PRODUCT DEVELOPMENT PROCESS PDF

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In order to achieve success in the profession, my manufacturing company has to obtain latest Smartphone which is the most innovative, more features, and advance applications in low cost. As an owner of my cellular manufacturing company I will launch a phone which is in low price but have advance technology. Being the owner, I will follow up 8 steps of new product development process. IDEA GENERATION: It is the first step where my company generates ideas to make an innovative smart phone in low cost. first we internally take many ideas from the formal department of company after that we grab ideas from the customers what advance technology they like in latest phone but we also realize our competitors in a market that how they evaluate to buy their products. We will find many ideas externally, internally and public demands (crowd source). IDEA SCREENING: After generates a lot of ideas to launch latest Smartphone we will manage to spots good ideas and drop bad ideas. By this step my company will reduce irrelevant ideas that we will capture from ideas generation. Screening will be more affected if we follow RWW frameworks. Smartphone would be more advance if we have sufficient ideas. CONCEPT DEVELOPMENT AND TESTING: After pass out the specific idea from idea screening, our expertise will test a promo Smartphone for testing the specification and figure out that this Smartphone will satisfy our customers. They will use those Smartphone till 1 year in the company to check out the quality of phone. MARKETING STRATEGY DEVELOPMENT: After clear the previous step, new Smartphone will introduce to marketing strategy in which our latest smart phone “xyz” will be target according to customer in a market. Our target market will include middle class and lower middle class and upper middle class. Middle class people are spending more times in electronics and lifestyle items. Youngster use social media in many other apps and some of these spend time to play online games. The targeted age is 15-55 for set a marketing strategy. Our Smartphone product with great features will be low price than other brand phones. By this strategy we able to earn profit within a year by increase the purchasing power of buyers to fulfill the needs and satisfy our customers. BUSINESS ANALYSIS: One decided upon a product concept and marketing strategy, our company can evaluate latest smart phone in a business. Our sales in a market will be high due to low cost. The more sales will occur, the more we earn profits. Our new latest smart phone costs will be 20000 rupees that will be affordable price for every middle class individual. We might be gain market share after buying more sales. PRODUCT DEVELOPMENT: After the success from the product test we will turn into make products physically. In these steps the problem is that R&D and Engineering will cause a huge jump in investment. The R&D department will test our product and after the success of our product they will turn into test marketing.

TEST MARKETING: The last step before commercialization in NPD is test marketing. In this steps our latest smart phone “xyz” will ready to come in a market after realize marketing strategy in a realistic manner. Previous steps are just documentary and conceptual steps but in this step our product will implement physically in a market and after the success of this step they will able to come in a market COMMERCIALIZATION: It’s the last step of NPD process. In this process my company will introduce our Smartphone which is the most advance phone and low price in a market. As an owner of cellular manufacturing company, I will give some good offers and schemes to our customers. This strategy will help to dominate infront of our competitors. We will find out the markets where people would be come easily and get a best affordable smart phone. Thus, it is the 8 steps of new product development process, I will launch my Smartphone by this steps. Because it’s the proper planning that play key role in development....