Write a four pages paper explaining the new product planning and development process. Be sure to include examples of products and services that you found on the internet to help explain the process. The paper needs to be in the APA format.
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New Product Planning and Development Process
A new product is an important part of competitive growth strategy of the company. New products are developed by considering the needs of customers that is compared to products of other companies. To develop an appropriate product, it requires product planning (Tennent & Friend, 2011). The work and planning is important to create and develop new product. A company can use the following steps to develop a process and plan for it. This process is quite important for the company to take competitive advantages and to satisfy the needs of the customers. This process completes in the following steps that are as follows:
Generation of Idea for New Product: The new product planning and development process starts with generating new ideas. Every product is developed with a new idea but they do not provide equal benefits and potential economic and commercial success to the company. The planner use brainstorming to think about the new product that what features will have the new product (Karniel & Reich, 2011). To generate effective ideas, planner can use the help of various sources. These may include as employees, responses from sales workforce that have gained knowledge from customers, direct contact with customers, government agencies, consumer survey, etc. These sources provide appropriate information about the needs of customers towards the potential product options.
Apart from this, it is an ongoing process that is used by the companies to generate ideas both from inside as well as outside. In this step, companies use secondary data sources to gain insight on competitive product development. Brainstorming is the technique of open minded and creative thinkers that exchange and share ideas with the company (Boone & Kurtz, 2011). This step make possible to purse a wide range of products in future that is feasible through dynamic nature of floating ideas of the group members that are participating in generating ideas.
Idea screening: This step is start after generating ideas to ...
Product planning and development processes are examined.