New Product Development Term Paper:
New product development is the process which is aimed at the creation of new goods and services and their introduction into the market. New product development is an essential process, which broadens the market with new goods and services and even creates new markets producing new and new goods for consumers. Naturally, it is quite difficult to suggest what products are required on the market, so the process includes a great number of stages and steps which are aimed at the decision making, planning, constructing, processing, engineering, design, marketing research, advertising, etc.
New product development is divided into a few categories which explain the process and the approach towards the process of production differently. To begin with, it can be the improvement and development of the existing product.
The company simply changes the qualities and design of the existing product with the hope that its new qualities and look can attract customers. Then, there is the entire change of the product. The company can renovate the old version of its product improving its quality considerably. Next, there is a simple increase of the choice on the production of the company. The firm produces more goods and services in order to attract new types of clients. Finally, there is the creation of the absolutely new product, which can attract clients which may require it. According to the types of new product development, there are three of them: the product is new for the market; the product is new for the definite company; the product creates a completely new market being so up-to-date and well-constructed.
The process of new product development is quite unpredictable and complicated, because before the construction of the product one should study the market attentively in order not to fail producing the unnecessary goods and services. A well-composed new product development term paper should explain the problem in detail and touch upon its core elements, functions, types, aims and results. The student is expected to analyze the problem from all sides and describe the process of new product development on the example of the direct companies, which have invented new products successfully. One is supposed to use the trustworthy sources and methods for the research and conclude the paper well.
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