Answer to Question #201937 in Management for Karabo

Question

2

(A) Your organisation wants to broaden its products portfolio by introducing a new product. In order to achieve that, you have requested your cross-functional team to evaluate and oversee the procedures to ensure the new product is effectively developed. 

In view of the presented case, provide a practical elaboration of how the following process will be carried out to develop your new product: (30 marks):

• Early supplier selection for design and volume work. (5 marks)

Answer 1

Generating

By establishing philosophies that consider affordability, return on investment (ROI), and extensive distribution expenses, one can set themselves apart from the competition by utilizing fundamental internal and external SWOT analyses, as well as current marketing trends.

Screening the Idea

Because product development costs are being decreased in some areas, pre-screening product ideas entail considering the new developments of the top three competitors, how much market share they're grabbing, and what benefits end users might expect. For example, a fascinating industry truth is that airline executives frequently equate growth to metals markets.

Testing the Concept

Aside from patent research, design due diligence, and other legalities associated with new product development, determining where marketing messaging would work best is often the most important component of the concept testing process.

 Business Analytics

Create a system of metrics to track success through the New Product Development process. Include input metrics like average time spent in each stage and output metrics like the value of launched products, percentage of new product sales, and other data that provide useful feedback. These criteria and measurements must be agreed upon by the entire organization.

Marketability Tests

Organizing secret test groups, launching beta versions, and then forming test panels after the product or items have been tested will give you crucial information that will help you to make last-minute modifications and enhancements.

Technicalities and  Product Development

The production department will plan the product's manufacture. The marketing department will plan the product's distribution. The finance department will provide finance for the launch of the new product.

 Commercialize

At this point, new product developments have become commonplace, consumers are buying your product or service, and technical support is closely monitoring progress. Refreshing adverts throughout this period will keep your product's name firmly implanted in the thoughts of individuals considering purchasing it.

 Post Launch Review and Perfect Pricing

Examine the efficiency of the Narcissistic Personality Disorder (NPD) procedure and look for ongoing improvements. The majority of new products come with introductory pricing, which locks in final rates. In this final stage, we'll assess the overall worth of COGS (cost of goods sold), ensuring that internal costs don't outweigh new product profits. 

Remember: The Process Is Loose

The entire new product development process is a constantly growing testing platform where mistakes are made, designs are trashed, and losses are possible. Even if you're reinventing the wheel, having the complete team working in lockstep will assure a successful launch of goods or services. Productivity can be attained throughout product development if goals are properly established along the route and contingencies are explicitly established on paper for each procedure.