Marketing Report: Analysis of New Product Development Process

This report provides a detailed analysis of the new product development (NPD) process, outlining the key stages involved in bringing a new product to market. The report begins with an introduction to the NPD process and its importance for business success, emphasizing the need to understand customer needs, markets, and competitors. The analysis focuses on eight major steps: idea generation, idea screening, concept development & testing, business strategy analysis & development, product development, test marketing, and commercialization. The Smart-Watch is used as a case study to provide practical insights into each stage. The report explores idea generation through internal sources, SWOT analysis, and Porter's Five Forces. Idea screening is discussed in terms of brand strengths and weaknesses, customer needs, and ongoing market trends. The report examines how companies can identify and overcome potential challenges in the product development process, including competition, market saturation, and customer bargaining power. The report also discusses the importance of understanding customer needs and adapting to market trends. Overall, the report provides a comprehensive overview of the NPD process, highlighting key considerations for successful product launches.

Running head: MARKETING
Marketing
Name of the Student
Name of the University
Author Note

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Table of Content
Introduction to the analysis........................................................................................................2
New Product Development Process...........................................................................................2
1. Idea Generation..................................................................................................................3
2. Idea Screening:...................................................................................................................8
3. Concept Development & Testing.....................................................................................10
4. Business Strategy Analysis & Development....................................................................11
5. Product Development.......................................................................................................15
6. Test marketing:.................................................................................................................16
7. Commercialisation:..........................................................................................................17
8. Introduction......................................................................................................................18
References................................................................................................................................19

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Introduction to the analysis
This research report provides a detailed analysis of New Product Development process. The
major purpose of this report is to develop an insight about how a new product is developed
and launched to the market. Product development process is never flat a process as it involves
a series of steps and concepts to generate the idea of product, screen, manufacturer, test and
eventually launch the product. New Product Development is a journey, thereby, it is treated
as the road which eventually leads to the actual product and then actually product to the
market. This means every product must pass the criteria of number of stages before they are
introduced to the market. According to Wowak et al., (2016), in order to remain successful in
the face of maturing products, organizations have to gain new ones by significantly carrying
out the new product development process, but the business might face the challenge and even
though the business develop new products, the marketing odds weigh heavily against the
success. It is observed that thousands of products enter the product development process but a
handful eventually reach the product. Thus, it is highly important to understand customers,
markets, and competitors to develop products that generate prime values to consumers. Thus,
to understand how a new product is developed and introduced in the market, the analysis is
done considering eight major steps of new product development process. To derive practical
insight about new product development, Smart-Watch as the product has been considered in
the analysis.
New Product Development Process
It is certain that product development process is lengthy systematic procedure which involves
eight different stages with respective functions related to product development.

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Figure 1: New Product Development Phase
(Source: Genç & Di Benedetto, 2015)
1. Idea Generation
The phases of New Product Development starts with the ‘Idea Generation’. It is noted
that ideas usually come from any place with different forms. It can be multiple in numbers
and thereby, it can be stated that this stage allows a large set of ideas from different sources.
The sources may include the following:
Internal sources: It is observed that there are several businesses that give incentives
to employees to come up with workable ideas. Sattayaraksa and Boon-itt, (2016) mentioned
that businesses that maintain an open organisational culture where communication is flat, so

