Commonwealth Bank Innovation: MKT520 Assessment 4B Report Analysis

This report analyzes the new product development (NPD) process, drawing insights from the Commonwealth Bank's innovation strategies. The report begins with an introduction and an overview of the NPD theory, exploring processes such as idea generation, testing, market development, and business investigation. It then examines how the student's perception of NPD practices changed after a presentation, highlighting the impact of NPD on firm performance and business target achievement. The report also discusses the awareness needed for future product development, including the importance of considering potential outcomes and product suitability. Furthermore, the report reflects on learnings from class members' perspectives and concludes with a summary of the key takeaways regarding new product or service representation and the enhanced knowledge gained on NDP.

Managing product and
service innovations
Student name:
Student ID:

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Table of Contents
Assessment 4B............................................................................................................................................2
Introduction.................................................................................................................................................2
Understanding on new product development...............................................................................................2
Changing of perception of new product development practices..................................................................2
Awareness useful on future.........................................................................................................................3
Learning from different perspectives and context of other class members..................................................3
Conclusion...................................................................................................................................................3
References...................................................................................................................................................4

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Assessment 4B
Introduction
The paper will provide my understandings regarding the new good development process that has
been formulated after developing the new product of Commonwealth Bank. Besides this, my
perception regarding the new good development process and also the awareness that I must use
in the future will also be discussed in this context. Furthermore, the learning approach that I have
gained from other class members will be further briefly demonstrated in this paper.
Understanding on new product development
According to the NDP theory, a new product has been developed by following some process
such as idea generation and broadcast, testing and conception progress, market approach
development, good progress, business investigation and test marketing (Wowak, Craighead,
Ketchen Jr & Hult, 2016). After getting a brief view of all these processes, I came to understand
the way by which a new product or service has been developed by an organization. I came to
now that before developing a product or service, it is important to conceptualize the outcome of
the new product that is going to be developed by the organization. After considering all the
outcomes, the new product or service should be developed otherwise, it may create a negative
outcome for the organization’s business procedure (Zahay, Hajli & Sihi, 2018). Proper research
is important for developing a new product or services for any firm (Cooper, 2016). I had
understood that the NDP process has a serious influence on the organization for achieving their
performance and it can only be possible when they will develop appropriate product or services
that should be suitable for their business procedure. After considering all these facts, I have
introduced a new service of the Commonwealth Bank that can influence the firm growth in the
Australian market.
Changing of perception of new product development practices
After doing the presentation, my thought regarding the new invention development process has
changed due to various reasons. One of the reason is that I came to know that the NPD process
does not only influence the performance of a firm, but it also enables them to achieve their
business targets. Thus by introducing new services for the Comm Bank, I can say that it will
provide positive results on the business to move further in the market. NDP is the process that

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minimizes the mortar and brick assets of a firm by enhancing their technological as well as
functional process respectively (Durmusoglu, Hirunyawipada & McNally, 2017). From this
aspects, I have also changed my perception that NDP process not only helps in increasing the
market share of a firm but also influence the business to make a convenient platform that can
fulfill the needs of their consumer base. After reviewing all these features, my perception of
NDP has changed, and I came to know that it is a success factor of a variety of companies.
Awareness useful on future
The presentation has helped me to gain an idea regarding the NDP theory and the concept that
has been useful in developing a new product or services for a firm. Considering this factor while
developing a new product in future, one must be aware about the several outcomes that may be
obtained for this product or service (Lee, Kim & Joshi, 2017). Another awareness should be
regarding the features, whether the new product or services developed by the firm is suitable for
the business or not (Genç & Di Benedetto, 2015). After listening to others, I can suggest that for
developing the new services or products, one must be aware to adopt it fruitfully by the
organization without facing any problem.
Learning from different perspectives and context of other class members
From my class members, I have learned that proper technique should be applied by considering
the organization business procedure before developing a new product or services. From these
features, my opinion has changed over the NDP process, and I came to know that new product or
services developed to fulfill the consumer desires and also to maintain a competitive advantage
in the market. Following this, some similarities and dissimilarities have present between the
organizations that I have studied with that studied by other students.
Conclusion
From this study, I have learned that new product or services are considered as the representation
of the original products that fall under the new category of the firm. The presentation has helped
me to gain immense knowledge regarding NDP, and it has also changed my perception of
developing new products or services for a firm.

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References
Cooper, R. G., (2016). Agile–Stage-Gate Hybrids: The Next Stage for Product Development
Blending Agile and Stage-Gate methods can provide flexibility, speed, and improved
communication in new-product development. Research-Technology Management, 59(1),
21-29.
Durmusoglu, S. S., Hirunyawipada, T., & McNally, R. C., (2017). New Product Development
Process Implementation in a Business-To-Business Firm: The Driving and Moderating
Factors for Improved Program Performance and Time-To-Market. Journal of Business-
to-Business Marketing, 24(1), 35-56.
Genç, E., & Di Benedetto, C. A. (2015). Cross-functional integration in the sustainable new
product development process: The role of the environmental specialist. Industrial
Marketing Management, 50, 150-161.
Lee, K., Kim, Y., & Joshi, K. (2017). Organizational memory and new product development
performance: Investigating the role of organizational ambidexterity. Technological
Forecasting and Social Change, 120, 117-129.
Wowak, K. D., Craighead, C. W., Ketchen Jr, D. J., & Hult, G. T. M. (2016). Toward a
“theoretical toolbox” for the supplier‐enabled fuzzy front end of the new product
development process. Journal of Supply Chain Management, 52(1), 66-81.
Zahay, D., Hajli, N., & Sihi, D. (2018). Managerial perspectives on crowdsourcing in the new
product development process. Industrial Marketing Management, 71, 41-53.