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Implementation Duration and New Venture Performance

Question:

Discuss about the Implementation Duration and New Venture Performance.

Answer:

Introduction:

A new product is an original commodity that is invented by individuals in the market. For a company to be successful, it has to remain competent by being able to roll out new products for the satisfaction of potential customers. A new produce could be a modification of the existing, or the company could acquire patent rights, brand, another company or license to produce a given invention. I have observed that innovation is what drives the growth of a business, however according to Kalaignanam, Kushwaha, & Swartz (2017), in cases where the product is remarkably innovative the model of inventive problem solving(TRIZ) comes in hand at the New Product Development process/Stage-gate to aid in achieving better results.

TRIZ theory provides reliability due to its algorithmic approach. Being an internationally recognized tool of creativity, it relies on the patterns of glitches. Basing on my understanding, new products or services are inevitably reliant to the final consumers, therefore it is of importance for a firm to understand the market and produce a customer-driven new commodity or service. Although there is no systematic way to accomplish new product acceptance, there are eight main possible phases to integrate through the product development process.

During presentation, I was able to commemorate that implication of current New Product Development Strategy (NPDS) also validate the overall development of the company (Defeng, Lu, & Shibin, (2017). For instance, the NPDS at NIKE is aligned to facilitate the dynamic requirements of its consumers. Generally, I was able to reinforce the factors that impact the new product development strategy by recommending product mix, acquisition of market in developing countries as well as contribution to improvised employment practices.

Contrary to the popular opinion of class members, I have depicted that idea generation potentially relies on the conception and explanation of new ideas for the company and not the collection of multiple concepts to narrow down to a selected option. I was surprised to learn that the costs of product development tend to rise significantly in the later stages. Therefore, most corporations would reflect only the designated products that attract greater profits. I was also able to establish that the TRIZ new product development strategy theory is effective when the clients or customers have jobs and outcomes that are not satisfactory since your skills are not competent enough. Moreover, Rutkowski (2017), also postulates that TRIZ theory could be effective where application of a breakthrough solution is not clear of how it could turn into a profitable solution. In addition, the presentations of class members brought to my understanding that TRIZ is also applicable where a relevant solution is structured but the engineering or manufacturing cannot get it implemented.

Similar to NIKE most companies agree on the argument that the existence of customers is of great value to them. It is also notable that firms approve the fact that their key mission is to appeal and maintain customers through satisfaction and provision of conspicuous offers. I have realized that most institutions who turn out successful have a collective effort of individual departments. On the other hand, some organizations tend to differ on various opinions (Shin, Im, & Kim, 2017). some research portrays that a new product would not necessarily bring in new customers but only retain the existing customers.

During evaluation of recent new product service design helps to integrate key stakeholders. They will be in a position to design their products and services.in addition, service design helps to improve customer satisfaction and management of delivering services. During the signing process, I was able to identify problems, business objectives and developing evaluations that improve ideas. Products and proposed markets should be tested to meet realistic market context. Evaluation of marketing will enable a marketer to experience product marketing by introducing it to potential consumers (Yen, & Hung, 2017). Test marketing allows a company to evaluate a product and the entire market package. Test marketing procedures varies with new products, for example, when introducing an expensive product, the risks incurred are high. Also, when the firm is not conversant with a certain product, it will be obligated to carry out a lot of test of the given product (Kiss & Barr, 2017). In conclusion, basing on the arguments given, a company should obtain new products for them to remain successful.

Reference

Kalaignanam, K., Kushwaha, T., & Swartz, T. A. (2017). The Differential Impact of New Product Development “Make/Buy” Choices on Immediate and Future Product Quality: Insights from the Automobile Industry.

Defeng, Y., Lu, J., & Shibin, S. (2017). The effect of knowledge breadth and depth on new product performance.

Rutkowski, I. P. (2017). The Method of Measuring the Progression of New Product Development Process Maturity and Introduction into the Market.

Shin, Y., Im, C., Oh, H., & Kim, J. (2017). Design for experience innovation: understanding user experience in new product development.

Yen, Y., & Hung, S. (2017). Why do buyers share knowledge with suppliers in new product development? current and alternative supplier antecedents.

Kiss, A. N., & Barr, P. S. (2017). New Product Development Strategy Implementation Duration and New Venture Performance.

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