched from traditional estimates to story points—units that measure the effort teams require to fully implement a user story. A user story is an informed explanation of a feature from the user's perspective. With Jira Software, Agile teams track story points, reflect, and quickly recalibrate estimates.

3. Siloed tools

Collaboration is a critical component in your team's success and the success of their products. Development teams use a variety of specialized tools, such as visual design tools for creating mock-ups and instant messaging apps for hosting team discussions. No single tool can provide the specialized functionality for all the needs of the development team. Jira Product Discovery and Jira Software integrate with a wide range of specialized development tools to easily collect and incorporate important information.

How long does new product development take?

The time to develop a new product can vary widely based on the complexity of that product. For example, developing an application that securely processes credit card payments may take magnitudes longer than developing software to track exercise statistics. But a few tips can help reduce the time to market while maintaining quality. 

Expert tips from Atlassian for new product development

Understand the customer.

Begin with the customer’s needs in mind. The time you spend early, interviewing customers and gathering input, helps create a clear product strategy. The entire team should understand the problem they are solving for the customer. It will keep the team on track when they make decisions during development. 

Foster team collaboration

When the team has the tools for seamless collaboration, generating ideas, prioritizing issues, and solving problems is much easier. Today’s product development teams include a wide range of cross-functional roles. The best way to prevent silos and keep the team working together is with collaboration, respect, and genuine appreciation for each other’s contributions. Centralized tools such as Jira Product Discovery and Jira Software help foster this.

Define the requirements

A good product specification outlines the purpose, what the client needs the product to do, the technical and functional requirements to achieve that, design mockups, and even release plans. This foundational document takes time to create, but it helps teams refine and clarify fuzzy requirements and align on the scope of the project. 

Optimize resource allocation

Resource allocation is among the hardest aspects of new product development, so the roadmap must be well-defined before you begin. Understand the tasks included in the project, their dependencies, and the resources required. Visual workflows can help teams identify when you underutilize or overcommit resources. They can also highlight bottlenecks and roadblocks to allow teams to quickly adjust and stay on track. 

Jira makes new product development easier

Jira Software provides success tools for new product development teams to collaborate on and manage work from idea to product launch. Agile teams have made Jira the leading solution for new product development.

Jira Product Discovery is a dedicated tool that aids teams in crucial stages of product development. It helps Agile teams gather and prioritize ideas and align everyone with product roadmaps. 

With Jira Product Discovery matrixes and criteria, you can easily select which ideas to move ahead with, enhancing the experience of product development.

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• Product development process: The 6 stag ...

Product development process: The 6 stages (with examples)

The product development process is a six-stage plan that involves taking a product from initial concept to final market launch. This process helps break down tasks and organize cross-departmental collaboration. Find out how to implement a process of your own.

Product development is both an exciting and difficult endeavor. From initial ideation to research and prototyping, no two product launches are the same. However, there’s a general process that can help you get started with the product development process. 

The product development process describes the six steps needed to take a product from initial concept to final market launch. This includes identifying a market need, researching the competition, ideating a solution, developing a product roadmap, and building a minimum viable product (MVP).

The product development process has evolved in recent years and is now commonly used by dividing each step into six separate phases. This helps better organize the process and break individual deliverables into smaller tasks.  

What is product development?

Is product development the same as product management.

Though they sound almost identical, there's an important difference between product development and product management. Product development describes the process of building a product, where product management is the overseeing of that work. It's a slight difference, but an important distinction. A product manager, who often oversees a team that is in the product development process, will lead product management.

The 6 stages of product development

Not only does the product development process help simplify a launch, but it also encourages cross-team collaboration with teamwork and communication at the forefront of the process. 

Let’s dive into the product life cycle and define the six product phases. All of which can help you successfully launch your next product. 

1. Idea generation (Ideation)

The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research. 

It’s a good idea to consider the following factors when initiating a new product concept:

Target market: Your target market is the consumer profile you’re building your product for. These are your potential customers. This is important to identify in the beginning so you can build your product concept around your target market from the start.  

Existing products: When you have a new product concept, it’s a good idea to evaluate your existing product portfolio. Are there existing products that solve a similar problem? Or does a competitor offer a product that doesn’t allow for market share? And if yes, is your new concept different enough to be viable? Answering these questions can ensure the success of your new concept.

Functionality: While you don’t need a detailed report of the product functionality just yet, you should have a general idea of what functions it will serve. Consider the look and feel of your product and why someone would be interested in purchasing it.

SWOT analysis : Analyzing your product strengths, weaknesses, opportunities, and threats early in the process can help you build the best version of your new concept. This will ensure your product is different from competitors and solves a market gap. 

SCAMPER method : To refine your idea, use brainstorming methods like SCAMPER , which involves substituting, combining, adapting, modifying, putting to another use, eliminating, or rearranging your product concept.   

To validate a product concept, consider documenting ideas in the form of a business case . This will allow all team members to have a clear understanding of the initial product features and the objectives of the new product launch. 

2. Product definition

Once you’ve completed the business case and discussed your target market and product functionality, it’s time to define the product. This is also referred to as scoping or concept development, and focuses on refining the product strategy. 

During this stage, it’s important to define specifics including:

Business analysis: A business analysis consists of mapping out distribution strategy, ecommerce strategy, and a more in-depth competitor analysis. The purpose of this step is to begin building a clearly defined product roadmap.

Value proposition: The value proposition is what problem the product is solving. Consider how it differs from other products in the market. This value can be useful for market research and for developing your marketing strategy.

Success metrics: It’s essential to clarify success metrics early so you can evaluate and measure success once the product is launched. Are there key metrics you want to look out for? These could be basic KPIs like average order value, or something more specific like custom set goals relevant to your organization. 

Marketing strategy: Once you’ve identified your value proposition and success metrics, begin brainstorming a marketing strategy that fits your needs. Consider which channels you want to promote your product on—such as social media or a blog post. While this strategy may need to be revised depending on the finished product, it’s a good idea to think about this when defining your product to begin planning ahead of time. 

Once these ideas have been defined, it’s time to begin building your minimum viable product (MVP) with initial prototyping.

3. Prototyping

During the prototyping stage, your team will intensively research and document the product by creating a more detailed business plan and constructing the product.

These early-stage prototypes might be as simple as a drawing or a more complex computer render of the initial design. These prototypes help you identify areas of risk before you create the product.

During the prototyping phase, you will work on specifics like:

Feasibility analysis: The next step in the process is to evaluate your product strategy based on feasibility. Determine if the workload and estimated timeline are possible to achieve. If not, adjust your dates accordingly and request help from additional stakeholders.

Market risk research: It’s important to analyze any potential risks associated with the production of your product before it’s physically created. This will prevent the product launch from being derailed later on. It will also ensure you communicate risks to the team by documenting them in a risk register . 

