New Product Development Assignment Help
This course teaches a student about the various ways a new product can be developed and presented in the market. Whenever a new product is developed, a lot of thinking goes into what the product needs to be. This is important, as it helps the company create a product that would sell more, which helps the company earn more profit. There are a few key factors that come into play.
- Concept Development
- Strategy Employed
- Product Development
- Product Launch
- Post Launch Evaluation
EssayCorp’s new product development assignment will help you understand what it means to develop a new product. The expert writers on our team have written many assignments, which helps them write assignments that will help you score better grades. There is a way an assignment is supposed to be written, that helps the assignment standout among the other assignments. Our writers are able to write assignments that way.
What You’ll Find in Our New Product Development Assignment
There are specific points about new product development, if mentioned in your assignment, will help you score better. But the basic information should be mentioned as well.
- Concept Development-This is the initial stage of product development, this can further be broken down into a few parts.
1. Ideation- This is where the product takes birth. A product is born in the mind of the marketing team that is responsible to generate new products for the company.
A company is always trying to earn more profit. This can be done either by improving the product or creating a new product that the market requires.
So, the marketing team sits down and thinks. This team has to come with an idea. They are also provided with information about the market and the trend that has taken over it. They have to keep certain things in mind while coming up with the idea of a new product.
- If the customers are going to be willing to buy the product.
- If there are already such products in the market.
- If the products in the market are missing some important ingredient in their product.
- What the next upgrade of a product can be?
- If the market requires such a product.
Such questions need to be answered. These questions help the team come up with an idea for a new product. After an idea is decided upon, the product goes to the next stage.
2. Idea into Concept- In this, the idea the marketing team comes up with, will be turned into a reality. But first it is tested in a controlled environment to see if it will actually work or not. The idea is turned into a prototype, which is screened to see if it can be made or not. Once it is made, it is given out to a few volunteers, who try it. If the volunteers like the product, they are asked for their suggestions. Based on those suggestions, the product is improved and changes are made, so that, the actual customers will like it.
There is not just one idea. There are many teams that sit down and come up with ideas, and every team comes up with more than one ideas. Out of these ideas, prototypes are created for the best ideas. These ideas are further reduced to fewer ideas. Then finally two or three ideas are selected. The best of those three is then selected to be produced, and the other products are kept on the back stove. If the product fails to reach the targeted growth, the other products are brought into play. The main objective to reach the targeted profit cannot be missed. The cost is deducted from the revenue generated, the remainder is the profit achieved. This is one of the basic points which is further described in our new product development assignment.
- Strategy Employed- After the screening process is finished, the selected product is put up for production. This product will be put into the market soon. So a strategy is put into place to provide, optimum efficiency in production. The production of a new product is supposed to cost less as the product is not in demand yet. A plan is made to help the production department allocate the resources to produce the best output. The strategy is made by the management as they have control over the production system.
The design of the product and the mix used to make the product needs to be correct to produce a good output.
- Product Development- This is not the final stage of the actual product development. But this is the final stage in the development of the product. The company starts the production in limited quantity. Since, the product is new to the market, the company plays it safe by only putting out a limited number of products. After seeing the actual demand of the product, the production increases. The product is developed according to the need of the customer. The concept is changed and improved according to what is demanded in the market by the customers.
There is at times a hype created about the product, while it is in its development stage. This is done so that the initial demand is more than the supply. This helps in launching the product at a high price and generating more revenue. More information about this is provided in our new product development assignment.
- Product Launch- One of the most critical times for a company is the launch of a new product. A new product can either bring a lot of profit or a lot of loss. The launch of a new product is the deciding time. The company starts announcing and spreading news about the product, months before it is released. This helps the company sense how the product is going to do. The way the public reacts to the initial announcement of the product, tells the company a lot of things. But once the product is launched, the company can only wait.
That is why hype generation is important for a product. This helps the company sell enough products, to break even. If the company does not sell more products, it has recovered its initial cost. But if the product does well and there is more demand for it, the company starts manufacturing more units to sell.
There are a few factors a company pays attention to, before launching a product.
- The production capacity- If there are more orders for the product, the production should be able to start producing them.
- Competitors release- The competitor should not have a similar product in the market, which was either recently launched or will be launched.
- The market condition- The condition of the equity market should not be falling. If it is falling, then there is a chance that the customers may not be in the financial condition to buy.
- Can the hype be increased- Advertising the product helps bring more customer to buy it. If better advertising can bring more customers before the launch of the product. The company would wait.
- Post-Launch Evaluation- It is important to evaluate after the launch to see if there are any further improvements that can be made to the next launch. A few factors that are used:
Launch time- Was the product launched on time? There are companies that are late in launching their products. This kills the hype and causes the demand to fall.
How did the customers react- This is very important, the customers provide feedback that helps the company make improvement to the product. This improvement would help sell more products.
How did you sell- The type of marketing strategy should be noted down with the amount of products sold. This will help the company to improve their sales tactic for the next new product.
This ends the basic of new product development assignment material. There are more points that can be covered in the assignment help.
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