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This task requires you to critically evaluate the new product development practice of your own organisation or an organisation that would like to work with. (If you do not have direct access to an organisation you can complete this task with using secondary research).
- Drawing on relevant literature on new product (or service) development models and factors for success in NPD – identify and discuss in detail critical success factors and issues that are relevant to the organisation you have chosen to study.
- Prepare a detailed analysis of the organisation’s new product development practices, discussing in detail areas of strength and weakness.Make sure that you include in this discussion any specific details of the organizational context or industry context that are relevant for your analysis. As well as making your own observations, you can draw on interactions and conversations you may have had with relevant parties such a customers, suppliers and/or company employees.
- Finally make detailed recommendations for areas in which the company could improve their new product development practice. It is important in this section that you justify you recommendations by linking back to your earlier analysis and relevant NPD literature that you have previously discussed.
Your work should be referenced using APA Style.
Fast changes in technology and due to intense global competition, the shortening of product life cycle is imperative(Faure, 2009) and new product development (NPD) plays a crucial role in it as it helps in enhancing the competitiveness of any organization (Cooper, 1996 ; Wang, Chin, & Tzeng, 2009). Efforts for NPD also show that the innovation competencies impact any organizationsperformance,mainly in the high-technologyindustry(Hagedoon & Cloodt, 2003). Thus successful products and services through innovation are very important for higherprofitability of any organization. This report about thenew product development through innovation tries to summarise the research contributions done by various researchers in the field of NPD and how the various factors can impact and help the IdeaPaint in achieving further success in the market.
The main purpose or aim of their report is to critically analyse the various factors required for successful innovation of new product and how these factors can be implied on the NPD of IdeaPaint. This report will also analyse the strengths and weaknesses of IdeaPaint, where it lacks and after analysing the gaps, how it can work upon its weaknesses and stay competitive and gain competitive edge in the sector.
The new product literature has always laid emphasis on the introduction of new products / services in the market ona regular basis for the success of the company. The reason being it contributes in the growth of the firm, impacts the profit performance as well as have a vital role in the business planning(Ulrich & Eppinger, 2011). Thus the firms need to stay innovative through a process which helps in translating an idea or any invention into good and services that help in developing and creating value, for which the customers are ready to make payments. Thus innovative firms always make use of new ideas (Freeman, 1982).Success in case of new product development is of much higher value , on the other hand it is found that the new product development is very much risky as well as uncertain business. As pointed out by Griffin(1997) too, in her work on NPD research and practices it has been found that the new product successrate is stable at 59 percent in case of products that make it to the market and it needs almost 6.6 ideas in order to generate at least one success(Griffin, 1997).
There has been significant research on the NPD models that lays emphasis on the developments that support and promote a structured approach towards NPD (Cooper , 2001) (Cooper & Edgett, 2008). Many methods as well as structuredmodels have been developed and explored so as to improve NPD (Scheuing, 1974). Thus more attention has been given to the models that help in examining the whole process as well as specific techniques that help in optimising various stages. Most of these models are found to be associated with the stage gate thinking, that proposes that few specific criterion should be metbefore the innovation project moves on to the other stage in the NPD. By adopting such types of models it has been found that it enhances the chances of success for the organization(Bhuiyan, 2011).Stage or the activity based model is found to dominate the new product literature.
Stage Based Models
The NPD literaturedatesback to 1950s (Dahan & Hauser, 2007) and the varied models that emerged from it provide a historical guidance forevolution of the whole NPD processes within any organization (Souder, 1987). The stage based model is an explicit statement of the NPD processes' individual stages along with their order, the activities used as well as the linkages between varied stages (Cooper & Kleinschmidt, 2007), thus helping in analysing and properly understanding the whole process along with its management. Most of the stage based models depict process in the form of series of linear activities that consist of feedback loops between each activity or the 'stage'. The mainfocus in them is on providing a series of major steps , that act as a major guide to move the ideas towards successful products (Cooper & Kleinschmidt, 2007 . The new products need to pass through everystage so as to be successfully launched or to be commercialised. Thus to progress as well as proceed, numerous evaluation criterion needs to be fulfilled at everystage, thus allowing it to pass through 'stage gate'. Therefore, various stages are being depicted asthe activities that are mainly used for information gathering that is followed by go/kill decision gates (Cooper & Edgett, 2008). This also assists in focussed decision-making as well as makes sure that all the evaluations are being conducted at the critical points.
Process models are the ones that help in showing a useful depiction of the major activities that are being involved in the NPD process.