Development strategy: Next, you can begin working through your development plan. In other words, know how you’ll be assigning tasks and the timeline of these tasks. One way you can plan tasks and estimate timeline is by using the critical path method . 

MVP: The final outcome of the prototyping stage is a minimum viable product. Think of your MVP as a product that has the features necessary to go to launch with and nothing above what’s necessary for it to function. For example, an MVP bike would include a frame, wheels, and a seat, but wouldn’t contain a basket or bell. Creating an MVP can help your team execute the product launch quicker than building all the desired features, which can drag launch timelines out. Desired features can be added down the road when bandwidth is available.

Now it’s time to begin designing the product for market launch. 

4. Initial design

During the initial design phase, project stakeholders work together to produce a mockup of the product based on the MVP prototype. The design should be created with the target audience in mind and complement the key functions of your product. 

A successful product design may take several iterations to get just right, and may involve communicating with distributors in order to source necessary materials. 

To produce the initial design, you will: 

Source materials: Sourcing materials plays an important role in designing the initial mockup. This may entail working with various vendors and ordering materials or creating your own. Since materials can come from various places, you should document material use in a shared space to reference later if needed.  

Connect with stakeholders: It’s important to keep tight communication during the design phase to verify your initial design is on the right track. Share weekly or daily progress reports to share updates and get approvals as needed. 

Receive initial feedback: When the design is complete, ask senior management and project stakeholders for initial feedback. You can then revise the product design as needed until the final design is ready to be developed and implemented. 

Once the design is approved and ready to be handed off, move onto the validation phase for final testing before launching the product. 

5. Validation and testing

To go live with a new product, you first need to validate and test it. This ensures that every part of the product—from development to marketing—is working effectively before it’s released to the public.

To ensure the quality of your product, complete the following:

Concept development and testing: You may have successfully designed your prototype, but you’ll still need to work through any issues that arise while developing the concept. This could involve software development or the physical production of the initial prototype. Test functionality by enlisting the help of team members and beta testers to quality assure the development. 

Front-end testing: During this stage, test the front-end functionality for risks with development code or consumer-facing errors. This includes checking the ecommerce functionality and ensuring it’s stable for launch.

Test marketing: Before you begin producing your final product, test your marketing plan for functionality and errors. This is also a time to ensure that all campaigns are set up correctly and ready to launch. 

Once your initial testing is complete, you’re ready to begin producing the final product concept and launch it to your customer base. 

6. Commercialization

Now it’s time to commercialize your concept, which involves launching your product and implementing it on your website. 

By now, you’ve finalized the design and quality tested your development and marketing strategy. You should feel confident in your final iteration and be ready to produce your final product. 

In this stage you should be working on:

Product development: This is the physical creation of your product that will be released to your customers. This may require production or additional development for software concepts. Give your team the final prototype and MVP iterations to produce the product to the correct specifications. 

Ecommerce implementation: Once the product has been developed and you’re ready to launch, your development team will transition your ecommerce materials to a live state. This may require additional testing to ensure your live product is functioning as it was intended during the previous front-end testing phase. 

Your final product is now launched. All that’s left is to measure success with the initial success metrics you landed on. 

Product development process examples

Now that you understand the six stages of the product life cycle, let’s look at real world examples of some of the most successful product development strategies of iconic startups to inspire your own.

Example 1: How Figma expanded their product features

Originally started in 2012, Figma was the first professional-grade UI design tool built entirely in the browser. Today, Figma has grown into the leading competitor for design web applications.

Their mission is to make design accessible to more people and help them bring their creativity to life. They’ve shown this by continuously adding new product features—like multiple flow capabilities, a brainstorming timer, and an interactive whiteboard—coordinating successful software releases, and building trust through transparency.

Read our case study to learn how Figma uses Asana to manage development backlogs. 

Example 2: How Uber solved a market gap

While today we think of Uber as the biggest ride-sharing service, that wasn’t always the case. They too started with a compelling product strategy that made them into the innovative company they are today. 

Uber’s strategy began by solving a gap in the existing taxi industry: creating an easier ride-hailing process with simplified payment processing. But they didn’t stop there: they continued to innovate their product portfolio by developing ride tiers ranging from luxury to budget-friendly. 

While each situation varies slightly, with the right product strategy, you too can create an innovative portfolio. 

Who is part of the product development team?

There are many stakeholders and various teams that assist with the product development process. The main leader is the product manager, who oversees all product tasks related to ideation, research, development, and product launch. 

Additional important stakeholders include:

Product management: A product manager oversees all areas of the product life cycle and works to bridge communication gaps between various internal and external teams. The product manager works to initiate new product launches and initiates product ideation and market research.

Project management: A project manager may be involved in the product development process to assist with cross-departmental communication. They might also assist with task delegation and goal tracking.

Design: The design team helps during the prototyping and designing phase to support the visual product concept. It’s important to connect product designs with brand guidelines and UX best practices. 

Development: The development team helps with the implementation of the product on your website. Most commonly, a team of developers will work together to build the new product offering depending on the complexity of the concept.

Marketing: The marketing team will assist with developing the marketing strategy and testing it before the product goes live. They will also measure the success of the marketing initiatives.

Sales: The product manager works with the sales team to come up with an effective strategy and report on success metrics after the product has been implemented. 

Senior management: Senior stakeholders may need to give final approval before the product can go to launch. 

In addition to these important roles, other teams that may be involved are finance, engineering, and any other related stakeholders. All of which can play a role in the process depending on the complexity of the concept. 

The process that simplifies product development

The right product development process can help you streamline each step with organized tasks and team collaboration. The six stages outlined above will get your team through all steps of the process, from initial idea screening to the development phase. 

But you might need help along the way. Coordinate tasks and organize your product development process with Asana for product management . Asana can help get your products to market faster by tracking workload and simplifying planning.

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New Product Development Processes

Introduction.

New product development (NPD) is an important tool for business survival (Hart, Tzokas & Saren 1999; Inwood & Hammond 1993). It enables companies to meet future consumer demand for goods and services (Tidd 2009; Trott 2008; Earle, Earle & Anderson 2005). Organizational issues, such as project planning and timing affect NPD. Companies have consistently innovated to keep up with current and future demands of products and services. This paper is a critical evaluation of NPD processes. Key issues explored in the analysis include the importance of NPD, competitor identification, trends affecting NPD, and NPD models.

Importance of NPD

Theoretical underpinning.

The importance of NPD is represented by multiple theories. For example, the stage-gate model postulates that innovation happens in different phases (Stjepandić 2014; Theodosios 2015; Anderson 2014; Tugrul 2017). The linear model of NPD is another framework of implementation that has dominated the traditional practice of innovation management. It relies on scientific research as the basis for undertaking innovative activities (Narayanamurti & Odumosu 2016; Gaubinger et al. 2014). These theories strive to increase the rate of success in NPD implementation.

