Innovative Product Development

This report discusses the concept of innovative product development and its importance in meeting the needs of customers. It explores the features of a hi-tech watch band and its potential benefits for health-conscious individuals. The report also outlines the steps involved in launching a new product in the market and highlights the characteristics of an effective team and leadership.

Innovative Product
Development

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
TASK 3............................................................................................................................................4
TASK 4............................................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Innovations are defined as grabbing some opportunities for business by taking care of
needs of people and giving products through which needs can be met in effective manner. On the
other hand innovations are leading an organisation to deal with challenges in effective manner so
that sustainability can be enhanced (Bouncken and et. al., 2018). This report is prepared in order
to understand market concept of the product launching and future possibility of the product in
marketplace.
TASK 1
The product which are Hi-Tech Watch bands, these bands are laced with prominent
features which are innovative for the market and emerged as a feature by which huge customers
can be attracted towards this.
In current time people are health conscious so in order to maintain their healthy lifestyle
these watches are highly beneficial for those people. On the other hand as in current time market
is pertained with intense competition so one product is required to be highly distinct so as to
qualify market competition. These watches are designed for healthy people so as to determine
various aspects such as their heart rate and many other physical constraints. On the other hand
this device is embed with touchscreen technology in which GPS tracking system is included so
the potential buyers could be people those are prone to travel and explore new destinations.
The stakeholders of this watch may attain high benefits as in technology advancements
and market capture. This technological feature of watch band is fully laced with those features
which are exclusively designed for fitness freak people (Cooper 2019). Stakeholders for new
innovation of Hi-Tech watch bands are buyers and investors. Buyers are going to get benefits
which may help them to receive higher health advantages. On the other hand investors are those
parties who are investing their money in development of new product so with the help of
prominence in Hi-Tech watch band investors are going to get high returns through which they
can enhance their capital.
TASK 2
The new Hi-Tech watch band is having various characteristics through which so many
benefits are given to its user. There are various characteristics which are associated with this
device and the same are elaborated as under:

Touch screen: As this device is connected to the mobile phone of the user but at the
same time these are touch screen so that no hectic situations are created while using this device.
Touch screen devices are easy to use as these are highly user friendly which attracts huge
customers towards using this.
Additional data storage: This device is laced with space for additional data storage
which enables a customer to sync their data with this device so that this can easily be accessed by
the customers. This enables the user to get additional ease to storage and access the data in
convenient manner.
Long term battery life: This device is induced with chargeable battery in which the
company is keeping high battery life so that to grab higher attention of customer. Battery is the
feature which is additionally accepted by customers (Han and et. al., 2020). So for this device
one charge is lasting up to 28 hours and this enhances customer engagement.
Hardware
The major hardware for Hi-Tech watch band is Electronic Visual Display in which
images, text or video can be presented in easy manner. This display contains digital signage
which allows the display to show notifications on the screen of watch. This device is made up of
sweat proof material so this can be used by customers at the time of their work out.
Software
The major software used in Hi-Tech watch band is operating system and Android wear
system is used in this so as to enhance its compatibility with various mobile phones.
Functions
GPS tracker: One of the major features of Hi-Tech watch band is that it includes GPS
tracking system in which the user will be able to track their own location and use GPS map in
case they are willing to go at some other destination (Hsiao and Chen, 2018). This feature
enables the user to explore new locations at which distance and path can be measured by them
without facing any complexities.
Heart rate monitor: Heart rate monitor is defined as tracking system of heart in which
heart bear can be measured of the user or wearer of the device. This is helpful in keeping an eye
over physical health of the user so that any discrepancy can be detected at early stage. This is
helpful for heart patient so that they can deal with illness of their physique.

