Dynamic organizations never stay satisfied with a single product, in fact, new product development is a part and parcel of their marketing strategy. Again, in some situations planning and development of a new product seems essential or inevitable. In any situation, a new product development is a process, which comprises of a few essential steps. Students in different streams of technical education, as also management are given assignments on new product development, which sometimes seem too complicated or time consuming. This is when; BookMyEssay comes in rescue and offers professional support, so that the students can complete these types of assignments within the given deadlines. The expert writers associated with New product development assignment help know how to render assignment writing job successfully to impress an examiner.
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As far as assignment on new product development is concerned, the tasks associated with these assignments always remain too complicated. Designing a new product means relating technical and marketing aspects altogether. A product is developed only to meet increasing customer demand or to provide the customers with a new feature within an already existing product, or introduce a new product in the market. In any case, the product needs to be successful in the market. So, management of an organization always prefers to survey and research on the current market trend. After getting convinced, the management ask the manufacturing department to go ahead with the new product development, when the technical people come into action. Thus, when the students are given New product development assignments on this subject, examiners expect that students will show the same level of efficiency as if they are facing the real-world issues.
This makes the students very nervous, because they don’t possess sufficient time to work on the assignments properly, and they face multiple of problems while handling these types of assignments. Just in this juncture, when a student feels that he needs a professional support, BookMyEssay provides all types of support to complete his assignment within the deadline. So, these experienced assignments help service fulfills every bit of deficiency in a student that could make his assignment writing task very casual one, though in actuality, he has put maximum effort and time in writing this assignment.
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Steps Followed in New Product development
Following are the basic steps followed while designing a new product –
Step 1 – Idea Generation
New product idea may come from anywhere – it may come suddenly or after a rigorous market research. Normally, different sources that help to develop new products are as follows –
Step 2 – Idea generation and screening
In this stage, different ideas regarding the product design, usability and other features will come in different persons’ mind who are given the responsibility to design the product. It is necessary to jot down the ideas, brainstorm on those ideas and then finalize one design.
Step 3 -Business Analysis
Only a great idea doesn’t work, until and unless it has a market value. Management always would like to see how the product will be profitable for the company.
Step 4 – Concept development and market opinion
In this stage, the idea is to be conceptualized. If possible sample units are to be manufactured and tested with the help of selected customers and experts. This is the most vital stage and many rectifications come through this stage.
Step 5 – Market strategy
In this stage, a market strategy is designed with the help of marketing experts within the organization and external consultants.
Step 6 – Test marketing
Through test marketing the product is tested within a specific geographic area. The product is launched in that area and the adopted marketing strategy is monitored so that any rectification in the marketing mix is made at this juncture.
Step 7 – Commercialization
When the test marketing is accomplished successfully, the product is then launched commercially in a broader market, may be throughout the country or online.
Understanding and working through these stages is extremely important to successfully launch the product in the market and make it an instant hit.