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New Product Development Assignment Help
What do you mean by New Product Development?
When it comes to each and every business area, it is very important to note that new product development consists of every aspect regarding the entire procedures that rule the making or breaking of a new product into the market. The new product that is to be launched can either be a unique and fresh concept or may be an advanced version of the already selling technology. When it comes to describing what a new product development actually is then one can say that it is one form of the conversion of a market related opportunity into a very precise and detailed product, which in long terms is available to be sold to the customers of the market. The new product can either be a tangible product or an intangible one. If once a customer knows what he wants and need in terms of products or services, it becomes easy for the companies to create such a product. Therefore, a deep understanding and knowledge of products by the customers is required in doing so. After taking all the factors given by the customers into consideration, the company along with its new product development tactics may move forward to work it out based on a derived action plan.
What is the basic structure of the new product development?
- Product design
- Fuzzy front ends
- Product implementation
- Fuzzy back end
What are the eight stage market considerations?
There are various techniques in term of this and it is known as the eight stages of marketing considerations and those market considerations namely are:
- Idea Generation
- Idea Screening
- Idea development
- Business analysis
- Beta testing and market testing
- Technical Implementation
- New Product pricing
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