Product development process

Type :

Term papers

Pages :

6 pages

Format :

.doc

Published date :

09/18/2009

Category :

Business & market

Sub category :

Marketing

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Summary :

Introduction
Meaning of product
A brief on new product development
1. Factors contributing to new product development
2. The challenges in new products development
Reasons for failure of new products
The process of new product development
1. Idea generation
2. Identifying prospects and defining target markets
3. Concept development and testing
4. Marketing strategy development
5. Business analysis
6. Product development
7. Market testing
8. Commercialization
Conclusion
Bibliography

Abstract

Tomorrow never happens by chance. It is planned. And those who are prepared benefit the most. To succeed in futuristic environment, one requires a strategy. This is true for an organization profit or non-profit in as much as it is for an individual. The art of action planning to achieve a specific goal is called strategizing and the action plan is called strategy. Thus through a strategic analysis of the market and combining pull and push strategies. An era of new competition and new customers with different value systems is now a stock reality facing markets. To face up to this challenge, firms will need to have orientation and engage them selves in planning and implementing market strategies.

Different authors in several ways have explained the concept of strategy. One view of strategy is that it is deliberate searches for action plans that will develop a firm's competitive advantage and it help augment it. This search,

- Is an interactive and
- Begins with recognition of where you are, what you have now, where you want to go and in how much time you have to reach there?

According to James Brian Quinn, "Strategy is the pattern or plan that integrates an organization's major goals, policies and action sequences in to a cohesive whole "