New Product Development PDF

Added on -2020-11-23

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Introduction In order to develop new product and services, it can be stated that the IKEA face issue ofhigh turnover in the business. As a result, it creates negative impact on results on their productsand customer attraction as well. In this context, it can be stated that idea also need to determinenew product solution also need to maintained for existing issue and problem. With usingcommercial funnel, goals matching with different resources to assess risks and face leadershipchallenges. Background of the company and problemIKEA began operations and functions from 1926 and continuously develop theirfunctioning to develop more significant advantages in all over the market. It is multinationalgroup company that assists to design and sells assemble furniture, kitchen appliances and homeaccessories within useful goods and home services. The company face issue of high turnoverwhich increases problems to attract customers. Furthermore, profitability and productivity alsoreduced which need to be develop to expand business in new product. The selected business nowconsider their operations and functions in retail sector for expansion of food products. Theysuccessfully develop several products and services with online food selling so that different areasof customers can be attracted successfully. In addition to this, it can be stated that types of foods can be successfully build withdifferent kinds of information. Hence, business will get more development to focus oncommercial activities and tasks that assists to accomplish desired goals and objectives.Moreover, there are several consideration in which IKEA need to focus such as packaging ofproducts, quality of products, market research, etc. All these considerations are usefulperspective that need to be focused by the chosen business to increase profitability. New productdevelopment can be expanded in different areas of the world so that it helps to increase moreeffectiveness. Scope of ideas for developing new product IKEA successfully expanded their new product development process so that it assists tofocus on more effectiveness and ascertained desired results at workplace. In this regard, it isessential to increase productivity and profitability through develop new product. Following arecertain scope successfully implemented to expand new product by business:1

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