Managing Product And Service Innovation
Added on 2021-05-31
21 Pages5425 Words159 Views
Leadership ManagementDesign and CreativityMechanical Engineering
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Running head: MANAGING PRODUCT AND SERVICE INNOVATIONManaging Product and Service InnovationName of StudentName of UniversityAuthor Note
1MANAGING PRODUCT AND SERVICE INNOVATIONTable of Contents1. Introduction............................................................................................................................22. New Product Development....................................................................................................23. Factor That Affect New Product Development Framework..................................................34. Product Related Factors.........................................................................................................64.1 Factor One........................................................................................................................64.1.1. Factor One Related to the Company............................................................................64.2. Factor Two.......................................................................................................................74.2.1. Factor Two Related to the Company............................................................................75. Market Related Factors..........................................................................................................85.1. Factor Three.....................................................................................................................85.1.1. Factor Three Related to the Company..........................................................................85.2. Factor Four....................................................................................................................105.2.1. Factor Four Related to the Company..........................................................................106. Critical Success Factors & Issues Relating to the Company...............................................116.1. Strength..........................................................................................................................116.2. Weaknesses....................................................................................................................127. Recommendations................................................................................................................138. Conclusion............................................................................................................................14References................................................................................................................................15
2MANAGING PRODUCT AND SERVICE INNOVATION
3MANAGING PRODUCT AND SERVICE INNOVATION1. IntroductionEvery organisation needs to ensure that techniques such as innovation are developedto maintain quality of products and services in an effective manner. Innovation in product andservices can help a company to satisfy customers and provide it with an opportunity to gainglobal recognition. The assignment focuses on the importance of product and servicemanagement and the benefits an organisation can receive due to this. The focus is onWoolworths one of the most famous and reputed retail companies in Australia (Moulaert,2016). Woolworths is an Australian retail company with a growth rate of 50% of theeconomy of Australia. It was established in 1924 in New South Wales and owns certainsubsidiary companies for its benefits. The company forms a duopoly market with Coles andcontributes to an overall 80% growth of the economy of Australia. The importance of productdevelopment for Woolworths is such that the company can provide proper customersatisfaction and at the same time ensure that a competitive advantage is gained in the market.The main competitor of Woolworths in the Australian market includes Wesfarmers(Woolworthsgroup.com.au, 2018).The assignment provides the importance of having a new product development andprovides an overview of the process in details. The factors that affect products and markets isanalysed and based on it, the critical success factors of Woolworths is determined. At thesame time, recommendations are provided so that Woolworths can improve their product andservices.
4MANAGING PRODUCT AND SERVICE INNOVATION2. New Product DevelopmentAccording to Lin, Lee and Kang (2015), the new product development provides anidea about the importance of introducing a new product in the market. It analyses the mannerin which development of a new product can help an organisation to grow and maintain propereffectiveness in the market. New products often lead to the increase in the growth ofemployment, high standards as well as improvement in technology. In the case ofWoolworths, the number of new products of the company has increased dramatically. Afterits establishment in 1924, the company have grown and have managed to develop its marketand products continuously to attain the satisfaction of the customers. With the application andintroduction of the new product development framework, Woolworths can develop andlaunch new products that can evolve around the information gathered from a propermarketing research. Therefore, the factors that affect the New Product DevelopmentFramework can be analysed with the help of a diagram. The New Product Development that has been focused on is a seafood product, namelythe chilled salmon product of Woolworths. Woolworths is known for manufacturing productsthat can help in the satisfaction of the customers. Therefore, the introduction of chilledsalmon product can help the company to engage the customers continuously with the habit ofeating fish. The effects of this new product can help Woolworths increase their customer baseand gain popularity in areas beyond the local markets of Australia. However, the companyneeds to keep in mind that the food product is healthy for the consumption of the people.3. Factor That Affect New Product Development FrameworkThe New Product Development Framework provides an importance about introducingnew products in the market and assisting customers to gain quality products. It helps in thegrowth of companies and provides profits for it so that it can expand into the market. One of
5MANAGING PRODUCT AND SERVICE INNOVATIONthe characteristics of the new product development is that it helps in the growth of theeconomy and therefore, helps in the growth of customer satisfaction in the market. As statedby Adams et al. (2016) the NPDF differs from one industry to another. Hence, the applicationof the process in the case for Woolworths can be analysed.The stages of the NPDF can be linked with the development of Woolworths and themanner in which it can be implemented for further promotion of the company can beanalysed.Figure: New Product Development Framework(Source: Schedin, Chirumalla & Jackson, 2017)New Product strategy: This helps in linking the process with the objectives of thecompany. The development of the chilled salmon product can be made so that Woolworthscan ensure satisfaction of the customers. The objective of Woolworths is to improve the stockturns and optimise the efficiency of its network all the way while ensuring the satisfaction ofthe customers (Woolworthsgroup.com.au, 2018). The initial step of the NDPF provides a
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