New Product Development Processes

International Journal of Academic Research in Business and Social Sciences, 2017

In our modern age that is having a quite fast and dizzy economic and social alteration and progress, witnessing a new technological product each and every day, and in which the expectations of consumers are getting higher and higher; enterprises have to be successful and sometimes manage to survive. Shortening life span of a product and the fact that consumers ask for a higher quality and a richer variety than past times maket he job of enterprises more difficult.Therefore, in order to be a successful business enterprise which is keeping its place in business world, it has been an obligation to put forward the products that have the expected qualifications by the consumers into the market on the right time without having a lack of quality.

Journal of Product Innovation Management, 1987

Marketing, 2018

A product which can be a physical object or a service should be functional and emotional to satisfy the customer's need, and to offer value, be delivered as the way customer demanded. Also, it has to include other specific elements like providing customer services. New product is the result of a creative and unique idea that is able to make consumers satisfied. In the process of new product development, it should not be thought that the change will only be on product physically but also on every aspect of the product. The difference between ideas increases production of different goods. The different kind of goods can positively affect the customers' opinion about a business. When a new business starts to produce a product which satisfies customer's need, then the demand of competitor's product which was already in the market may be decreased. Establishment of new product development (NPD) departments and their direct influence in the production process is crucial for businesses. They can determine demand and needs of consumers by applying different theories. These theories can be classified as (i) product-service systems, (ii) the Kano model, (iii) conjoint analysis, (iv) the product value matrix and (v) quality function deployment.

Http Dx Doi Org 10 1080 0267257x 1985 9963973, 2010

In this paper the author examines some of the problems associated with customerinitiated or competitor-initiated new product development. He argues that in many cases models of new product development are out of touch with reality and the use of such models is limited to specific types of new product situation. Several case studies of everyday new product situations which do not conform to the prescribed stages of new product development models are reviewed.

Journal of Product Innovation Management, 2006

Does product innovativeness affect new product success? The current research proposes that the ambiguity in findings may be due to an overly holistic conceptualization of product innovativeness that has erroneously included the concepts of product advantage and customer familiarity. This article illustrates how the same measures have often been used to assess product advantage with product innovativeness and product innovativeness with customer familiarity. These paired overlaps in measurement use are clarified in this research, which decomposes dimensions of product innovativeness along conceptual lines into distinct product innovativeness, product advantage, and customer familiarity constructs. To further support this decomposition, structural equation modeling is used to empirically test the distinctions. The measurement model supports the conceptual separation, and the path model reveals contingent effects of product innovativeness. Although product innovativeness enhances product advantage, a high level of innovativeness reduces customer familiarity, indicating that product innovativeness can be detrimental to new product success if customers are not sufficiently familiar with the nature of the new product and if innovativeness fails to improve product advantage. This exercise in metric development also reveals that after controlling for product advantage and customer familiarity, product innovativeness has no direct effect on new product profitability. This finding has strong implications for firms that mistakenly pursue innovation for its own sake. Consideration of both distribution and technical synergy as driving antecedents demonstrates how firms can still enhance new product success even if an inappropriate level of innovativeness is present. This leads to a simple but powerful two-step approach to bringing highly innovative products to market. First, firms should only emphasize product innovativeness when it relates to the market relevant concepts of product advantage and customer familiarity. Second, existing technical and distribution abilities can be used to enhance product quality and customer understanding. Distribution channels in particular should be exploited to counter customer uncertainty toward newly introduced products.

This report is an indication of the potential strength and weaknesses of company strategies implemented in the pursuit of their competitive advantage including the challenges that are confronted by the organisation during their procedure of applying an effective innovation strategy within the organisation. One would also scrutinise how the development in new innovative strategy of the organisation is reacting to the increasingly World wide business challengine requirements by using the acadamic concept debated in lecture as a foundation of this research and analysis.This report also shows a critical examination of the effect of innovative strategy on BP new product development within the organisation, the future development strategy and the competitive advantages of the organisation potential weaknesses and innovation strategy.

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Journal of Product Innovation Management, 2011

This study addresses the contradiction that, although technological innovativeness of new products is often seen as a major driver of competitive advantage and commercial success, empirical research is not always able to show a significant performance influence. In order to find an explanation, the effects of technological innovativeness are decomposed as its influence on the market, the innovating firm, and the firm's environment is considered. The proposed model is tested on a sample of new product development projects. In order to avoid systematic biases, this paper uses a longitudinal survey design with two informants and a sample that includes both incremental and highly innovative projects.

Product innovation is the overarching management framework for making incremental changes and improvements to products, services, and processes. 1 It includes the conceptualization, design, development, validation, and commercialization of new products for customers and markets in concert with the prevailing conditions and trends. 2 Product innovation involves the creative responses and solutions for meeting the needs and expectations of customers and market(s), the driving forces in the business environment, and the strategic requirements of the organization. Product innovation runs the gamut from improving existing products to discovering entirely new ways of satisfying customers and stakeholders. From an internal perspective, product innovation depends on the knowledge, experience, capabilities, resources, and the prevailing technologies of the organization. From an external perspective, product innovation focuses on customer and stakeholder needs, wants, and expectations. Customers desire excellent products and services with exceptional value, outstanding benefits, high quality, and assured reliability. Meeting such specifications is the exciting challenge of product innovation.