Product Development Assignment Help Abstract The following evaluation reconciles the stages that are involved in developing a new product. It focuses majorly on the process frameworks that are incorporated by companies to develop new products and services. The concept of new product development along with the need for new product development is explained using a product lifecycle model. The assessment of Opportunity identification, screening and selection and the consumer needs is brought to light. The various activities including product planning, assessing consumer needs, gap analysis, product specifications and generating concept are suggested in order to comparatively state the importance of new product development planning. The example of a new Solar Powered Battery for the consumer market in New Zealand is clearly evaluated.
Introduction Business opportunities provide an opening for organizations to flex their corporate muscles and come up with ingenious products that create a win-win situation for both the company and consumers. This study elaborates on the concept of new product development and its significance for business. The use of a new Solar Battery product is used for this study for better understanding. The analysis is made on the various stages of a new product development along with an explanation of the various processes that are involved. The various challenges that are faced by the company to launch a new product in the market are carefully assessed. A proper analysis of the opportunities, its identification, structuring and justifications are aptly stated to determine the procedures that the company needs to utilize. The appropriate analysis of the gaps and opportunities that the New Zealand market brings forward to the company is also explained.
LO1: Comparing and contrasting the process frameworks for developing new product Understanding the concept of new product development According to Ayag, (2014) every product that exists in the market was at some point a new and novel idea that found a connection with the consumers. New product development (NPD) deals in designing various synchronized activities that look to create a new product and service. New product development has become increasingly important in today’s business world due to market competition. Poolton and Barclay,
(2013) argued that the shortening of the product life cycle and growing demands of customers has made it mandatory for companies to bring forward their best product.