Example of NPD Success

Earle and Earle (2008) say that innovation has helped companies to remain relevant in a competitive business environment. For example, Netflix has changed the blockbuster film industry through digital innovation. Consequently, it has risen to the top of the film distribution business and disrupted DVD distribution and content development processes (HBS 2018). According to figure 1 below, Netflix is the leading online video streaming source today.

Example of NPD Failure

Some companies have failed to recognize the importance of innovation and suffered poor market performance. For example, despite Nokia being one of the most successful phone companies in the early 2000s, it failed to innovate and was overtaken by market leaders Apple and Samsung.

Competitor Identification

Baines and Fill (2014) say there are many techniques for identifying competitors. One of them is the supply-based approach, which locates a company’s competitors based on the similarities and differences in attributes it shares with another organization (Parsons & Chiu 2014). The second technique is the demand-based approach. It helps managers to identify competitors by evaluating consumer characteristics (Hahn 2015; Szmigin 2003). Lastly, the product-industry hierarchy is another tool for identifying competitors. The model helps organizations to recognize rivals by categorizing them into different groups (Golder & Mitra 2018).

The three strategies of competitor identification mentioned above may affect new product development by influencing marketing strategies (Parsons & Chiu 2014). For example, Tesla, which is an automobile company, adopted a high-end market strategy by developing luxurious sports cars as opposed to its main rival, Toyota, which targeted the low-end consumer segment, by producing an economic car – Toyota Prius. This example shows that the NPD processes of both companies helped them to define their marketing strategy.

Current Trend

The methodologies for assessing the success and failure of NPD are hinged on traditional indices of corporate performance, such as sales numbers and motivation to launch a product. Several trends affect how companies report these indices. One of them is social responsibility, which refers to the perceived interests of businesses in supporting social goals (Vugec, Tomičić-Pupek & Vukšić 2018). Figure 2 below highlights the key tenets of social responsibility.

Factors affecting social advancement are varied and include (but are not limited to) environmental concerns, gender fairness, and poverty eradication (Kampf 2018; Cheruiyot & Tarus 2015; Wang &Yang 2015).

Effects of Current Trend on Innovation

Social responsibility is one of the most common causes of product failure (Power et al. 2016; Vugec, Tomičić-Pupek & Vukšić 2018; Wigmore-Álvarez & Ruiz-Lozano 2014). In line with the above view, Wang and Yang (2015) say that the lack of social awareness in innovation is linked to poor reception of products and services because many customers today choose to associate themselves with brands that are sensitive to varied social issues. Therefore, socially responsible organizations often have a high chance of success in NPD compared to those that ignore the impact of innovation on society (Kampf 2018; Cheruiyot & Tarus 2015).

The effect of social responsibility on innovation has been reported in the oil sector through Shell’s multinational operations. Catalyzed by concerns from environmental organizations, such as the Greenpeace Movement , the corporation’s drilling technologies were criticized for their adverse environmental effects (Moodie 2016). As a result, the company suffered a negative brand image, which led to financial losses through an 87% decline in its revenues (Moodie 2016).

Comparatively, Nestle Food Company, which operates in the fast-moving consumer goods segment, has benefitted from its innovation processes through an improved brand image, which stems from the positive environmental record associated with its NPD. In some reports, the company has been termed a “game-changer” because of its support for forestation (Moodie 2016).

McDonald’s is another company, which has similarly gained a positive market reception for being cognizant of social issues. Particularly, the company has been lauded for improving the welfare of its workers through pay increments and reducing the use of poultry products, which have high antibiotic content (Moodie 2016). The company also received accolades for phasing out the use of eggs obtained from caged hens (Moodie 2016).

Support for the company has mostly come from animal welfare organizations, such as Mercy for Animals (Moodie 2016). Based on the insights highlighted above, social responsibility is a powerful trend that shapes NPD success. Therefore, its growing importance in the contemporary business environment has an impact on innovation because it improves how customers receive new products or services.

What Has Been the Traditional Practice in NPD?

Firms that want to remain competitive in today’s business environment cannot ignore innovation and product development (Earle & Earle 2000; Earle 1999; Fuller 2005). Product development is an old concept that has been traditionally implemented at the departmental level. The departmental-stage model emerged from this tradition as a product development framework that gives different departments the responsibility to complete specific stages of product development (Godin 2017). However, this model has been criticized for having communication gaps and being slow (Huang, Tu & Kuo 2017; Neumann 2015).

In this regard, it underrates the contribution of other players in the innovation process. There are two versions of the linear framework: the technology-push model and market-push structure. The technology-push model typically follows five key steps that include basic science, design/engineering, manufacturing, marketing, and sales (Narayanamurti & Odumosu 2016). Comparatively, the market push framework is simpler because it only has four phases of development that include market needs identification, development, manufacturing, and sales (Li & Zhang 2015).

This model also recognizes the market as the source of all product development ideas. Although the linear model of innovation is one of the most studied frameworks of product development, it has been criticized for failing to account for the impact of different stages of feedback that characterize NPD (Ko et al. 2015; Dolan 1993).

Addressing Shortcomings

The activity-based model was introduced to address the shortcomings of the departmental-stage and linear models (Tajvidi & Karami 2016). It accommodates feedback loops that are instrumental in improving the quality of the product development process. The activity-based model is also unique because it draws attention to project-oriented processes as opposed to functional activities of innovation (Schaefer 2014; Suharyanti, Subagyo & Bastian 2017). In this regard, any problem associated with the product development process is detected early.

New Product Development and the Diffusion of Innovation

NPD is defined by competing activities, including the generation of new knowledge, screening of new product ideas, concept development and testing, development of product design, test marketing, product commercialization, and product launch. Based on the insights gathered from the models discussed above, my proposed product development model addresses key activities by reviewing them in three phases that include invention, innovation, and diffusion as highlighted in figure 3 below.

The invention stage largely focuses on the generation and screening of new product ideas. The second stage of innovation is the most important one because critical aspects of product development, such as concept and design development are completed here. The last stage in the model is diffusion, which includes key marketing activities for creating awareness about new products, such as test marketing and product commercialization.

This paper has demonstrated that the product development process is dynamic because of the multiplicity of its different parts. The product development models discussed in the analysis are particularly essential in understanding how a culture of innovation could be fostered. However, the goal of product or service development often dictates the appropriateness of each model. Lastly, the need for organizations to become socially responsible is a strong trend that affects product development today because companies are under increased pressure to produce goods and services that do not cause social harm. This trend is likely to influence product development processes in the next decade.

Reference List

Anderson, DM. 2014. Design for manufacturability: how to use concurrent engineering to rapidly develop low-cost, high-quality products for lean production , CRC Press, London.

