Question in BIAE2002 New Product Development
“Globally, new products are launched almost every day. They are developed to provide solutions to common or specialised problems; to enrich our lifestyle; to release us from mundane and monotonous jobs; to give reliable alternatives to old solutions; to amuse us; to provide items that are more pleasing to the eye; to be more ecologically aware etc. What the companies that develop, design, manufacture, market and sell these products are seeking is commercial compensation in the short, medium or long term “success” however you measure it. Subsequently, New Product Development is a major issue for most companies as they seek to reduce time to market, reduce the development cycle, access new technologies and develop more and better products and services. As the development of such new products that can successfully compete in local, national and global markets has thus become a key concern for the majority of companies, so successful NPD is now being seen as a fundamental to both stimulating and supporting economic growth. It is therefore a subject, which has received and continues to receive much attention, particularly in seeking to improve its effectiveness and efficiency.” BIAE2002 New Product Development
The purpose of this report is to outline the benefits of the NPD process for the new product or service.
The report should include;
- Introduction to the report
- Background to the NPD process providing a critical analysis of the importance of NPD for business – you may like to relate this to a specific business. And, an explanation of why a structured approach to NPD is necessary.
- The body of the report will discuss aspects of the Development and Launch phases of the NPD process in relation to the product/service you identified in assessment 3. Provide sub-headings for each of the point below.
- Describe key aspects of the design stage that need to be considered for your product/service
- Discuss whether product use testing is necessary for your product/service. Justify your response.
- Launch planning – write a ‘positioning statement’ for your product/service.
- Describe one suitable method of market testing and justify why this method would be suitable for your product/service
- Describe at least one public policy issue that needs to be considered in relation to your product/service