DEVELOPING AND INTRODUCING NEW PRODUCTS TO MARKET

As explored within developing new products, the international environment and reviewing corporate strategy in the international environment, many companies are carefully reviewing international markets, to understand product modifications required and cultural acceptance of their business model and products.

Companies in many industries are becoming more innovative to gain market acceptance and increased growth with new product/service offers. If you consider industries from cars to pharmaceuticals to the social media industry, firms are often embracing new product/service development from differing viewpoints.

It is common for some companies to work with competitors, universities, industry specialists, customer groups and internal work groups to generate new product ideas and to create products/services for the future. One of the key advantages of such an approach includes reviewing an innovation from all possible user groups and from all market viewpoints, so creating a more balanced and planned product/service.

Your assignment is to review a company that has undertaken such an approach to creating a new product or service. You will be required to review how they have undertaken their innovation, how they have worked with partners and to undertake a market review to assess the success of this approach. Where possible, compare your company’s approach with other in the same or related industry and explore the level of success they have achieved as a result of the approach.

• Further guidance for option 1:

There are a number of industries that have historically worked well with external partners to create innovative products and services. The car industry is one example where strategic alliances are common in terms of developing car and engine technology between competitors as well as working with universities, customer groups and suppliers. The pharmaceutical industry offers another route of working with external partners in developing innovations.

1. Contextualise your company’s operations and review the historical nature of the industry sector it operates in with regard to common routes of new product/service generation. Compare this with the route your company has undertaken.
2. Identify the detail of the method of new product development (working with partners, competitors, work groups, universities etc.) and consider the advantages against the risk they have exposed themselves to (competitor issues, internal conflict, lack of secrecy, lack of overall control etc.)
3. Undertake a critical review of how successful or unsuccessful this route of NPD has been for the company, possibly compared with competitor routes.
4. Offer a reasoned conclusion for the business and consider whether the approach needs further refinement or alternatives open to the business.

1. Clear identification of sources using Harvard referencing system as you are required to read widely on your chosen topic.

2. Ensure you critically analyse the company’s approach to the issue under review.

 

 

 

Sample Solution

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