New Product Development Homework Help
New Product Development Assignment Solutions From Experts
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New product development is the creation of goods with different or new characteristics to provide additional or new benefits to consumers. In most cases, it involves modifying the existing product, its formulation or presentation to satisfy a market niche or new customers. With the advancements of technology, new products are being introduced to the market every day. Academic institutions have therefore found he need to introduce new product development subject in the curriculum with the intent of equipping the students with the knowledge required to develop new products that suit the current and future markets. As such, many students have embraced the discipline in order to obtain the skills they need to compete with other new product developers in the industry once they have stepped out of school.
Butnew product development is not one of the easiest subjects to handle. It requires good mastering of all the stages involved in product development, excellent understanding of the underlying concepts, and undivided focus in order to successfully complete the assignments issued and achieve excellence. However, students have a very tight schedule and sometimes they may not understand the given assignment topic. Therefore, they seek online new product developmentassignment help from experts in order to have their project done by a professional. Those who have been lucky enough to land on our page have benefitted greatlyform the new product development homework solutions provided by our academic writers and have recorded a massive improvement not only on this subject but also on their overall academic performance.
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Learn the stages of new product development from our experts
According to our experts, developing a new product is usually a journey. Literally, new product development is the road that takes us to the actual product and eventually to the product market. Everything we see in the market today goes through various stages before it is released to the consumer. Below are the stages that every product follows during its development:
- Idea generation: This is the initial stage of development of a new product. Since idea come from different sources, this stages involves gathering all those ideas in order to find the perfect solution. The main sources of new product developmentinsight include internal sources, SWOT analysis, market research, customers, and competition.
- Screening of ideas: There are so many ideas that can be collected duringnew product development but of a few of them can be useful. This stage involves finding the best ideas and getting rid of those that aren’t. Some of the factors that contribute to idea screening include company strengths and weaknesses, customer needs, expected ROI, ongoing trends, and affordability, just to mention a few.
- Concept developing and testing: A concept is a thorough and detailed plan of what the company intends to do during the new product development. All the ideas collected through screening are transformed into concepts for testing purposes. Sometimes, a few customers are selected to test the concept to find out if the product fulfills their needs and whether they will actually buy it when it finally gets launched. The feedback received from the customers is used to develop the concept to further stages or discontinue the project all together.
- Business strategy development: The results obtained from the testing phase enable the company to decide the best concept that can be used to develop the product. Here, the new product developers come with marketing, branding, and business strategies as well as marketing mix, product profitability, breakeven point, costs involved, competition of the product, and pricing strategies.
- Product development:After every strategy in stage 4 is approved, the product concept is finally turned into an actual product. All marketing, pricing, and brandingstrategies discussed previously are tested and used on the final product.
- Test marketing: The new product is introduced for research. The company collects customers’ feedback and uses it to make changes to the product if required.
- Commercialization: Since the product is ready, final decisions are made on which markets to launch it in.
- Introduction: Once the market has been decided, the product is finally introduced in the market.
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It is every student’s dream to pass their class and achieve their career dreams. While many of them work exceptionally hard to achieve this, some subjects like new product development need a little more effort, as not all students are able to understand the concepts covered here. Thus, they search everywhere for help with new product development assignment in order to get a professional who can help them excel in the subject. Other reasons why students seek professional new product development assignment writing help include:
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