New Product Dev: Crafting Value Through Unknowns - Essay Sample

Introduction

Developing a new product involves taking into consideration several important things. The process can sometimes be a nerve-ending experience even for experts as it involves dealing with the unknowns to come up with the best product (Chen et al.,2012). The things that are considered in new product development are not limited to only one factor; they comprise of several factors which altogether ensures the success of developing a new product. The most important thing is value creation (Barczak & Kahn, 2012). It is essential to know the value being created to the target customers in the new product development, as without consideration of value addition, the new product will not sell in the market. New value attracts more customers, and it keeps a company growing. Also, another thing that goes hand in hand is the consideration of the target market. It is essential to study the target market keenly to understand how the value is created to match the wants of customers (Doorasamy, 2017). Studying the target market is essential as it informs the developer of the needs that the new product being developed will meet. Hence, the product will have a ready market.

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Another important consideration in new product development is product testing, which is testing out the new product in the market before manufacturing it for sale. The testing is within the development team and part of customers (Ahmad et al.,2013). Product testing is essential as it gives feedbacks such as concerns, suggestions, and opinions from customers. The Minimum Viable Product is another important factor to consider, as it represents the product being developed that yields the highest return with the least risks involved (Barczak & Kahn, 2012). It is important as it represents the minimal features that are needed for the new product to become profitable. Knowing this factor helps the developer to reduce costs and time of production. The efficiency of production is higher as the energy of the developer is only focused on the necessary features only.

Conclusion

In conclusion, new product development encompasses several speculations in the future concerning the unknown because nothing is guaranteed. But with the right practices and correct factors put into consideration in the process, it is possible to develop a successful product. It is vital to keep such critical factors in mind when going through every phase of new product development.

References

Ahmad, S., Mallick, D. N., & Schroeder, R. G. (2013). New product development: impact of project characteristics and development practices on performance. Journal of Product Innovation Management, 30(2), 331-34. https://doi.org/10.1111/j.1540-5885.2012.01002.x

Barczak, G., & Kahn, K. B. (2012). Identifying new product development best practices. Business Horizons, 55(3), 293-305. https://doi.org/10.1016/j.bushor.2012.01.006

Chen, J., Reilly, R. R., & Lynn, G. S. (2012). New product development speed: Too much of a good thing? Journal of Product Innovation Management, 29(2), 288-303. https://doi.org/10.1111/j.1540-5885.2011.00896.x

Doorasamy, M. (2017). Product portfolio management best practices for new product development: a review of models. Foundations of Management, 9(1), 139-148. https://content.sciendo.com/view/journals/fman/9/1/article-p139.xml