New Product Development & Project Management Plan

Added on - 16 Sep 2019

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New Product Development
Student Name:
Student ID:
Course Name:
Course ID:
Faculty Name:
University Name:
Executive Summary
The current paper is concerned with the development of new product idea and the
implementation of specific project management plan to ensure that the ideation of the
particular product covert to reality. The product that has been developed is gaming device for
the children and the teenagers. The gaming device will contain simulation games that will
help the users understand how particular NGOs (Non-Governmental Organization) work. The
purpose is to create awareness towards NGOs among the mass. It is expected that this will
help in the better fund collection in the future. Moreover, this is likely to improve the
reputation of the NGO among the masses.
New Product Development was conducted considering the eight stages, beginning with idea
generation of the product and ending with the commercialization and new product pricing. It
has been decided that the earnings from the new product will be used to invest again for the
product development and in welfare activities. This product is likely to have appreciable
impact on the economic, social, political, and environmental aspects.
Table of Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
New Product Development Strategy..........................................................................................4
Alternative Approach Analysis..............................................................................................4
Selection of Suitable Approach..............................................................................................7
Developing Product through Eight Phase..............................................................................8
Project Management.................................................................................................................12
Identifying Appropriate Project Management Technique....................................................13
Project Management Plan....................................................................................................14
Economic, Social and Environmental Justification.................................................................17
Financial and Business Benefits...........................................................................................17
Social and Political Implications..........................................................................................17
Environment and Business Sustainability Implications.......................................................18
Conclusions..............................................................................................................................18
References................................................................................................................................19
Appendix..................................................................................................................................19
Appendix A: Gantt chart......................................................................................................19
Appendix B: Team Meeting Minute....................................................................................19
Introduction
The current paper is focused towards the development of a new product for a company’s
clients. The company is into consultancy. The company has recently received requirements
from two NGOs working in United Kingdom. NGO refers to the Non-Governmental
Organizations that work for the society and provide various support in the form of free food
distribution, providing shelter for the homeless, blood collection for needy, and others. These
NGOs are facing issue in publicity of their work. Despite some appreciable actions taken by
these NGOs, it has been found that they are still behind in popularity and less people know
about their work. Apart from that, the association of NGOs have concluded that the
popularity of work of NGOs is not in the manner it should be in the country and around the
world (Powers, 2014). Therefore, a consultancy has been hired to ensure that this aspect is
considered and the image of the NGOs should be improved further. Moreover, the focus is to
let common people understand exactly what NGO does and how it helps the people around
the world. It has been identified that the lesser number of people actively read and try to learn
about the working of the NGOs and, therefore, during the challenging period, it becomes
tough for these NGOs to procure right amount of fund. This leads to shortage in relief funds.
The consultancy is willing to move ahead with this problem and come up with possible
product ideas that can help the NGOs resolve this challenge. The next few chapters have been
concentrated on the right approaches for the product development along with the processes to
be implemented for the identified product development. The second chapter is focused on the
new product development strategy followed by the brief on the way entire product
development project will be developed and managed. The fourth chapter has focused on
understanding the environmental impact the developed product will have. In the end,
conclusive remarks have been given on the entire development plan and procedure.
New Product Development Strategy
The new product development refers to the processes that are employed to ensure that a new
product reach the reality from the ideation phase and finally reach the hands of the users
(Leonard-Barton, 1992). The current chapter is focused towards understanding the new
product development approaches. This chapter will also engage in the development of a
suitable product for the consultancy’s clients.
Alternative Approach Analysis
There are various alternative to the approaches that can be considered for the developed for a
product within the organization. Some of these approaches are customer centred, team based,
systematic, and others. These approaches have been analysed in the sub-sections below and
one of the most suitable approach is selected on which the entire product development will be
based.
Customer Centred NPD
The customer centred new product development is focused towards the ways that can help the
customers in solving their problems. The customer centered NPD is mostly undertaken by
understanding the need of the consumers and then developing a product that can at the same
time leave the competition behind (Fuller and Matzler, 2007). It is a consideration in this
product development approach that the companies can secure greater client base if they are
able to satisfy need of larger number of people. Apart from that, there are four aspects that
are considered through this approach. The first is differentiating the developed product from
others and solving the issues of the customers. Moreover, offering the customers something
that is not available in the market or it is something that is better than what market is offering
right now. This also ensures direct engagement of the customers with the company on the
continuous basis if the company is coming with right product now and then (Bilgram et al,
2008).
In the current situation, as the consultancy is willing to resolve the publicity challenge of
NGOs which is in a way directly related the consumers or the users who will be using those
products, therefore it can be stated that this approach can be a suitable choice.
Team Based NPD
The team based new product development is majorly focused towards the development of the
products through bringing together individuals from various departments or bringing in the
entire team together. This is done to ensure that the time is saved during the product
development also increase the effectiveness. There are various departments within the
company that works together while developing the product through this approach such as the
marketing team, finance team, manufacturing team, and others (Sarin and McDermott, 2003).
One of the demerits that can be counted of this approach is that it has not considered
preferences of the people for whom the product is to be made. This might lead to the loss in
focus in the product development and, therefore, the inclusion of previous approach with this
one can be suggested to ensure that the team always know where they are heading. The
current product development might consider mixing these two approaches together.
