New Product Development Strategy

Running Head: NEW PRODUCT DEVELOPMENT STRATEGY. 1
New product development
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NEW PRODUCT DEVELOPMENT STRATEGY 2
New product development
A new product is an original commodity that is invented by individuals in the market. For
a company to be successful, it has to remain competent by being able to roll out new products for
the satisfaction of potential customers. A new produce could be a modification of the existing, or
the company could acquire patent rights, brand, another company or license to produce a given
invention. I have observed that innovation is what drives the growth of a business, however
according to Kalaignanam, Kushwaha, & Swartz (2017), in cases where the product is
remarkably innovative the model of inventive problem solving(TRIZ) comes in hand at the New
Product Development process/Stage-gate to aid in achieving better results.
TRIZ theory provides reliability due to its algorithmic approach. Being an internationally
recognized tool of creativity, it relies on the patterns of glitches. Basing on my understanding,
new products or services are inevitably reliant to the final consumers, therefore it is of
importance for a firm to understand the market and produce a customer-driven new commodity
or service. Although there is no systematic way to accomplish new product acceptance, there are
eight main possible phases to integrate through the product development process.
During presentation, I was able to commemorate that implication of current New Product
Development Strategy (NPDS) also validate the overall development of the company (Defeng,
Lu, & Shibin, (2017). For instance, the NPDS at NIKE is aligned to facilitate the dynamic
requirements of its consumers. Generally, I was able to reinforce the factors that impact the new
product development strategy by recommending product mix, acquisition of market in
developing countries as well as contribution to improvised employment practices.