New Product Development Research Paper Essay Example | Topics and Well Written Essays - 1500 words

New Product Development Research Paper - Essay Example Since customer's satisfaction is the main aim of any company, the company must concentrate on the development process. The new product development methodologies must be used. Product development process is a collection of methods that assist in developing the product. These methods are implemented to develop a product according to the specifications. The customer's requirements are gathered and they are analyzed. The demand for a particular product must be known before developing the product. The manager is responsible for conducting a research that studies the requirements and expectations of the customer. (Annacchino, 2007).The frequency of the product's demand must also be studied since it will help in the development of the product. The product development process is a set of steps that are followed to design and develop a product. The various steps in the product development process are: These steps in turn involve various sub modules and methods. If a new product is introduces in the market, it may have a positive or negative effect. It depends on the working of the product and the sales and service. The company has to decide on the rate of new product development. The rate of production includes the number of products that are introduced in a year. This can be identified by conducting a survey and study within the company. The new product development rate depends on the company's financial status and demand in the market. If the demand for a particular product is more, the company should first manufacture the corresponding and then concentrate on the design and development of a new product. The product development steps are carried out in order to develop a complete product that can stand in the market for a longer time. Market study is an important part of the development process. This market study will help the company to know about the current market status and the customer's demand for the company's product. New Product Development Methodology (NPD) New product development methodology provides a predefined framework that includes the steps for planning and developing the product. (Annacchino, 2007).The design, development, testing and implementation are the common processes in the product development methodology. Though several methods are used to develop a product, certain methods are popular among the companies. One among them is Stage-Gate process. This method is widely used in the manufacturing industries. This stage-gate process consists of various gates that act as the intermediary between each of the phase of development. This methodology contains various steps. They are: Discovery, Scope of product, business case, development, testing and validation, launch and review. Each phase of development consists of a gate which acts as a decision making system. The phases of development are outlined below. Discovery In this stage of development process, the idea is discovered. This idea is the base for the development of the product. The product's baseline and the concept are defined in this stage. Then the idea is tested for feasibility. This is achieved by a feasibility study that collects information regarding the product and financial status of the company. The resources required to develop the product are also examined. Scope of