Systematic NPD
The systematic new product development ensures that the entire product development
process moves ahead in a systematic manner with formal appointment of individuals who
will be engaging in the new product development. The individuals assigned collaborate with
the internal and the external parties and come up with the suitable product ideas. In some of
the organizations, the establishment of cross-functional innovation management committee is
New Product Development
Student Name:
Student ID:
Course Name:
Course ID:
Faculty Name:
University Name:
Executive Summary
The current paper is concerned with the development of new product idea and the
implementation of specific project management plan to ensure that the ideation of the
particular product covert to reality. The product that has been developed is gaming device for
the children and the teenagers. The gaming device will contain simulation games that will
help the users understand how particular NGOs (Non-Governmental Organization) work. The
purpose is to create awareness towards NGOs among the mass. It is expected that this will
help in the better fund collection in the future. Moreover, this is likely to improve the
reputation of the NGO among the masses.
New Product Development was conducted considering the eight stages, beginning with idea
generation of the product and ending with the commercialization and new product pricing. It
has been decided that the earnings from the new product will be used to invest again for the
product development and in welfare activities. This product is likely to have appreciable
impact on the economic, social, political, and environmental aspects.
Table of Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
New Product Development Strategy..........................................................................................4
Alternative Approach Analysis..............................................................................................4
Selection of Suitable Approach..............................................................................................7
Developing Product through Eight Phase..............................................................................8
Project Management.................................................................................................................12
Identifying Appropriate Project Management Technique....................................................13
Project Management Plan....................................................................................................14
Economic, Social and Environmental Justification.................................................................17
Financial and Business Benefits...........................................................................................17
Social and Political Implications..........................................................................................17
Environment and Business Sustainability Implications.......................................................18
Conclusions..............................................................................................................................18
References................................................................................................................................19
Appendix..................................................................................................................................19
Appendix A: Gantt chart......................................................................................................19
Appendix B: Team Meeting Minute....................................................................................19
Introduction
The current paper is focused towards the development of a new product for a company’s
clients. The company is into consultancy. The company has recently received requirements
from two NGOs working in United Kingdom. NGO refers to the Non-Governmental
Organizations that work for the society and provide various support in the form of free food
distribution, providing shelter for the homeless, blood collection for needy, and others. These
NGOs are facing issue in publicity of their work. Despite some appreciable actions taken by
these NGOs, it has been found that they are still behind in popularity and less people know
about their work. Apart from that, the association of NGOs have concluded that the
popularity of work of NGOs is not in the manner it should be in the country and around the
world (Powers, 2014). Therefore, a consultancy has been hired to ensure that this aspect is
considered and the image of the NGOs should be improved further. Moreover, the focus is to
let common people understand exactly what NGO does and how it helps the people around
the world. It has been identified that the lesser number of people actively read and try to learn
about the working of the NGOs and, therefore, during the challenging period, it becomes
tough for these NGOs to procure right amount of fund. This leads to shortage in relief funds.
The consultancy is willing to move ahead with this problem and come up with possible
product ideas that can help the NGOs resolve this challenge. The next few chapters have been
concentrated on the right approaches for the product development along with the processes to
be implemented for the identified product development. The second chapter is focused on the
new product development strategy followed by the brief on the way entire product
development project will be developed and managed. The fourth chapter has focused on
understanding the environmental impact the developed product will have. In the end,
conclusive remarks have been given on the entire development plan and procedure.
New Product Development Strategy
The new product development refers to the processes that are employed to ensure that a new
product reach the reality from the ideation phase and finally reach the hands of the users
(Leonard-Barton, 1992). The current chapter is focused towards understanding the new
product development approaches. This chapter will also engage in the development of a
suitable product for the consultancy’s clients.
Alternative Approach Analysis
There are various alternative to the approaches that can be considered for the developed for a
product within the organization. Some of these approaches are customer centred, team based,
systematic, and others. These approaches have been analysed in the sub-sections below and
one of the most suitable approach is selected on which the entire product development will be
based.
Customer Centred NPD
The customer centred new product development is focused towards the ways that can help the
customers in solving their problems. The customer centered NPD is mostly undertaken by
understanding the need of the consumers and then developing a product that can at the same
time leave the competition behind (Fuller and Matzler, 2007). It is a consideration in this
product development approach that the companies can secure greater client base if they are
able to satisfy need of larger number of people. Apart from that, there are four aspects that
are considered through this approach. The first is differentiating the developed product from
others and solving the issues of the customers. Moreover, offering the customers something
that is not available in the market or it is something that is better than what market is offering
right now. This also ensures direct engagement of the customers with the company on the
continuous basis if the company is coming with right product now and then (Bilgram et al,
2008).
In the current situation, as the consultancy is willing to resolve the publicity challenge of
NGOs which is in a way directly related the consumers or the users who will be using those
products, therefore it can be stated that this approach can be a suitable choice.
Team Based NPD
The team based new product development is majorly focused towards the development of the
products through bringing together individuals from various departments or bringing in the
entire team together. This is done to ensure that the time is saved during the product
development also increase the effectiveness. There are various departments within the
company that works together while developing the product through this approach such as the
marketing team, finance team, manufacturing team, and others (Sarin and McDermott, 2003).
One of the demerits that can be counted of this approach is that it has not considered
preferences of the people for whom the product is to be made. This might lead to the loss in
focus in the product development and, therefore, the inclusion of previous approach with this
one can be suggested to ensure that the team always know where they are heading. The
current product development might consider mixing these two approaches together.
Systematic NPD
The systematic new product development ensures that the entire product development
process moves ahead in a systematic manner with formal appointment of individuals who
will be engaging in the new product development. The individuals assigned collaborate with
the internal and the external parties and come up with the suitable product ideas. In some of
the organizations, the establishment of cross-functional innovation management committee is
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