Baines, P & Fill, C. 2014. Marketing 3EP , Oxford University Press, Oxford.

Cheruiyot, TK & Tarus, DK. 2015. ‘Modeling employee social responsibility as an antecedent to competitiveness outcomes’, SAGE Open , vol. 5, no. 1, pp. 1-13.

Dolan, RJ. 1993. Managing the new product development process , Addison-Wesley Publishing Company, Boston, MA.

Earle, M. 1999. Creating new foods – the product developer’s guide, Chandos Publishing, Oxford.

Earle, M & Earle, R. 2000. Building the future on new products, Leatherhead Publishing, Surrey.

Earle, M & Earle, R. 2008.. Case studies in food product development, Woodhead Publishing, Abington, PE.

Earle, M, Earle, R & Anderson, A. 2005. Food product development , Woodhead, Cambridge, MA.

Fuller, GW 2005. New food product development , 2nd edn, CRC Press, London.

Gaubinger, K, Rabl, M, Swan, S & Werani, T 2014. Innovation and product management: a holistic and practical approach to uncertainty reduction , Springer, London.

Godin, B 2017. Models of innovation: the history of an idea , MIT Press, Cambridge, MA.

Golder, PN & Mitra, D 2018. Handbook of research on new product development , Edward Elgar Publishing, London.

Hahn, T 2015, Cross-industry innovation processes: strategic implications for telecommunication companies , Springer, London.

Hart, S, Tzokas, N & Saren, M 1999, ‘The effectiveness of market information in enhancing new product success rates’, European Journal of Innovation Management , vol. 2, no. 1, pp 20-35.

HBS 2018, The origin of Netflix’s success . Web.

Huang, YC, Tu, JC & Kuo, KP. 2017. ‘Establishing sustainable design and development for plastic mold under product service system’, Advances in Mechanical Engineering , vol. 9, no. 7, pp. 1-10.

Inwood, D & Hammond, J. 1993. Product development: an integrated approach . Kogan Page, London.

Kampf, CE 2018. ‘Connecting corporate and consumer social responsibility through social media activism’. Social Media + Society , vol. 4, no. 1, pp. 1-10.

Ko, YT, Chen, MS, Yang, CC & Zheng, MC 2015, ‘Modelling a contradiction-oriented design approach for innovative product design’, Journal of Engineering Manufacture , vol. 229, no. 1, pp. 199-211.

Li, Y & Zhang, S 2015, ‘Static scheduling in consideration of resource categories in collaborative product development project’, Advances in Mechanical Engineering , vol. 7, no. 10, pp. 1-11.

Mintz, S. 2018. What are corporate social responsibilities . Web.

Moodie, A. 2016. ‘ The world’s most hated company: can NGOs help turn Shell’s reputation around? ’. The Guardian . Web.

Narayanamurti, V & Odumosu, T. 2016. Cycles of invention and discovery , Harvard University Press, Cambridge, MA.

Neumann, F. 2015. Analyzing and modelling interdisciplinary product development: a framework for the analysis of knowledge characteristics and design support , Springer, London.

Parsons, J & Chiu, D (eds.). 2014. Advances in conceptual modelling , Springer, New York, NY.

Power, S, Allouch, A, Brown, P & Tholen, G. 2016. ‘Giving something back? Sentiments of privilege and social responsibility among elite graduates from Britain and France’, International Sociology , vol. 31, no. 3, pp. 305-323.

Schaefer, D (ed.) 2014, Product development in the socio-sphere: game-changing paradigms for 21st-century breakthrough product development and innovation , Springer, London.

Stjepandić, J 2014. Moving integrated product development to service clouds in the global economy, IOS Press, London.

Suharyanti, Y, Subagyo, NA & Bastian, I 2017. ‘A multiple triangulation analysis on the role of product development activities on product success’, International Journal of Engineering Business Management , vol. 9, no. 1, pp. 1-10.

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Tajvidi, M & Karami, A 2016, Product development strategy: innovation capacity and entrepreneurial firm performance in high-tech SMEs , Springer, London.

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Tidd, J 2009, Managing innovation , 4th edn, Wiley, Chichester.

Trott, P 2008, Innovation management & new product development, 4th edn, Pearson Education, Harlow.

Tugrul, DU 2017, Managing technological innovation: tools and methods , World Scientific, London.

Vugec, DS, Tomičić-Pupek, K & Vukšić, VB 2018, ‘Social business process management in practice: overcoming the limitations of the traditional business process management’, International Journal of Engineering Business Management , vol. 10, no. 1, pp. 1-10.

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Wigmore-Álvarez, A & Ruiz-Lozano, M 2014, ‘The United Nations global compact progress reports as management control instruments for social responsibility at Spanish universities’, SAGE Open , vol. 4, no. 2, pp. 1-10.

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Coca Cola’s New Product Development Process

16 Jun 2022

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To obtain or maintain a competitive edge over their competitors, organizations often have to develop new products to complement or replace non-performing or lesser performing products. Furthermore, companies or manufacturers often have to introduce a new product in untapped or emerging markets. Both these occur through a process known as the new product development process. Unmet product demands, trends, and emerging consumer needs play a pivotal role in necessitating new product development. Companies, including Coca Cola, have their well-documented customized NPD framework, which they utilize to achieve the organization’s goals. It is a sequential eight-phase process that involves steps starting from formulating the product and culminating in its introduction to the market for consumers to use. Though stages may overlap or vary slightly from organization to organization, there are certain steps in an establishment’s new product development procedure. Being one of the largest non-alcoholic beverage companies in the world, Coca Cola always aims to maintain its appeal among consumers. Therefore, in response to consumer demand, they needed to introduce a new drink named Real Taste, Zero Sugar. However, introducing a new product to the market often come with many challenges that need addressing. Therefore, it is instrumental for an organization to understand their competition and their target market because successfully introducing a new product is an uphill task. Not all products that enter this new product development process reach the market. 

Steps in the New Product Development Process, their Importance, and Challenges 

There are eight steps in Coca Cola’s new development process, as shown in the table below. 

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The genesis of this process should be all-inclusive, which includes brainstorming and identifying the healthy soda that they need to develop to meet market demand. Coca Cola can get these ideas from either external or internal sources. Internally, employees’ contributions and data from an organization’s research and development are instrumental in determining which new products could need development. On the other hand, ideas could come from external sources, such as external surveys, suppliers or distributors, consumer suggestions or feedback, and even from competitors. Customers are the most important external source of product ideas since they will be the main target and buyers (Alam & Perry, 2002). Therefore, Coca Cola should prioritize their customer’s demands. However, the process of gathering data and information from which to base ideas is often a tedious and time-consuming process that involves consumer interviews among other things. Therefore, the newly developed beverage should satisfactorily provide customer value. The next step in the process involves screening of the ideas, not only to select the best ones from an existing pool but also to identify impracticalities or flaws in the generated ideas. Since product development is expensive, it is crucial to eliminate any flawed ideas and minimize the costs of trial and error of multiple beverages. Screening could have many detrimental challenges such as being time-consuming if different employees do not agree on the merits and faults of different ideas. Furthermore, if the idea comes from external sources, Coca Cola may need to outsource experts if its employees are not very conversant with the product idea. 

