Preview

New Product: Seven-Stage Process

Satisfactory Essays
Open Document
Open Document
664 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
New Product: Seven-Stage Process
New product

Li Yuan

Dip Fin 16B1

1. Idea generation-there are many sources to help them to generate the new idea.

Business analysis-what is the potential for sale, costs, and benefit?

2. Idea generation is the first stage of new product development. The idea is creative thinking. that is new product ideas or creative process. Lack of good new product idea has become the bottleneck of industry of new product development. A good new product idea is a key of new product development success. Companies usually from internal and external sources find new product ideas.

First, from the internal sources, in the company of internal personnel the research and development department, sales staff and senior management personnel of new product design is extremely important and a wide range of sources. Research and development of new product design department is the most important source of content. Sales personnel often communicate with customer, Familiar with the user's requirements; Initiative asks the user what the new demand of product. Collect the suggestions of user for enterprise in new product development direction. Senior management department in the examination and adjust enterprise general management strategy, may get a new product development conception.

Second, from the external sources they are customers, competitors, advertising agencies, management consultants, and research organizations. Lextant as a external sources, accept client demand, Survey of consumer demand conditions, then trigger new product ideas for the client. In other ways, Lextant help the company internal personnel to come up with several good ideas.

Business analysis is included business at the expected sales, cost and profit meets the company targets, as to this concept to the further development of product to product development stage. To assess whether the new products to adapt to the market mix, which is impact of product sales,

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Chocoberry Ideation

    • 672 Words
    • 3 Pages

    First of all, a new product development team must be created and assigned the project to work with internal and external resources. To perform the ideation, all internal and external should be together to brainstorm and concept screening. The new product development team and the manufacturing team must be together. They can brainstorm and get a concept, then present the ideas to the CEO.…

    • 672 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Critical Appraisal

    • 443 Words
    • 2 Pages

    Idea generation (ideation) is critical to the design and marketing of new products, to mar-keting strategy, and to the creation of effective advertising copy. In new product development, for example, idea generation is a key component of the front end of the process, often called the “fuzzy front end” and recognized as one of the highest leverage points for a firm (Dahan and Hauser 2001).…

    • 443 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    already developed idea more attractive to consumers, compapeople want and need in their lives and what they like or disnies are asking them to create ideas that better meet consumlike about the way particular products are made, packaged,…

    • 4717 Words
    • 19 Pages
    Powerful Essays
  • Better Essays

    The new product development process is the second strategic elements of product development. It is important for company to manage their new product into the market. As stated by Cooper (1994), “a formal blueprint, roadmap, template or thought process for driving a new product project from the idea stage through to market launch and beyond” (p.3). Crawford and Di Benedetto (2011) also mentioned that the new product process is the way from idea to the period of establishing and beyond for a new product to go through. There are five phases that a new product has to go through.…

    • 1634 Words
    • 7 Pages
    Better Essays
  • Good Essays

    Study Plan - Chapter 9

    • 804 Words
    • 4 Pages

    In addition to formal research and development, a company can internally generate new product ideas through which of the following?…

    • 804 Words
    • 4 Pages
    Good Essays
  • Good Essays

    ut yourself in the position of marketing manager for the restaurant organization. ◦You will need to gather some information before writing. You should also look into the secondary literature regarding current information in restaurant sales. ◾Identify each service and product specifically. For product, identify in terms of name, trademark, color, shape, and other characteristic, including packaging and labeling.…

    • 394 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    process technoperurship

    • 812 Words
    • 4 Pages

    Idea generation can be identify by using a SWOT analysis to create new product. The concept of new product lines need market and consumer trends, R&D departments, competitors and focus group. New produt innovations are responsible for employement, economic growth, technological process and high standards of living. Innovation is important for the development of successful new products.…

    • 812 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    The product development process usually begins with the Commercial/Marketing Plan; the Marketing Segments team puts together a proposition, which results in a Product Concept developed by Products team. The Product Team documents with input from relevant stakeholders the Business Readiness Document (BRD). Using the BRD as a guide, all stakeholders perform their roles in the project i.e. research, product build, technical validation, UAT, etc. till product is launched. A final performance review determines whether product requires enhancements or the process should proceed to ‘Product life cycle Management’.…

    • 512 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Improving and updating product lines is crucial for the success for any organization. Failure for an organization to change could result in a decline in sales and with competitors racing ahead. The process of NPD is crucial within an organization. Products go through the stages of their lifecycle and will eventually have to be replaced There are seven phases of new product development. The approach of the three companies to NPD will be analyzed in relation to the NPD phases as discussed briefly below:…

    • 506 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Second, the company needs to estimate and analyze those ideas, compare with them by each advantages or disadvantages. And then choose the most hopeful one from many ideas. Try to find a potential profitable project. And the way to pick it is building a model that can measure technology advantage, marketing attraction and earning power. A good opinion is a kind of right direction, can lead the following process.…

    • 825 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    The new-product planning process involves a series of steps from idea generation to commercialization.Idea Generation…

    • 941 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    In this competitive market environment, idea generation is enhanced by three primary tactics. These tactics involve relaxation, interaction, and integration.…

    • 849 Words
    • 4 Pages
    Good Essays
  • Better Essays

    In the rapidly changing business world, companies face a variety of consumers’ requirement such as high competition from opponents as well as technological innovation. In order to adapt to the fast changing environment, new product development seems to be fundamental. However, it is not easy to make new products successful since most of them may fail in a short time. Several reasons can demonstrate this phenomenon. For instance, some products may not be designed properly (Kotler, 2008), while some might enter the market at a wrong time and others may not market well and so on (Kraushar, 1970). Thus, it is essential for companies to manage new products properly. Companies would reduce risks of developing new products if they were able to manage them systematically. This project will firstly define the term ‘new product’ and then discuss the importance of new product development. Following this, it will focus on the risks of developing new products and risk management. Next, managing new products will be discussed. Then, it will illustrate marketing new products. Finally, it will conclude that new products could be launch successful if companies managing them well.…

    • 2168 Words
    • 9 Pages
    Better Essays
  • Satisfactory Essays

    Product Management

    • 335 Words
    • 2 Pages

    5. Product Design and New Product Development: Characteristics of Successful Product Development, New Product Development Process and Organizations.…

    • 335 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    By its very nature, marketing requires companies and organisations to develop new ideas and make adjustments to their marketing efforts. New concepts, designs and products are essential for responding to the ever-changing demands of the target market/s, and are crucial for maintaining customer satisfaction, which ultimately leads to increased revenues and profits for the firm. New-product development dictates the company’s future in the market.…

    • 3415 Words
    • 11 Pages
    Powerful Essays