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that employees can come up with new ideas for the betterment of the business. In the context
of the product Smart-Watch, a long series of ideas were taken. For example, people working
in the electronic selling brands were aware of the fact that people across the market were
highly influenced by technology innovation. Thereby, it is worth mentioning that product
based on technology innovation would most likely be successful in the market with respect to
sales and profits. Ahmad, Mallick & Schroeder (2013) argued that business that encourage
the ideas of its people are innovative in relation to products and marketing approach.
SWOT analysis:
In order to generate ideas about new product for the market, organizations may go for
reviewing its own strengths, weaknesses, threats and opportunities to find out weaknesses and
opportunities and on the basis of the gap new product is launched in the market. In the case of
Smart-Watch development, electronic brands often takes notes of the following
Strengths
 Increasing demand of electronic
goods and applications
 Emerging economy support in the
consumer electronics sector
 Easy selling and distribution points
like e-commerce channels
 Digital transformation in business
 Limited taxation and tariff
Weaknesses
 Market saturation on short-term
basis
 Limited scope for local brands in the
global market (Roberts & Candi,
2014)
 Frequent disagreement in relation to
political decisions in the market
causing the financial damage to the
products of large investment
Opportunities
 Emerging economy
Threats
 Risks related to supply chain as

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 Increasing opportunities for
entrepreneurs in the consumer
electronics sector
 Increasing customer knowledge in
relation to technology
 Demands for user-friendly product
item
short product lifecycle, keen
competition coupled with
cooperation and globalisation
 Vertically integrated supply chain
 Increasing rate of technology
revolution certainly requires large
investment without the guarantee of
proportional returns (Singh et al.,
2018).
So, when it comes to idea generation in the product development process, the above
presented analysis indicates the fact that there is an increasing demands for electronic
products and it is easy for the businesses to sell and distribute product items due to
establishment of e-commerce channels. In addition, the emerging economy enhances
disposable income of people. Thereby, any innovative product in the market could steal
customers’ attention. In addition to this, one of the vital elements in this idea generation stage
found through SWOT analysis is that customer’s knowledge about the use of technology and
opportunities for people with core technical knowledge can join the start-up businesses.
Thus, it can be stated that customers may accept a product that user-friendly, multiple
technical functions and cost-effective. Chang and Taylor (2016) argued that launching a core
or prime product in the electronic sector cannot guarantee massive success for short-time but
electronic features can be assembled with the mostly used product like wrist watch. So, the
idea of smart-watch lies in the fact that wrist watch is one such product which is used every
individual falling under economically upper class, middle class and lower class categories.
On the contrary, analysis also warrants that smart-phone market is blooming because of the

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better features of electronic communication, affordable price and innovation. Therefore, two
different demands can be amalgamated to generate a new product like Smart-Watch.
Moreover, it is certain that internal organizational environment is a crucial process of
collecting ideas because people who are working in the tech-firm for long time better
understand the market needs or the technical needs of the customers.
Likewise, Castellion and Markham (2013) mentioned that idea generation is one of
the most important stages in the New Product Development process; thereby before finalising
the idea the brands or the business have to complete insight about the market and market
needs, competitors, demands, available suppliers, etc,
Porter’s Five Forces
Competitive rivalry:
The level of competitive rivalry in the global electronic market is relatively high
since the major players leverage innovation trends and differentiation approach of the
products to beat rivals in the industry. Each player in the electronic market tend to use
different strategies to acquire market share. For example, when one player innovates, another
differentiates and consequently, intensity of the rivalry in the sector is high. Thus, innovation
and diversification can take place anytime. Thus, the idea of new product Smart-Watch is
innovative and unique enough to sustain in the tough competition.
Threats of New Entrants:
According to Khan, Alam and Alam (2015), electronic consumer sector is mostly a
threat-free sector because of the capital intensive nature of the sector. Moreover, evolving
technology and brand image of existing brands often prevents the entry. Thus, if a
longstanding electronic brand launches a product, it is free from the threats of new brands in
the category.

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Threats of Substitute products:
It is observed that threats of substitute products in the consumer electronics sector is
very low as there is no substitute for the electronic product. However, Dälken (2014)
mentioned that existing competition within sector in relation to growing pace of innovation
can be challenging for businesses. Hence, the idea of Smart-Watch is also an innovative
product but another existing brand may come up with another innovative product; thereby, to
beat the competition Smart-Watch should be designed in a way that it holds unique features
respectively.
Figure 2: Porter’s Five Forces
(Source: Dälken, 2014)
Bargaining power of the suppliers:
Bargaining power of the suppliers in the consumer electronics sector is relatively low
because product differentiation is less and moreover, customers have low switching cost and
thereby, the suppliers may not bargain more.

