“Nothing on the sand, everything in hand”
Companies have to constantly develop new products if they want to survive in the market given the high levels of competition, changing needs and wants, technological impacts and products with short life-cycles.
Products developed do not need to be 100% new. Booze, Allen and Hamilton identified six kinds of new products: new to the world, new product lines, additions to existing product lines, improvements/revisions to existing products, repositioning and finally cost reductions (Baker & Hart, 2009).
Acknowledging the above, the product our team – greenies, decided to develop is a readymade baby nappy tie – up. This represents an improvement/revision to a product that already exists in the market and a „new product development‟ strategy according to Ansoff‟s matrix.
What makes our product unique and different to the traditional nappy cloth is that it does not require the use of pins. It has a cord with a set of loops (attached in the front). You simply pass the cord through the loops and adjust it to the preferred size. It is seen as more convenient and more comfortable.
In relation to diapers they are more environmentally friendly because it contains no plastic linings etc and are also seen as more healthy because they don‟t contain any harmful chemicals like a diaper. Also, most people in Asian countries prefer to wear nappies for their infants instead of keeping them for long hours in diapers which they believe causes rashes.
This part of the report starts with a summary of part 1, a detailed idea screening process, concept formulation and concept testing, analysis of the business environment & financial factors needed to produce the product, product testing as well as the commercialization and launch of our reputed innovation. All members worked closely as a team on each section of this assignment.
4.0 Concept Testing
Usually after the screening process, a few ideas are left behind... [continues]
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