Answer to Question #302760 in Marketing for Mohd Danish

Question

You have been tasked by a manufacturing company that manufactures all sorts of luggage and travel equipment, to develop a new product that helps travelers and will enable the company make profits on the long run.

You need to develop a product for travelers going through the seven stages of new product development

Answer 1

New product development (NPD) is the process of bringing an original product idea to market. It differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization.

Firstly, I will come up with an idea of the product that will help travelers to ease the commotion of their luggage and also push the company to make profits such as having luggage in one place by having each tourists portfolio.

Secondly, I will do research to understand if there such an idea developed or product and how they come up with it. I will gather the relevant information on how develop it efficiently.

Thirdly, I will do planning on how to execute the idea. Fourthly, I will do prototyping where I will create a finished product to use as a sample for mass production. I will then share with some of the clients and get feedback. If approved by many I will proceed but if it gets negative feedback then it will have to change it based on feedback. After that, I will then look where to source for materials and then check the financial aspect through costings and then finally commercialize it.