Product Launches During New Product Development

Running head: PRODUCT LAUNCHES DURING NEW PRODUCT DEVELOPMENT
PRODUCT LAUNCHES DURING NEW PRODUCT DEVELOPMENT
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1PRODUCT LAUNCHES DURING NEW PRODUCT DEVELOPMENT
Table of Contents
Introduction................................................................................................................................2
Successful innovation.............................................................................................................3
Marketing strategy development............................................................................................4
Factors contributing to the success of new product development..........................................4
Product Launches...................................................................................................................5
Customer Co-creation............................................................................................................6
The case of Nike.....................................................................................................................6
Conclusion..................................................................................................................................7
References:.................................................................................................................................9
Appendices:..............................................................................................................................10
Appendix 1: Summary of the News Paper Article:..............................................................10
Appendix 2: Summary of the Journal Articles:....................................................................11

2PRODUCT LAUNCHES DURING NEW PRODUCT DEVELOPMENT
New Product Development
Introduction
This World is full of opportunities for satisfying the unmet needs of the people by
creating new products and services. The challenge, however, is of determining the very
product and the service that will help the companies to meet their objectives. The choice of
product that a firm choose to introduce in the market or to develop should also be capable
enough to meet the overall business objectives. The main aim of this essay is to present a
brief analysis of how to ensure successful and effective product launches during the process
of New Product Development. It is to note that new product development refers to “the
development of original products, product improvements, product modifications, and new
brands through the firm’s own product development process”. In business, the new product
development cover the entire process of bringing a new product in the market. It can be
described as the transformation of a market opportunity into a product that is available for the
sale. For remaining successful while maturing the products and services, the firms need to
gain new ones by means of executing the process of new product development carefully.
However, they face several problem in this process. Although they need to develop their new
products, the old ones weigh very significantly against the overall success. From hundreds of
products that enter into the process of new development, only small amount of them reach
into the market. Therefore, it is very necessary for understanding the customers, competitors
and markets for developing products and services that deliver high quality value to the
customers.
This paper shall elaborate on connecting the contents of a newspaper article called
“How To Be The Nike Of Product Launches”, can be retrieved from:
https://www.forbes.com/sites/serenitygibbons/2019/02/12/how-to-be-the-nike-of-product-
launches/#785cbe30918e, along with different concepts and theories that are taught during
the course. This news article presents a vivid discussion on how to become the Nike of new
product launches, with special emphasis of the “House of Go” campaign of Nike. There is
absolutely no doubt about the fact that Nike is the master of producing some really engaging
experiences that is helping this massive brand in growing and developing. The “House of
Go” campaign of Nike has proved that launch a new product in the market is a matter of both
art and science, reminding the other brands that customer experience exists above everything.
However, in this paper, three different research papers shall be assessed in order to gain more
understanding on the new marketing knowledge.

3PRODUCT LAUNCHES DURING NEW PRODUCT DEVELOPMENT
Successful innovation
The importance of a successful innovation for long lasting performance of the firms
can hardly be overstate. According to Debrytne et al. (2002), in most of the cases, only two-
thirds of the new product launches meet the reaction by the competitors after the product
launch and this is why new product development fails. As described above, new product
development is the development of the original product of a company through making more
improvement and modifications on it by means of the process of product development. It is to
mention that there is a total of eight steps in the process of new development and they are:
Idea generation, Idea screening, Concept development and testing, market strategy
development, business analysis, product development, test marketing and finally,
commercialisation. It is also known as Stage Gate Product Innovation Process and was
developed by Dr. Robert Cooper (Salemo et al., 2015). Idea generation is the very first step in
the process of development of new product. It refers to a systematic search for the ideas of a
new product. A firm generates thousands of ideas in order to find a handful of good ones in
the end. As per Hoornaert et al. (2017), two of the significant sources of innovative ideas are
the internal idea sources and the external ones. Internal idea sources are R&D, sales,
marketing and the contributions from the employees. External sources includes the
customers, communities, competitors and the marketing intermediaries like distributors and
suppliers. According to Debrytne et al. (2002), customers are the most important external
sources as the process of new product development is basically focused on the creation of
customer value. Idea screening is the second step in the process and it means nothing other
than filtering the ideas of picking out the better ones and quitting the poor ones. The main
purpose of this step is to create a good range of ideas and that of the succeeding steps are to
reduce this number. The third step in the process if concept development and testing. In the
process of product development, the attractive and innovative ideas need to be developed into
a product concept. It is to note that the product concept refers to a detailed version of the new
product idea that is stated in the meaningful customer terms. With the same, the concept
testing refers to the process of assessing how the customer perceive and feel about the ideas.
It involves qualitative and quantitative research, opinion assessment and use of the concept
description.
Marketing strategy development
Furthermore, as per Debrytne et al. (2002), the marketing strategy development is
done when a promising concept has already been tested and developed. It is the time for