MKT520 Management Product & Service Innovation: Reflection

This report provides an individual reflection on a New Product Development (NPD) course, highlighting key learnings about the NPD process, innovation, and market segmentation. It discusses the importance of understanding customer needs, the competitive environment, and market dynamics in developing new products. The reflection covers various factors influencing NPD, including political and economic conditions, and emphasizes the significance of innovation strategies for creating successful products. It also touches upon market-related factors such as target market analysis and competitive pressures, relating these concepts to real-world examples like KFC and Domino's Pizza. The report concludes that the NPD course has significantly enhanced the student's understanding of product development and innovation.

Management product and service innovation
Part B – an individual reflection
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Table of Contents
Introduction.................................................................................................................................................2
Main Context...............................................................................................................................................2
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
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Introduction
New product development is one of the vital processes for the firm to maintain their product and
service effectively within the market. This also shows the various process for launching the
product within the market. The paper provides effective reflection on the NDP course and also
discuss the NDP theory that is effective for the firm. The paper also discusses the development
process for the new product in the market.
Main Context
I am quite surprised with the effective process of the New Product Development phases. This is
the vital fact that help me to understand regarding the process that is involved in the development
of new products. From the course of NDP, I have learned that this process required suitable
understanding regarding the customer needs, then the competitive environment as well as the
nature of the market. This process of NDP allows the firm to provide suitable and effective
working function for developing the new product within the market (Ernst, Hoyer, Krafft, &
Soll, 2017). From this course, I have effectively learned about the innovation which is efficient
for the development of new product. Innovation and market segment is the vital part for the
formation of the new product within the market (Vidal, Salmeron, Mena, & Chulvi, 2015). For
me, this is one of the best way to understand the product development process where the
problem, as well as the solution for the industry, is being provided. This NPD theory is being
used in the form of the innovation process, then the development process as well as the launch
process.
I have also learned about the various factors that are essential for the development of new
product within the market. The factors are generally related to the political condition as well as
the economic condition and various other condition within the market (Johnson, Friend, & Lee,
2017). All this help me to understand the process which is effective for the new product
development within the market and this allow me to perform effective and suitable working
function. The market segment help me to understand the need of new product development in the
process as it provides effective view on the development of valuable products within the market.
The factors of NDP is quite effective within the field to maintain the development process for the
various organizations (Gopalakrishnan, Libby, Samuels, & Swenson, 2015). For the course, I
have to prepare an effective report on the process and for that, I have eventually performed
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research and various work that help me to figure out the innovative approach utilized by the
organizations within the market. This knowledge helps me to understand the working function of
the firm for developing various products like KFC, Dominos, etc. in the market.
My thinking on the process of new product development at the beginning of the course was
different but with time and after concluding this course I have gathered suitable knowledge on
the process. This helps me to develop my skill for the innovative products and services within
the field and to perform effectively in the market. The factors that are related to the product is
effective for providing suitable and successful products within the market. NDP is vital for the
firm to have a suitable working function within the market and to maintain their organizational
process (Chang, & Taylor, 2016). From this learning activity, the skill on the innovative process
for the product development is being provided effectively. With the innovation strategy and
theory I have learned to provide variation within the product so that it is effective for the
customers in the market. Strength along with the weakness of the firm provides the view of the
internal factor of the organization (Cavallucci, 2017). For the development of new product, it is
essential to analyze all factors and develop the product which is suitable for the firm.
Product related factor provides view on the effectiveness of product within the market and also
the relative price for the products. I have learned the suitable process for providing effective
price for the product within the market. It help me to understand the relative price regarding the
company and their developed product within the market. It can be seen from the course and the
working function that effective and suitable value for the product need to develop their activity
within the field. I have also learned about the quality of the product that needs to me provided
within the market. Quality is vital for the product and also it is quite effective for maintaining the
working function within the market. The price of the product is directly depend on the quality of
the product and also the manufacturing process of the item. The product factor within the firm
effectively provides suitable view on the working function of the firm to maintain their activity
in the field. All this help me to understand the different and effective process of NPD.
I have also learned the market related factor and this is also suitable for the NPD process within
the market. This help me to understand the target market for the product and also its
effectiveness for the item within the market. Target market is essential for the firm for
developing their product and this is essential to maintain their activity within the field. I have
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also learned the process of concentration on the target market on the particular products for
understanding their effectiveness within the market. It help me to understand valuable process
within the firm that is effective for the market. From the market related factor I have also learned
about the competitive pressure that is particularly on the firm and on the development of new
product. It can be seen that the competitors create huge pressure on the firm and this have a huge
impact on the process of product development. I have gathered suitable knowledge on this
factors and this are the most effective for the firm to maintain their activity within the field.
Conclusion
From the paper, it is clear that the course of NDP is effective for every student to develop their
knowledge of the product development. After completing the course my knowledge of the
development process for the new product has developed and this helps me to analyze the
working function within the field. For me, this course is effective where I can understand
regarding the NPD process.
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References
Cavallucci, D. (Ed.). (2017). TRIZ–The Theory of Inventive Problem Solving: Current Research
and Trends in French Academic Institutions. Springer.
Chang, W., & Taylor, S. A. (2016). The effectiveness of customer participation in new product
development: A meta-analysis. Journal of Marketing, 80(1), 47-64.
Ernst, H., Hoyer, W., Krafft, M., & Soll, J. H. (2017). Virtual Co-Creation with Customers in the
Early Stages of New Product Development.
Gopalakrishnan, M., Libby, T., Samuels, J. A., & Swenson, D. (2015). The effect of cost goal
specificity and new product development process on cost reduction
performance. Accounting, Organizations and Society, 42, 1-11.
Johnson, J. S., Friend, S. B., & Lee, H. S. (2017). Big Data Facilitation, Utilization, and
Monetization: Exploring the 3Vs in a New Product Development Process. Journal of
Product Innovation Management, 34(5), 640-658.
Vidal, R., Salmeron, J. L., Mena, A., & Chulvi, V. (2015). Fuzzy cognitive map-based selection
of TRIZ (theory of inventive problem solving) trends for eco-innovation of ceramic
industry products. Journal of Cleaner Production, 107, 202-214.
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