Managing Product and Service Innovation

Running Head: MANAGING PRODUCT AND SERVICE INNOVATION 1
Managing Product and Service Innovation
Name
Institution

MANAGING PRODUCT AND SERVICE INNOVATION 2
Introduction of a new product or service involves a dictation of a number plans and
procedures. The procedures are summarized in a theory called New Product Development
(NPD). Coles supermarket when intending to form new product or services are confined to this
theory which helps them to introduce successfully a product in the market. Some of the different
explanations that were done in a class, I have compiled them and written down in the essay
below. I included what I learned on the subject majoring on the introduction of new product or
service using the NPD majoring in the Coles supermarket within Australian which deals with
organic products.
The first process in the development of new product or services in the market involves
idea generation. The knowledge of a new product or service can be invoked in diverse ways
which include brainstorming, purposeful discussions, views from skilled people, research on the
market and borrowing or buying of the ideas. Ideas can be generated by brainstorming where
individuals can come up with diverse thoughts which may be part of their experience (Marion,
Eddleston, Friar &Deeds, 2015). The Coles supermarket idea generation came from researches
done in the market and also from stakeholders. Groups’ discussion in a perfect avenue where
ideas can be generated (Wooten & Ulrich, 2015). There exist motivation in meetings which
promote individuals involved to come up with numerous ideas.
Skilled people who had been in the Coles supermarket stand a position to offer good
ideas to the organization on better products and services to implement. Researches which done
on the market gave good reports to the Coles which helped to generate of ideas which aided in
coming up with a new product and service. It formed the best part of idea generation in the
market as the product or service missing in the market were easily identified and implemented.
The Coles borrowed ideas from different individuals or institutions. I learnt that Ideas can be