New Product Development Assignment Help | Business Assignment Help
In order to develop a NPD assignment writing help in an effective manner, companies use a process that consists of different steps including new-product strategy development, idea generation, screening and evaluation, business analysis, development, market testing and commercialization. These are as below:
New-Product Strategy Development: In this step, firms define the role of a new product in terms of the organization’s overall objectives. Role of this step is crucial in the success of new product in the market because this step gives an idea to the manger about the type of product to be developed. The new-product development strategy of the company is to improve its current market share.
Idea Generation: Under this step, different new ideas are generated or gathered and evaluated as a potential product option. Most of companies seem idea generation as an ongoing process and use different sources such as employees, customers, suppliers and market research in order to generate a new idea. This step is important because from this step, organizations can get an innovative idea that will help the company in order to gain a sustainable competitive advantage in the market. Different new ideas will be gathered by Reckitt Benckiser Company in order to add some new features in the Dettol Soap for children fragrance.
Screening and Evaluation: Gathered new ideas are screened and evaluated in order to analyze the feasibility of different options by the company. Options are also evaluated on the basis of new-product strategy of the company . This step is also crucial because if a wrong idea is selected in this step, it can hamper future financial performance of the company in the market.
Business Analysis: Our business assignment help says that after selecting a suitable idea, firms conduct a business analysis in which they specify product’s features, marketing strategy and financial projection. This step is also important because it ensure about the successful launching of a new product in the market. Company will add some new features to the soap. Under the marketing strategy, a suitable mix of product, price, place and promotion strategy is developed by the company. Additional, the expected time and cost to launch the product is also prepared by the company.
New Product Description (NPD)
Some additional features will be added to the Dettol skin care soap that will help in maintaining both beauty and protection needs of the customers. These features will be added after analyzing the expectations of different customers or on the basis of their feedbacks about the current soap. This product will be successful in the market because company will prepare this product by considering the needs and requirements of different customers. It will also be helpful for the company to improve its market share in the industry.
Development: In the development stage, new idea turns into actual product, thus, related with manufacturing of the product. Through R&D department in the company, new features will be added to the Dettol soap to make it more attractive.
Market Testing: Once, a product is developed, it is then exposed to prospective customers under realistic purchase conditions in order to know that whether they are interested to buy this product or not. Through test marketing, company will offer this product in the market in order to know about the consumers’ willingness to buy the product.
Commercialization: Commercialization is the last step of this process in which new product is launched in-full scale production and sales. After knowing the customers willingness, and if they are favorable company will decide to launch the new product in-full scale production and sales.
How you can write new product development (NPD) assignment help
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