After the screening, comes the product’s concept development and testing. A SWOT analysis is a crucial part of this stage to determine a product’s feasibility and design. A product’s concept is a more detailed breakdown of the product to structure it in a precise way that could be presentable to consumers. After that, it is important to physically test and taste the product’s concept with potential customers and Coca Cola employees. For instance, to test the new beverage, it may be necessary to evaluate a product’s sweetness, aftertaste, and fizziness among consumers. This testing is important in identifying problems with the new products, getting customer or employee recommendations, and acquiring data that a company may use for minor tweaks. Coca Cola could also use focus groups and interviews to test the product concept. One of the key challenges in this stage would be acquiring a sufficient sample size to represent a cross-section of the market. Failure here could lead to the development of a niche product. After successful testing, it is necessary to for Coca Cola to develop a viable marketing strategy to facilitate maximum penetration of the product into the market. This stage is important in that it determines how best to supply, price, promote, and sell the product to ensure an optimal market response (Callan, 2019). Moreover, it is at this stage that organizations set marketing budgets and profit targets based on the potential market size and financial plans. Coca Cola can gather online feedback from the potential buyers concerning the product’s images. This stage has several challenges, which include a time-consuming in-depth assessment of a wide range of advertisement platforms and tedious detailing of budgets and projections. Miscalculations, assumptions, or misconceptions are common in this stage as many organizations over-project the impact of advertising on product visibility or popularity. 

It is then important for Coca Cola to conduct a business analysis, including reviews of profit projections and expenses associated with the product to determine whether it aligns with a company’s culture and objectives. In essence, it evaluates the business attractiveness in light of the product before full development. Coca Cola can estimate the new product’s sales from sales of similar products in the past, market surveys, and simulations. The firm must get information on the maximum or minimum expected sales so that they may properly manage their risk in investing ( Takeuchi & Nonaka, 1986 ). If Coca Cola Zero Sugar’s attractiveness exceeds its detriments and challenges it moves to the development stage. It can be challenging for Coca Cola to project the product’s potential profits or its market reception if it is the first of its kind; that is if it is substantially different from similar products. There would be a mock product of Coca Cola Zero Sugar before the development stage. It is during this stage that the concept beverage idea materializes into a tangible and market-ready product. It is important because it will facilitate the creation and finalization of the product customers will consume. Coca Cola would need to invest heavily as it is often the most capital-intensive step of the entire process. Quantity and quality control are paramount in this phase. Coca Cola’s R&D department tests some of the products to ensure they meet certain standards and requirements before mass production starts. The main challenge in this step is the high amount of capital and time necessary to produce a quality product. This investment does not necessarily translate into sales. Furthermore, it is at this stage that Coca Cola could run into challenges, such as environmental requirements for production, and legal operational requirements. 

A handful of Coca Cola workers and customers can test the developed products before they reach the widespread market in the test marketing stage. Here, it subjects the product to realistic market conditions to test the marketing and product rollout strategy. This tests the advertising, targeting, packaging, and positioning strategies before a full launch of the product ( Goulding, 1983 ). This step would precede the commercialization stage and provide the final information about whether the product launch should happen or not. It is very time-intensive because it involves getting feedback and assessing product performance over a fixed amount of time. Testing with realistic market conditions can also lead to losses if the product generates little demand. The commercialization stage involves rolling out the final product to the mass market for consumption. Commercialization is critical in that it facilitates the sales of the developed product and subsequently allows profiting off of it (Olson, Walker, & Ruekert, 1995 ). It can also be very capital-intensive depending on the necessary sales promotion, advertising, or other expenses such as renting or acquiring a sales store. Introduction timing is important in aligning with prevailing economic conditions and competitors’ plans. For instance, if Coca Cola’s rival Pepsi, plans to release a competing product it may be prudent to launch a product sooner. Additionally, if a product is seasonal, Coca Cola should wait for the right time to maximize sales. The other aspect of commercialization that they need to consider is introduction place, which is where to launch the products first. This would ensure that Coca Cola first launches new products in places where they would either incur the least expenses, run into the least number of hurdles, or maximize profits. It is also crucial for Coca Cola to determine the rollout map based on areas that they anticipate the highest demand. One key challenge of commercialization that Coca Cola would run into is the high capital amount required to launch and distribute the product and remunerate the relevant staff. Also, commercialization requires gathering comprehensive feedback to assess the market’s reception of the product. Coca Cola should conduct a post-analysis of the commercialization stage to identify any necessary tweaks in the product or its prices and the sales patterns. 

Conclusion 

Undeniably, the development of a new product is an important undertaking for any organization seeking to get or maintain a competitive edge in the marketplace. Coca Cola frequently develops new products that serve to meet emerging consumer demands, morphing trends, or replacing obsolete alternatives. This healthy beverage product would be both to meet consumer demand and counter a similar product by Pepsi, one of their main competitors. By tapping into these product demands, Coca Cola can benefit greatly if they implement their new product development process well. There are well-established steps in their new product development process that start with creating ideas to eventual commercialization of the product. Each step is of undeniable significance, but also brings challenges to organizations. Ideally, the steps should aim at providing a product that adds consumer value, which will subsequently lead to profitability for an organization. 

References 

Alam, I., & Perry, C. (2002). A customer-oriented new service development process. Journal ofServices Marketing , 16 (6), 515-534. 

Callan, J. (2019, June 27). The new product development process (NPD) - 8 Steps. Retrieved from https://marketing-insider.eu/new-product-development-process/ 

Goulding, I. (1983). New product development: A literature review. European Journal of Marketing , 17 (3), 3–30. doi: 10.1108/eum0000000004811 

Olson, E. M., Walker Jr, O. C., & Ruekert, R. W. (1995). Organizing for effective new product development: The moderating role of product innovativeness. Journal of Marketing , 59 (1), 48-62. 

Takeuchi, H., & Nonaka, I. (1986). The new new product development game. Harvard business review , 64 (1), 137-146. 

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New Product Development Process Example Essay

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• Author Sandra W.