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Bargaining power of consumers:
As put forward by Mahajan et al., (2017), customer bargaining power in the consumer
electronic market is relatively high because customers now days possess considerable product
information which helps to make comparison. Availability of similar options is another factor
which contributes to high bargaining power. Bhaumik, Driffield and Zhou (2016) mentioned
that there can be increasing threats from local manufacturers to Smart-Watch manufacture.
Thus, to beat the high bargaining power of the customers, a brand which has increasing
market reputation can come up with the idea of developing such product.
2. Idea Screening:
As put forward by Dälken (2014), ideas can be of several forms but the effective and
workable ideas are scarce. Thus, Idea Screening in NPD is mostly about finding good and
feasible idea. This stage also helps to disregard the ideas that cannot be used. However, the
organization when going through the NPD process find some factors that play a great role in
developing the product.
Brand/company’s strength: In the previous stage, to generate ideas for the new
product, the organization had to the find out its strength, weaknesses, market threats and
opportunities, but the once scope is evaluated, this stage allows company to identify its core
strengths based on which idea of Smart-Watch can be aligned. For example, R&D capability
of the organization feasible and strengthened enough to develop an innovative product. Singh
et al., (2018) argued that idea screening is significantly necessary because a generated idea
may not be feasible for implementation as there can be financial limitation, workforce
strengths, challenge of marketing, etc. Thus, when screening the selected idea, it is important
for the organization to ensure required capabilities and other scope; so that the idea of the
product can be further processed. This means identification of organisational strengths need

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to ensure that organization can manufacture Smart-Watch as it existing Smart-Technology
gained enormous popularity in the market and moreover, R&D capability is also in place.
Brand /company’s Weaknesses: As put forward by Radighieri et al., (2014),
generated idea of new product development is often failed to meet the other criteria of
product development. For example, it may appear that the organization lacks workforce
strengths to strategically place the product in the market despite the financial strengths. Kim,
Park and Kim (2014) mentioned that it is often observed that in the consumer electronics
sector, the local brands often pose challenges to large brand by imitating the product and if
the core brand does not have the capability to beat the competition and imitation challenge,
the proposed product eventually becomes a failed initiative.
Customer needs: This is a crucial element in idea screening because customer even
though idea of Smart-Watch is generated but the manufacturer or the organisation needs to
learn that customer needs about the chosen product is high. This means that brand needs to
identify that a mass level of crowds have the positive vibe about the product. For example, to
identify customers’ needs, the organization needs to apply feedback method, in which it can
collect about the feedback about an existing product which is little similar to the proposed
product or it can collect feedback about new product only by describing the features of the
product. For example, it can be assumed that the company is also a smart-phone
manufacturer; thereby, the collection of feedback about an existing smart-phone product can
help the brand to comprehend customers’ vibe.
Ongoing trends: According to Grigore (2014), ongoing market trends give a
comprehensive idea about the actual market needs or the kind of products that customers
actually want to buy or wish to check out. For example, the organization needs to keep a
complete check on what the competitors are selling, or the sales margin of electronic products

