New Product Development Doc

   

Added on  2020-12-29

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NPD and MarketingMetrics
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TABLE OF CONTENTSINTRODUCTION:..........................................................................................................................1MAIN BODY ..................................................................................................................................1New product or market...............................................................................................................1Evaluation of relationship and processes....................................................................................2Marketing metrics.......................................................................................................................4CONCLUSION AND RECOMMENDATIONS ...........................................................................6REFERENCES :..............................................................................................................................8
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INTRODUCTION:Business serves a large number of customers. They provide a variety of products andservices to them according to their needs. Sometimes, business has to develop products andservices due to change in the external environment (Micheli and Beverland, 2015). This ishelpful for them to expand in different markets. Products are always developed by using amethod called new product development. It is a step by step method through which products aredeveloped and launched in the market. It covers all the aspects starting from design to launch.This report will throw light on how new products are developed. Also, it will describe therelationship in between processes in NPD. Moreover, how different marketing metrics tools areused to measure product performance in the market will be explained. For the present report,organisation selected is Sapura Energy Berhad. It belongs to oil and gas sector operating inMalaysia. MAIN BODY New product or marketA business is surrounded by various factors that affects its growth and development.These factors include micro and macro environment (Wu and et..al 2015). Business have tomake frequently make changes in their products with change in external factor so that they cansurvive for long term. Furthermore, market condition fluctuates that impact business growth. Sothey have to search for new markets to maintain stability in profits. For example – change intaste and preference of customers is related to social factor. Also, customer demands newproducts as their need change. Sometimes, fluctuation in economic factor can be also be a reasonfor business to develop product. In oil and gas industry prices of crude oil is rising. This is due tofluctuation in world economy. Hence, many countries are exploring new markets to generatemore revenue. This has resulted in change in trends as there is high rise in demand of biofuel andCNG. Besides this, many companies has started providing this energy. They have invested ahuge amount in this. Also, in recent times due to rise in prices of oil, companies are makingefforts to reduce cost. Another factor that can be consider is political. Malaysian politicalcondition is very stable, so it is beneficial for companies operating there (Ernst and et..al 2017).
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Another external factor that has affected the organisation is environmental. This hasaffected Sapura Energy Berhad’s sustainability to a high extent. In many countries, governmenthas now focused on protecting the environment. They have imposed high rate of tax oil products.Along with this, they are providing subsidy on biofuel products (Fulgoni, Pettit and Lipsman,2017). This has attracted companies to develop products that will help in protecting theenvironment. Also, it has provided a platform for oil companies to grow and develop in othermarkets. Furthermore, it will enable in earning more profits and creating a large customer base.Sapura Energy Berhad is a public company that is engaged in B2B selling of products. Itis having an opportunity to collaborate with organisation to use biofuel and CNG. Firm cangenerate customer value by providing them a product at low cost that will save environment aswell. Besides this, Sapura Energy Berhad is having competencies in developing biofuel. Theycan develop new markets for this. The countries where need is rising or it is highly populated andpolluted. Therefore, Sapura Energy Berhad has been forced to develop the product in new market(Claudy, Peterson and Pagell, 2016). Due to change in external factors, company has modifiedtheir goals and objectives. They have focused in implementing new product development. In this,company will produce biofuel and CNG that will be provided in new markets. This will providethem to increase sales and profits. Also, it will enable them to gain market share in new markets.Moreover, with this, Sapura Energy Berhad can sustain for long term in the market. Indeveloping biofuel and CNG products, resources required are also limited. Hence, SapuraEnergy Berhad is having enough resources to produce these. It will be able to manage the peopleand resources in different markets.Evaluation of relationship and processesBusiness always works with stakeholders. It includes customers, suppliers, agents, etc.they work together with business. In oil and gas industry there are many stakeholders. Theyensure that products and services are delivered in proper way. It is very important to involve stakeholders while developing products. It is because theyprovide a lot of data and information about market condition. Besides this, they also help inpromoting products in the market (Reid, Marion and Barczak, 2016). The stakeholders are the
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