Reflection on New Product Development and Launching Strategy
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This reflective essay discusses the knowledge gained on new product development and launching strategy, including the use of Triz theory and Apple's marketing strategy. The essay also highlights the importance of satisfying customer needs and maintaining quality and pricing.
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Table of Contents Introduction.................................................................................................................................................2 Main context................................................................................................................................................2 Conclusion...................................................................................................................................................4 Reference.....................................................................................................................................................5 1|P a g e
This paper will provide a reflection on the knowledge of new product development by me on the market. Moreover, following the idea of the technology industry I have generated my new product that satisfies the needs of the customer in the market. The theory that helps to launch a new product is also further discussed in this essay. I have gained knowledge about the new product development process and its implementation on the market. As per my view the development of new product occur to only satisfies the customer needs that has not been fulfilled by other products in the market. The idea of launching of new product has been generated by analyzing the customer needs that has not been fulfilled by the product of other company on the market(Houssin, Renaud, Coulibaly, Cavallucci, & Rousselot, 2015). In order to get the competitive advantage, the new product is going to be launched at Burger King which will focus on the pricing of burgers as compared with the competitors. Thus for developing a new product I have analyzed the background of Apple incorporation that stand as one of the leading brand in the market due to their innovative business strategy and thus it increases their share market(Vidal, Salmeron, Mena, & Chulvi, 2015). As Apple incorporation belongs to the technological industry so following their business strategy I have developed this new product in the market. By studying the whole technological industry it is seen that Apple incorporation and Amazon incorporation are the two leading brand in the market but the growth strategy of the Apple brand are more compared to that of the Amazon brand and due to this reason I have chosen the Apple brand strategy that help me to grow my businesses of launching new product in the market(Santoro, Vrontis, & Pastore, 2017). Apple launches new products in a huge manner and it can be accepted by the customer due to their innovative ideas and market strategy. After studying the whole growth process of Apple I have seen that they mainly focus on the technological process that can be easily accepted by the customer and along with this their marketing strategy is so innovative that it attracts the customer to buy their products excluding the other similar products of other brand. I am very much interested of their innovative ideas and so my new product has been based on the marketing strategy of Apple which helps me to grow my business in the market. For developing my new product in the market I have used a theory named Triz theory that helps me to launch my new product with a correct method and this theory is also used by the Apple industry for launching a new product(Qing et al., 2017). This theory is mainly based on data and logic that helps the team member of the company to solve the problem that may occur on launching a new product in the market(Nasiopoulos, Sakas, Vlachos, & 2|P a g e
Mavrogianni, 2015). Due to this calculative approach it provides the reliable growth of the business without having any issue. According to my study on the Triz theory I have found that it mainly depends on the problem and its appropriate solution regarding the product not the creativity of the product by the team members(Beske, Land, & Seuring, 2014). As per my study one should use this theory when the customer are not satisfied by the product and they willing to get another product having same features but with new innovation. Due to this I have used this theory for the generation of my new product. I have seen that the people are not interested in fast food in the present market and thus I have launched the new product at Burger King using the Triz theory and Apple marketing strategy. As this is a fast food product so quality and price of the product should be carefully maintained and according to my fellow students this is the main factor which helps to increase the growth of the firm in the market. My fellow students has chosen a new product similarly on the basis of the needs of customers but the only differences between us is the product category which has different perspective to satisfy the needs of the customers. I have gained knowledge on the development of the new product on the market by following the marketing strategies of Apple incorporation. Although I have studied a theory on the basis of new product development that helps me launch my business in front of the customer. 3|P a g e
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Reference Beske, P., Land, A., & Seuring, S. (2014). Sustainable supply chain management practices and dynamiccapabilitiesinthefoodindustry:Acriticalanalysisofthe literature.International Journal of Production Economics,152, 131-143. Houssin, R., Renaud, J., Coulibaly, A., Cavallucci, D., & Rousselot, F. (2015). TRIZ theory and case-based reasoning: synergies and oppositions.International Journal on Interactive Design and Manufacturing (IJIDeM),9(3), 177-183. Nasiopoulos, D. K., Sakas, D. P., Vlachos, D. S., & Mavrogianni, A. (2015, February). Simulation of generation of new ideas for new product development and IT services. InAIP conference proceedings(Vol. 1644, No. 1, pp. 60-68). AIP. Qing, W., Wenbo, X., Chao, Y., Shengpeng, W., Xingdao, H., Jones, S. G., & Suzuki, K. M. (2017, May). Research on training model of the optoelectronic major university student's innovative ability under the guidance of TRIZ theory. InEducation and Training in Optics and Photonics(p. 104526S). Optical Society of America. Santoro, G., Vrontis, D., & Pastore, A. (2017). External knowledge sourcing and new product development:EvidencefromtheItalianfoodandbeverageindustry.BritishFood Journal,119(11), 2373-2387. 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. 4|P a g e