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in the market. In the case of launching Smart-Watch, the organization needs to observe how
the additional features of associated with smart-technology are embraced by customers. Thus,
if it is found that the sales margin of smart-technology is relatively high compared to other
existing products, it can be mentioned that Smart-Watch can tremendous popularity in the
market.
Expected ROI: As put forward by Wowak et al., (2016), the most important question
that businesses need to consider is their marketing campaign entail what Return on
Investment the business in return gets for the investment they make. The organization needs
to extract the sales growth from the businesses or the product line and then subtract the cost
of marketing and eventually divide the marketing cost. For example, if the overall sales grew
by $1000 and cost of marketing campaign is around $100, so the return on investment is
around 900% (Genç, & Di Benedetto, 2015). When launching the Smart-Watch, the
manufacturer needs to identify and extract marketing and manufacturing cost to identify the
return on investment.
3. Concept Development & Testing
It has been identified that concept development and testing is usually the third step
product development and testing. As put forward by Cooper (2016) a concept is usually a
very detailed strategy or it remains a blue print version of the idea and but fundamentally
when the idea is significantly developed in every aspect, it needs to be made presentable and
eventually it becomes a concept. It can be mentioned that all the ideas that usually pass the
screening stage turned into concept to examine or test the purpose. Thus, it would not be wise
to launch a product the concept of the same being tested. In this stage, the Smart-Watch
manufacturer should be introduced to target market. As put forward by Genç and Di
Benedetto (2015), a particular group of customers from the target group should be chosen to
experiment concept. This means the brand needs to identify the potential customers who

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often purchase the brand. Specific and vital information about the proposed the product need
to be sent to the group to help them visualise the product. For example, the following
information can be delivered to target group.
 Body Temperature status in Smart-Watch
 Foot step count
 Time and Date
 Call receive notification
 Weather forecast
 Phone message notification
 Music player control
 Ac temperature control
 Car lock functions
 Music volume control
The target customers should receive the above stated feature embedded in the proposed
Smart-Watch product. However, this can be followed by both sides and the organization
needs to know what the customers actually feel about the concept regarding the product.
Most importantly, the organisation needs to know whether the customers will purchase the
product. Hence, this feedback will help the brand to further modify and develop the concept.
4. Business Strategy Analysis & Development
According to Ahmad, Mallick and Schroeder (2013), Verifying or testing the result is
most likely to guide the business by extracting the final concept to be applied into the
product. In this stage Smart-Watch manufacturer should determine the marketing strategy the
proposed product considering the concept for introducing the product to the market. The

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marketing strategy development needs to include the following elements and should be
implemented effectively.
Description of the target market: In order to launch the proposed product Smart-
Watch, the organisation needs to consider the target market, to which the product needs to
be approached for purchase, therefore, for selling the Smart-Watch, the manufacturer or the
organisation needs to focus on young generation –such as the school and college goers, adult
groups, and the people who often adapt to the ongoing trends of social life. For example, the
people who often go to Starbucks or Costa Coffee and listen music or work in laptop may
also wear a Smart-Watch. In addition, the organisation also needs to focus on the people
based on the basis of the economy they belong. For example, people with high disposable
income are usually fond of new technologies, and thereby, brand should approach the group
(BrakusSchmitt, & Zhang, 2014).
Market segmentation and distribution of Smart-Watch: The organization needs
to segment the market the proposed product on the basis of demography and geography. For
example, college pass-out students who are pursuing the scholarly degree often purchase
technology based product. In addition to this, people with the monthly income above $5000
can afford Smart-Watch (Dibb and Simkin, 2013) When it comes to targeting people through
geographic elements, the brand needs to focus on people who are living in the downtown
areas of city. Moreover, as most of the technology based products like music players and
Smart-Phone are often sold out online through e-commerce channels. Thereby, the brand
needs to place its Smart-Watch in a convenient e-commerce channels.
Sales, market share and profits goals:
The organization needs to set specific sales target within specific time period. For example,
the organization needs to achieve the increase of 30% in sales margin in first one year and in

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the second year, it should achieve 45% and later on, the sales margin may fall due to possible
market saturation.
Sales growth 2020 2021 2020
30% 35% 20%
Increase in Market
Share
20% 15% 10%
Increase in profits 20% 25% 20%
The above table represents the estimated growth in sales, market share and overall profits. It
is certain that in the first year of launch sales margin is most likely to bloom, and as the
product is innovative, the growth may sustain with the increase of 5% in the second year. In
the third year, growth in sales, market share and profits would fall because, technology based
product is saturated within a short-period because there are many competitors in the
consumer electronics sector across the globe.
Marketing mix:
Once the concept of the product is entirely identified, it is necessary for the brand to
determine the marketing approach of the proposed product. Thus, the following marketing
mix elements would help to market the product appropriately.
Product: The proposed product which is supposed to be launched in the market is
Smart-Watch. Smart-Watch consists of android OS which would help the user to control the
android smart-phone device externally through the watch. The features of the product
includes Body Temperature check, BP Check, Call and Message notification, time and date,
AC controller and several other essential features.