New Product Development Process Sample Essay

            The world is full of opportunities to satisfy unmet needs by creating new products and services. However, the challenge is determining the product of service that will help the organization to meet its objectives. This is because the product that a business chooses must be able to meet the overall objectives of the business, earn the company the desired profit, meet the company’s strategic positioning goals, and conform to the operational requirements of the business. This means that every good product idea is no always visible. It is therefore important that a company does thorough research of the of the new product idea before it begins to mass-produce the product so to avoid new product failure. This paper will outline the process of creating a new product

There are four main stages in the new product development process: idea generation, idea screening, idea evaluation, development of the product, and product commercialization. According to Annacchino (2003), the market is full of opportunities, ideas, concepts, and triggers of new product. Opportunities refer to identifiable business of technology gaps that a business can exploit in order to gain a competitive advantage or solve customer’s problems. An idea refers to a perception of a new product or idea that helps a business to solve the needs that exist in the market (Ahmed, 2014).

A concept refers to a description of a technology needs and the customer benefits that will result from a conceived idea. Triggers, on the other hand, refer to factors within the market that promote the creation of new products ( Urban, Hauser, & Urban, 1993) . One of the triggers to new product idea is advancement in technology, which creates a new opportunity to improve existing products. Another trigger is increase in competition, which forces business organizations to improve their products in order to remain relevant in the market. A company should choose only the ideas that fit into its overall objectives and strategies ( Veryzer, 1998) .

The second step in new product development is screening existing business ideas. The process of screening will help the business to sort out those ideas that fit with the business’ market and technological area of focus. The managers should also look at whether the idea has a potential for growth, is technologically viable, and is legal (Annacchino, 2003).

The third process in new product development is conceptualizing the product idea. One of the main activities that take place in this process is market research. Carrying out the market research helps the managers determine whether there is enough demand for then new product. The data that the business collects during the market research stage helps it in designing a projection of the costs, revenues, and profit from the new product. This will help the managers to determine whether the new product is financially viable. The business should also design a number of working prototypes for the new product. In a restaurant business, the new product prototype can be a new dish or a combination of dishes (Urban, Hauser, & Urban, 1993).

The fourth process of the new product development process is the development of product. During this process, the managers must design the final product and manufacturing the new product or service. This process also involves determining the selling price for the new price, estimating the sales volume, and conducting a market test. This process gives the business a chance to test the new product in the market to determine whether there is any real demand for it before full commercialization (Calantone & Benedetto, 1988). The test marketing helps the business to test the performance of the new product without inventing too many resources in a full-blown marketing campaign.

The fifth step in new product development is the commercialization or the launch of the new product. During this stage, the business should increase the product production and delivery so that the product is available to a larger share of the market. This will also involve observing the marketing data and production costs to determine whether the product will start earning profits as the company increases its sales volume. The company should also design a marketing promotion strategy to market the new product and create awareness in the market (Ahmed, 2014).

            The process of developing a new services such as those offered in restaurants is different to that the process of developing. The differences result from the differences between products and services, namely, intangibility, heterogeneity, perishability, inseparability, and simultaneity in production and consumption of the product and service. These unique features of services make the process of designing and marketing the new service different from that of designing and marketing tangible products. For example, intangibility of services makes it difficult to share the new service idea with others in the organization. This therefore means that the service development team must make the service tangible by the use of flow charts and pictures. Secondly, the new product ties the clients to the service provider or employees of the firm. This means that designing a new service involves more work in training the personnel within the firm in order to offer the new service to the clients (Annacchino, 2003).

            In conclusion, the process of designing a new product or service begins by identifying the opportunities available in the market. Next, the managers must screen the ideas, evaluation the available pool of ideas, develop the product, and commercialize the product. Once the company has commercialized the product, it must design a marketing strategy to promote the new product or service in order to increase awareness among the customers. However, when designing and marketing a product, a firm must keep in mind the unique features of a service and adjust the product development and promotion strategy to match these features.

Ahmed, R. R. (2014). New product development: strategy & implementation mechanism based on primary & secondary data research in pharmaceutical industry.  International Journal of Management, IT and Engineering, 4 (5), 152-176 .

Calantone, R. J., & Benedetto, C. A. (1988). An integrative model of the new product development process.  Journal of Product Innovation Management, 5 (3), 201-215.

Schilling, M. A., & Hill, C. W. (1998). Managing the new product development process: strategic imperatives.  The Academy of Management Executive, 12 (3), 67-81.

Urban, G. L., Hauser, J. R., & Urban, G. L. (1993).  Design and marketing of new products.  Englewood Cliffs, NJ: Prentice Hall.

Veryzer, R. W. (1998). Discontinuous innovation and the new product development process.  Journal of product innovation management, 15 (4), 304-321.

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Nike is a global giant in the sports and fitness sector with products ranging from shoes, sports equipment, accessories and apparels. The primary reason for Nike’s sustained success over the decades is their cutting edge and innovative products, thus, the new product development process is the key, with Nike pushing the boundaries across the value chain to produce products that is effective in terms of injury reduction, performance and most importantly the comfort level of the user. Nike’s world famous Explore Team Sport Research Lab, is at the heart of product development process, the process starts with understanding the needs of the consumers, at Nike the slogan is ‘If you have a body you are an athlete’, thus, the key focus is to play with the knowledge and insight for the anticipated target market (About Nike). Second step is to focus on the research of biomechanics, physiology, and sensory perception and data science that result in the finalization of the design brief. The lab then develops prototypes that are then tested in different conditions, to check out the kinetics, pressure points, speed, in essence all aspects that are the key in the selected product brief. The final step in the new product development is known as the Process; that includes different groups starting with researcher’s gathering insight from elite athletes from different sports, next the scientists explore the advanced scientific concepts to improve the performance radically. The applied research team then focuses on the specific demands of running in relation to the sports being focused, for product development & finally, the last group ensures that the product meets all the requirements before market launch as stated in the design brief.

About Nike. Nike Explore Team Sport Research Lab. 2016. Web 07 April, 2016.

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57 Product Development Essay Topic Ideas & Examples

🏆 best product development topic ideas & essay examples, 👍 good essay topics on product development.

