logo

Decision Analysis Process for Development of New Product

   

Added on  2020-05-08

5 Pages1201 Words466 Views
Running head: DEVELOPMENT OF A NEW PRODUCTDevelopment of a New ProductName of the Student:Name of the University:Author Note:

1DEVELOPMENT OF A NEW PRODUCTDecision analysis process is the systematic, quantitative and visual procedure ofanalysing a challenge and finding an appropriate solution. The business organisations and thenon-profit seeking organisations often face challenges due to various factors like new productby a competitor, new government policies and changing tastes of customers. Thesechallenges require the apex management and the middle level management in the businessorganisations take decisions regarding ways to counteract the challenges. I was a part of onesuch decision analysis process, which led to introduction of a new product by themultinational hospital where I work as a part of the product and innovation team (Bell et al.,2014).The problem that required decision analysis process was that another multinationalhospital had introduced a very innovative product package. The product package combinedinsurance from one of the most reputed international insurance companies and treatmentfacilities. The product allowed the patients and their relatives to buy insurance packages fromone the leading insurance companies, which allowed them to avail discounts in certainmedical services in the hospital like hospital cabin charges, medicine costs within a specifiedlimit and pathological tests. They could get up to two people covered by purchasing theinsurance packages at subsidised rates. This product introduced by the hospital led to someloyal customers shifting to this competitor hospital. This led to reduction in the revenuegeneration in the hospital I am employed. This losing of customers and reduction of revenuedemanded action from all the three levels of hierarchy within the organization, namely theapex management, the middle level management and the teams of medical services providingstaffs. There were several meetings, which the three levels of employees attended thatcontinued for around a month (Muennig & Bounthavong, 2016). The marketing teamconducted market researches to gain information about the products the leading hospitalsespecially the multinational hospitals in the American market. Then they studied the

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Customer Satisfaction Technical Report for Luke Althorp
|62
|9676
|294

Assignment on Strategic Development of Business
|15
|3929
|56

Individual Assignment (SAMSUNG)
|12
|3477
|148

Principles of OB for maintaining team Dynamism in Google
|12
|2714
|477

The different activities of the department
|10
|2753
|26

New Zealand Sustainable Dairy Farm Assignment Essay
|12
|2909
|139