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Price- As electronics consumer goods market is affluent in nature due to broad series
of products being launched every day, it is necessary to set an affordable price that all group
of people can afford. However, the organization also has to increase the market share as there
is an increasing level of competition. An innovative product, if required to contribute to
market share, should go with a low price or penetrative pricing strategy. Huang and
Sarigöllü, (2014) argued that penetrative pricing can be risky for the organisation because the
brand may suffer loss but as the product would be placed in the e-commerce channels,
thereby distribution cost is less.
Promotion: In order to promote the product Smart-Watch, the organization needs to
leverage the popular social media tools like YouTube, Facebook and Twitter. In addition to
this, as the product would be distributed through e-commerce channels.
Place: The proposed product Smart-Watch would should be placed in the popular e-
commerce platforms like Amazon which covers largest share in the Asian market, and eBay,
Alibaba, etc. In addition to online selling platforms, the organisation can sell the product
through offline store –such as brand’s own outlet that are located in the downtown areas of
city.
Business Analysis
Mintz and Currim (2013) stated that management of the organisation needs to
evaluate the business attractiveness of the new product. However, even though there have
been some estimated target for sales, profits and market share, the organization in this fifth
stage of product development needs to review the sales target, manufacturing cost and profits
projection considering the existing financial capability, sales and profits margin. This will
help to understand whether the new product Smart-Watch development can be a feasible

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option. Thus, if it is found to be feasible, the product can be further moved on to the
development stage.
Furthermore, the organization needs to estimate sales, the organisation needs to check
the sales history of similar products and conduct a market survey. For example, the
organization needs to look at the sales of Fitness tracker which is a similar product of
Smart-Watch. Fitness Tracker is again embedded with android OS; thereby, the sales margin
of Fitness Tracker can help the brand to determine the estimated sales graph of the proposed
product. Thus, when the sales forecast is ready, the organisation can estimate the expected
cost and profits Smart-Watch and this may include marketing mix, Research and
Development, operations and several other aspects. Eventually, the organization can keep a
track of all sales figures and financial attractiveness.
5. Product Development
This stage is one of the most crucial one; Product concept is converted to actual tangible
product and thereby, this stage of NPD can lead to development of prototype of the actual
product. This means that the organization needs to manufacture a limited number of items.
However, the brand needs to ensure that all sort of branding and other strategies that are once
determined previously should be tested as well as applied According to Genç and Di Benedett
(2015) product development in NPD can be implemented for the actual product and thereby,
if the concept of the product effectively meets the criteria of business test, the concept should
developed into tangible product to ensure that chosen product idea can be of suitable market
offering. For example, on the basis of customers’ feedback about the new product, marketing
approach, Smart-Watch needs to be developed. However, Ahmad, Mallick and Schroeder
(2013) mentioned that organisation might have to face the challenge of Research &
Development, cost of engineering. This means Research and Development of the
organization needs to first develop the product, test a number of physical version of Smart-