• Nike New Product Development: Strategy and Ideas | Nike Report Marketing strategy development This stage entails formulating a marketing strategy that will be used in the process of introducing the product to the market.
• McDonald’s Company: New Product-Menu Development One of the main factors that contributed to McDonald’s introducing the balanced lifestyle menus was the changing needs of the customers. We will write a custom essay specifically for you by our professional experts 808 writers online Learn More
• Sleep and Wake Pillow Product Development & Marketing Most producers of pillows ignore the fact that people have different sleeping styles hence the need to design a variety of pillow types to suit the needs for all.
• New Product Development: Smart Shopping Cart The ability of the Smart Shopping Cart to meet the customer’s shopping demands by quickening the checkout time will help the company retailing this product to be successful in the U.S.market.
• Foldable Fabric Trolley: Product Design and Development This phase finalize the lase stage of our project, in which it demonstrates the final product design, manufacturing plan and decision analysis, refer to Figure 2.
• Unilever’s Product Development: Collaborative Innovation There is the possibility of the comprehensive use of the efforts of the project partners at the preproduction, production, and marketing stages, which contribute to the achievement of positive externalities due to the synergistic effect.
• New Food Product Development In most cases the food may be free of pathogens but if the environment of preparation is full of normal flora, the possibility of gross contamination of food may take place and this is the […]
• New Product Development of Nokia The process of developing a new product begins when a firm identifies the need to generate a new product line to meet the needs of the customers.
• The Process of Product Development Thus, it is necessary to evaluate the physical qualities and functions of the developing product according to their attractiveness for the target audience and possibilities of the company to produce the product of such a […]
• Drink-At-Home Inc.’s New Product Development Plan In the case of the Drink-At-Home, Inc.those factors are the possibility of the final product not corresponding to the developers’ conception and the possibility that the other companies develop a similar product faster.
• New Product Development (NDP) The paper also conducts interviews on customers and company employees about the reception of Google China’s new products with the aim of developing an understanding on the effectiveness of NPD practices of the company.
• GE: Product and Process Development Headquartered in Boston, MA, GE is a giant digital industrial conglomerate dealing in a wide a range of products and services spanning from aircraft engines and parts, medical imaging, financing and power generation to industrial […]
• IDEO Product Development Strategies and Procedures David Kelly took over the leadership of IDEO since he was the owner of the largest company among the three. The increased demand for the firm’s services also led to the establishment of design centers […]
• General Motors Product Development The success of General Motors is credited to its effective leadership. The leadership has helped General Motors to abolish bureaucracy and encourage innovation.
• Product Development Model In order for a product to be successful in the market, several factors have to be considered to ensure that the new product is capable of overcoming the competition that is present in the market.
• The New Product Development Process Customer involvement in the product or service development process is the interaction or collaboration between the users of the product or service and the employees of a company during the period of product development to […]
• Generation of Unique Idea as a Success of the New Product Development Process The success of the new product development process hinges upon the uniqueness of the ideas generated. This method focuses on the inadequacies of the organization’s product to come up with ideas for developing improved products.
• Soren Chemicals: Product Development Jen Moritz was the Marketing Manager for The Water Treatment Group of Companies. She was responsible for the development of chemicals for treating drinking water and for maintaining pools.
• Globalization in the New Product Development Context However, the impact of the corporate entrepreneurship on the development a new products or services is still not quite obvious, and the effects of the new approach are yet to be seen.
• Tourism Product Development Additionally, they can be accompanied by supplementary materials, in particular, brochures that can tell buyers more about the history of a specific tourist site.
• New Product Development: Stew Leonard’s In order to improve the ability of the new product to provide customers with the needed energy within a short duration after consumption, it is imperative for the firm to ensure that the snack product […]
• The Article Overview – Another Look at How Toyota Integrates Product Development The authors reveal the most effective strategies that can be used to improve the process of product development. One of the major findings of the article is that many of strategies used at Toyota can […]
• New Product Development Process The first stage of a product development process is the idea generation stage where new ideas regarding new products are generated by the research and development department. The market demand is very important for a […]
• The Acme Toy Company’s New Product Development According to its structure, the toy can be in the form of some fantastic animal. Emphasis on uncovering the innovative capabilities of a product is vital when serving it to customers.
• Smart Glasses: The Product Development The second problem is the need to change the lenses in the glasses in case of changes in vision abilities. We will draw a picture of the challenges we need to solve with our product.
• Rapid Product Development Technology In the 21st century this is not the case because today, one of the major goals of businesses is cost-efficiency and the need to reduce time-to-market.
• New Product Development and Its Evaluation This means that a group of market researchers is developing a strategy to launch a new business product to satisfy customers’ demands and to keep its position in the market.
• Product Development: Nespresso Growth Strategies The major responsibility of Nespresso marketing is to deliver and maintain the highest possible standard of living, to see that products and services offered for sale are those desired by consumers, and to distribute them […]
• Saturn Corporation’s Product Development in 2005-06 The purpose of the research is to investigate the product development strategies of Saturn corporation during 2005-2006 and evaluate their impact on the company’s performance.
• Trends in the Product Development of Private Labels of Major Retailers It is necessary to mention, that there are numerous factors, that influence the following development of the product, and it relates not only to private labels but to every if it is not only the […]
• Social Value of New Product Development Activities The marketing mix models are concerned with either: The individual effect of a marketing decision variable and The levels of the marketing mix variables as their optimal effect on the target variable or profitability New […]
• Product Development, Branding, and Pricing Strategies Definitions The assigned topic deals with the importance of interconnectivity between the development of a product, it’s branding, and price, as well as possible tactics regarding its financial value.
• The Food Company New Product Development Group Furthermore, the significance of the project to the organization could be gauged from Gerry’s move to choose the most creative person within the company to head the new project.
• Social Networking Services and Product Development As regards our particular case, where we wish to harness the power of social networking for the benefit of the university community, a number of considerations must be taken into account.
• Ford Motors Company’s New Product Development Ford Motors will be introducing a new product in the UAE market that the company distinguishes to be one of the most innovative products in its car-making history.
• Car Seat: New Product Development Built utilizing extensive tests in ergonomic design and safety standards the Ford Prish car seat utilizes a conjunction of safety foam, impact webbing, durable materials, and safety straps to ensure the protection of an infant […]
• Product Development Strategies and Their Advantages The issue is that it may not be an easy task to justify such expenses most of the time, and many enterprises prefer approaches that are more traditional.
• New Product Development in the Highly-Competitive Bread Market Comprehensive information about market style and dynamics by determines attractive for Hovis, feasible, and profitability in line with the aims and strategic objectives.
• Fireless Cooker Product Development The production team has done a great job and is in the process of acquiring inventory that will be needed for the purpose of product manufacturing.
• Microsoft’s Challenges in Office Product Development For Office 2000, the major challenge Microsoft had to bypass was the internet [1]. The milestone concept was a good idea for Microsoft to manage the design and development of office 2000 [1].
• Squeeze Ball Product Development and Marketing Thus, the findings of the market research were to generate insight on the prevailing gaps concerning the available products in the market with the aim of fostering the intellectual, social, and physical development among children.
• Autonomous Vehicles Product Development and Launch Software experts will be expected to identify the existing opportunities, challenges, and prospects that might dictate the future of the technology.
• Pharmaceutical Product Development Inc.’s McGinty-Moss Assessment It is significant for PPD, Inc to understand its culture since organizational culture is the internal constitute of the institution. It is significant to know both the weaknesses and strengths of the organization to understand […]
• Tata Nano Company’ New Product Development In order to enhance the purchasing process, the organization will need to consider the promotion campaign, which will ensure the target Indian population in the safety of the car and the reasonability of the purchase.
• The Concept of Product Development The main objective will be examination of the effect of new product development processes to the Organization’s performance and general attitude towards the use of ‘Natures’ energy drink within the market environment.
• The Approaches and Methodologies of New Product Development The primary sources of data will include members of the product team, the marketing and sales managers, the manufacturing and production managers and the other employees who were involved in the new product development process.
• New Product Development Process at the Harmonium Media According to the trends observable in established organizations, new product development is usually the initial phase as far as generation as well as the commercialization of new products within an aggregate strategic process with regard […]
• Challenges in the New Product Development One of the ways through which the product development manager can achieve this is by ensuring participation of the various functional teams in the formulation of policies, procedures and the practices to be adopted in […]
• SmartBizSystems: New Product Development Concept In order to develop a recommendation that would help SmartBizSystems to be able to market their products, one must be able to understand the skills that are employed by the company in a bid to […]
• Textile Product Development and Engineering One of the major uses of cotton material is the production of clothing materials and one of the significant features of a good clothing material is lightness that in most cases is determined by the […]
• The Product and Service Development Process This makes it relatively easy to get increased input and active involvement of consumers in the product and service development process.
• Consumer Research in the Early Stages of New Product Development The researchers suggest that the lack of attention to this step can be due to the lack of the knowledge of effective methodology.
• Portfolio Management for New Product Development The major goals of the present study are as follows: to define the role of portfolio management, to point out the most popular techniques and define which of these dominate, to describe the portfolio methods […]
• Product Development Management For any manufacturing industry to make any meaningful success in the competitive market, proper management of the new product development process, is a must to ensure the correct products are rolled to the market at […]
• Collabo: Product Development This is meant to cover the cost of the features and the profit margins so that the firm can be efficient in its operations.
• The Process of the New Product Development Market testing and beta testing In this stage, the company will have to test the product in the market and make the necessary adjustments in relation to customer needs and expectations.
• Urban Outfitters: A “Niche” Product Development In the case of Urban Outfitters, they had come up with unique business but getting Patents and trademarks was an issue.”Niche” product is a unique product or service offered in the market as a sub-segment […]
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The New Product Development Process

