New Product Development Assignment HelpBy : EssayCorp

List Of Contents1. What is new product development?2. Factors3. Concept Development 4. Strategy Employed5. Product Development6. Product Launch7. Post Launch Evaluation8. About Us

What is new product development ?This includes development of new products that are to be launched in the market. A product launch takes in a lot of work and the whole process has to undergo a lot of work.

This process helps a company to in launching a product and create a product in a way that it sells more.

A few factors that sells more are mentioned as follows:

1. Concept Development2. Strategy Employed3. Product Development4. Product Launch5. Post Launch Evaluation

Concept Development This is the first stage of developing a product and includes

ideation where the product takes birth and then there is changing the idea into a proper concept. At this stage the product and its workability is tested accordingly, also the

marketing team comes into the picture and prepares to launch the product.

Strategy Employed The Strategy employed is a part where the screening process is completed and the product comes in the market soon. So a

strategy put into place to provide, optimum efficiency in production. The production of a new product is supposed to cost less as the product is not in demand yet. A plan is made to help the production department allocate the resources to

produce the best output.

Product Development This is not the final stage of the actual product development. But this is the final stage in the

development of the product. The company starts the production in limited quantity.

Product launch The product launch includes promoting the

product and launching the product with the help of the media and setting up press conferences for

the same.

Post Launch EvaluationLaunch time- Was the product launched on time? There are

companies that are late in launching their products. This kills the hype and causes the demand to fall.

How did the customers react- This is very important, the customers provide feedback that helps the company make

improvement to the product. This improvement would help sell more products.

How did you sell- The type of marketing strategy should be noted down with the

amount of products sold. This will help the company to improve their sales tactic for the

next new product.

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