TASK 3
In order to launch a product in the market this is required that proper procedure is to be
followed so that implementation can be executed without any prominent barrier. Here is the step
which is to be followed during product launching and the same is elaborated as under:
Feasibility test: The primal step is to perform feasibility test in which requirement of
marketplace in respect of the product is to be examined along with expected ROI so that future
possibilities of loss can be eliminated (Hernández-Fernández, Mora and Hernández, 2019).
Selection of right team: The next step is to pick proper team which is highly skilled in
technical and soft skills. Technical skills are demanded over development of the product whereas
soft skills are desired at the time of selling the product.
Deciding completion time: The next step is to decide completion time so that to make
proper plan of implementation in such a manner that this would lead in succession of the product
in the market.
Marketing techniques: Marketing techniques are defined as those methods by which
features of the product can be communicated to the customer and this may implicate buying
decision of customer in positive manner.
Implementation: Under this process product is taken to the market for test marketing so
that to start selling and earning profit as well (Choi, 2018).
Feedback: Under this process feedbacks are customer are taken with feedbacks so as to
undertake various modifications in order to grab customer attention and retention.

TASK 4
In order to launch a product in the market effective team and effective members are
required which enhances succession of the product in the marketplace. There are some
characteristics which are pertained with leader and team members and the same are elaborated as
under:
Python experience is highly necessary as this is a high level programming software which helps
in developing coding of smart devices (Buchan, MacDonell and Yang, 2019). Python is assisting
team leaders in procedural programming paradigm through which object oriented concurrent
results can be ascertained.
Java is a programming language which is requisite to be known by effective leader as this
language helps in bringing flexibility within designing software of the smart watch. This
language is used at the time of coding software of watch band and in the presence of effective
Java reader work of coding can be completed by team in prompt manner.
Team work is a transferrable characteristics which is to be held by effective leader as with the
help of collaborate working tasks can be completed in easy manner. Team work is mandatory in
order to perform any task with high efficacy and unity. In the context of developing a new watch
band, team work is the major approach which is required to be held as there are numerous tasks

which have been delegated by a leader and they are having role to accumulate all of them so as
to take out fruitful outcome.
Communication skill is the prominent feature which is assessed in an effective leader as with
the help of effective communication any strategies can be communicated to the entire associated
individual in clear manner (Gorman, Grimm and Dunbar, 2018). With the help of
communication skills a leader can delegate task in barrier free manner which leads in attaining
high efficiency over the project by entire team mates. Along with this effective communication
eliminates any confusion in understanding roles and assigned duties.
Characteristics of effective team
 They are focused on supporting each and every team members.
 Effective team is organised in nature so eliminates any chaos.
CONCLUSION
From the above report this can be concluded that in order to launch a product proper
implementation plan is to be made. Effective team and team members are one of the essential
features of success of any new product by the organisation. With the help of implementation plan
any complexities can be reduces which may lead in appropriate launching of the product.

REFERENCES
Books and Journals
Bouncken and et. al., 2018. Coopetition in new product development alliances: advantages and
tensions for incremental and radical innovation. British Journal of Management. 29(3).
pp.391-410.
Buchan, J., MacDonell, S.G. and Yang, J., 2019, September. Effective team onboarding in agile
software development: techniques and goals. In 2019 ACM/IEEE International
Symposium on Empirical Software Engineering and Measurement (ESEM) (pp. 1-11).
IEEE.
Choi, T.M., 2018. Launching the right new product among multiple product candidates in
fashion: Optimal choice and coordination with risk consideration. International Journal
of Production Economics. 202. pp.162-171.
Cooper, R.G., 2019. The drivers of success in new-product development. Industrial Marketing
Management. 76. pp.36-47.
Gorman, J.C., Grimm, D.A. and Dunbar, T.A., 2018. Defining and measuring team effectiveness
in dynamic environments and implications for team ITS. In Building Intelligent
Tutoring Systems for Teams. Emerald Publishing Limited.
Han and et. al., 2020, July. Digital Image Processing Features of Smartwatch
Photoplethysmography for Cardiac Arrhythmia Detection. In 2020 42nd Annual
International Conference of the IEEE Engineering in Medicine & Biology Society
(EMBC) (pp. 4071-4074). IEEE.
Hernández-Fernández, A., Mora, E. and Hernández, M.I.V., 2019. When a new technological
product launching fails: A multi-method approach of facial recognition and E-WOM
sentiment analysis. Physiology & behavior. 200. pp.130-138.
Hsiao, K.L. and Chen, C.C., 2018. What drives smartwatch purchase intention? Perspectives
from hardware, software, design, and value. Telematics and Informatics. 35(1). pp.103-
113.]