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Creating new products for consumers in the market benefits both the organization and customers. For our case, the new product would be an improvement to the organization’s existing product. Precisely, the product that I will introduce to the market is a new and improved frozen orange juice concentrate. It is a minor change to the product, but it would result in a significant amount of benefits to the organization. The package of the product will have a different appearance to that of the frozen juice concentrate. The package will have the words “new and improved” because the product possesses an excellent flavor and it is practically free from defects. The product will have varying colors that will include pink, orange, light yellow and purple-red colors. The package of the product would be in plastic containers and cans. Moreover, the new and improved frozen juice concentrate possess a long shelf life; hence, storing the product would be easier for consumers who would like to buy them in bulk.

With the introduction of the new product to the market, its development process will entail the following. First, the development process will involve generation of an idea. The organization will engage in developing many ideas and settle on one that is worth pursuing. The major sources from which an organization can generate ideas include competitors, customers, and suppliers. Similarly, conducting a SWOT analysis is important because it incorporates the current market trends (Lamb, 2012). Second, the marketing team will engage in idea screening whereby unsuitable ideas would be rejected. The committee will have a thorough analysis of the new idea keeping in mind the reaction of the consumers towards the new product. The screening criteria will entail techniques that will involve open discussions with the concerned parties (Lamb, 2012). For our case, our new product would add benefit to the existing benefits being offered by the current products in the market.

Third, in concept development and testing, the organization will present the new product idea to the target market and get the reaction of the consumers. Besides, the organization uses concept development and testing to acts as a predictor of success for the new product. Fourth, business analysis entails product ideas that have passed the screening stage of the development process. The marketing team will specify product features and resources that will be helpful during the production process (Pride, Hughes & Kapoor, 2010). In addition, it will involve calculation of preliminary figures for sales, demand, cost, and profitability. The committee will estimate and compare the costs and revenue the new product might generate. Fifth, after the approval of the new product, a prototype is developed, and it will entail the package design, physical characteristics and brand name. The prototype should satisfy and excite the customers and produced within the budget set. Functional tests will be conducted to ascertain the safety and effectiveness of the new product.

Sixth, with test marketing, the organization will introduce the product and the marketing program to the realistic market settings. The process allows the organization to adjust the marketing mix before enduring the expense of launching the product. Finally, the organization will engage in the commercialization of the new product. It involves the decision to introduce the product to the market. The decision will depend on the company’s ability to bear risk and reach to all the distribution targets.

For a product to run smoothly and have a great impact on the market, it needs an effective launch strategy. The product that the organization will launch to the market is a new and improved frozen orange juice concentrate. The objectives for launching this new product include the following. First, the organization would like to increase the sales of frozen orange juice concentrate by 20 percent within the first two months of its introduction to the market. Second, the company has the objective to increase the brand awareness of the new product by 15 percent in five months. Third, the organization would provide two clear differences between its products compared to what the competitors offer.

With the objectives being set, it is important for the marketing team to develop a strategy that will ensure a successful launch of the new product. The product targets both young and old people. Multisegment marketing would be ideal for this case since it allows the organization to meet the needs of the different segment of customers. The market positioning strategy for this product is different from that of the competitors. Positioning in an advertisement will include a motivational advert that shows the benefits consumers will derive from consuming the product. For instance, the advert would have a combination of a teenager and an old man enjoying the good taste and flavor of frozen orange juice concentrate. The other strategy is the use of promotional platforms such as social media sites and blogs. The social media sites will keep the consumers informed about the new product (Armstrong, Adam, Denize & Kotler, 2014). Similarly, the use blogs and company’s official website is ideal since consumers will get up to date information about the product. Therefore, the company will generate post such as “coming soon” on the social media and websites to create awareness of the brand.

It is the responsibility of the company to review its pricing strategies and set one that will be used when selling the product to the customers. An organization can set a price to maximize profitability, defend the existing market or increase market share. For our case, the company will use a pricing strategy because of its need to launch the new product to the market. The company will use penetration-pricing strategy when entering the market. The strategy entails setting a price below the normal market price with the objective of increasing the market share of the new product (Pride, Hughes & Kapoor, 2010). Moreover, the strategy will provide room for the organization to increase the price of the frozen orange juice concentrate once is objective is met. Setting the price lower than the intended price would attract more customers since the product is affordable.

The diagram below provides an illustration of how the marketing budget for the frozen orange juice concentrate is allocated. From the illustration, the company can decide to make changes where necessary.

Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing . Pearson Australia.

Lamb, C. W. (2012). Marketing. Toronto: Nelson Education.

Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2010). Business . Australia: South-Western/Cengage Learning.

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