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Watch concept. Nonetheless, it is certain that manufacturing or developing a successful
prototype may take several days or months and this happens on the basis of product or
prototype methods. This means that this testing method is usually done by the company itself;
however, to avoid the cost of operation, the organization can outsource the manufacturing of
the prototype.
6. Test marketing:
Unlike other phases in the product development process like concept testing,
prototyping is significantly introduced for research and feedback in the test marketing phase.
For example, if a prototype of Smart-Watch is developed in the previous stage as the
prototype, the organization needs to send the product to some specific group of customers as
discussed above and then take feedback from the customers regarding the product with
respect to features, model, colour, accessibility, etc,. This stage helps the brand to identify if
any other or new feedback comes from customer ends or if a large percentage of the
customers want something new which needs to be added, organization needs to incorporate
the same in the product. As put forward by Chang and Taylor (2016), this technique is highly
important because it certainly validates the entire concept and make the organization ready
for the introduction of the product. The organization should be aware of the fact that
customers may want something new than the once collected in the previous stage of product
development. On the other side, Castellion, and Markham (2013) mentioned that test
marketing not only state about the testing of product through the feedback method, test
marketing also determines the required marketing approach and strategies for the launch of
the product. This means that the organization needs to decide and specify the required
marketing channels through which the product would be launched. So, the process has to be
tested in realistic marketing setting. According to Cooper (2016) test marketing would give
organization the marketing experience about how the product can be placed and marketed

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before making the final introduction of the product. Thus, the Smart-Watch manufacturers
should test or experiment the product. The whole marketing programme needs to be tested.
Furthermore, it can be mentioned that the amount of testing marketing essentially
vary in relation to new product. Particularly, when launching a new product always needs a
large investment. Moreover, the organization also needs to deal with the growing risks in the
sector. In this context, Yeniyurt, Henke and Yalcinkaya (2014) mentioned that there have
been many cases, where the organization takes the initiative of developing the product,
however, eventually due to lack of experience in relation to marketing and distribution of
product, the newly manufactured product failed to gain popularity.
7. Commercialisation:
Commercialisation comes when the product is one step back before the launch. This
means this step significantly determines the commercial activities of the product. The
organization needs to work on the marketing approaches and strategies. The marketing mix
approaches that once developed in the previous stages need to put in place. This means that
the final decisions about the marketing mix approach should be made and the organization
needs to decide marketing mix efforts for the product to be launched. As out forward by
Filieri, (2013), this stage includes the briefing different departments in relation to the duties
and targets. This means that the organization needs to carefully take every minor and major
decisions. For example, the organisation may wish to skip Facebook as the marketing tool to
avoid commercial crowd in the place and instead the organization may wish to market its
product through the e-commerce channels only. On the contrary, it may happen that
organization may choose a different pricing strategy after the collection of feedback in the
test marketing. In addition, Smart-Watch manufacturer may decide to choose another new
market alongside the previously chosen market.

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Abbey, Blackburn and Guide Jr (2015) mentioned that there are certain factors that brand
must have to consider before finally launching the product into the market. This stage of new
product development also enables the organization to determine the introducing timing for
the proposed product. For example, if the economy is down, it can be wise for the
organization to wait until the following year to introduce the product. Nonetheless, if the
rivals in the industry is ready to launch their own product, the organization of Smart-Watch
launcher needs to stand back to launch the new product sooner. Likewise, introduction place
is another initiative that brand must have to determine. In this context, Coenen, and Kok
(2014) mentioned that organisations do not have the confidence, capital and capacity to
introduce new products into full national or international distribution from the beginning.
Instead of doing the same, the organisation further develops a planned market rollout over
time. Felekoglu and Moultrie (2014) mentioned that organization needs to focus on
generating superior customer value for the proposed product. This means that customers must
receive unique values associated with the product in return of money. For example,
customers may receive wrist brands with the product at free of cost or the product value may
come in form of service. Customer would receive lifetime servicing for the Smart-Watch.
Driessen et al., (2013) mentioned that there is hardly a number of products that get the
chance to gain success. The risk and cost associated are simply high to enable every product
to go through the stages of new product development technique.
8. Introduction
This is the ultimate stage which involves the introduction of the product in the market. In this
stage, the Smart –Watch needs to be eventually launched through the above product life cycle
stages.

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