MKT520: New Product Development Strategies at Burger King- Reflection

This essay provides a reflection on the knowledge of new product development, specifically within the context of Burger King. It discusses the application of the TRIZ theory and the influence of Apple's innovative business strategies on the development of a new product aimed at satisfying unmet customer needs in the fast-food market. The essay explores how analyzing customer needs and competitor strategies, particularly focusing on pricing and quality, can lead to a competitive advantage. It also reflects on the importance of data-driven approaches and innovative marketing strategies, drawing parallels with Apple's success in launching new products. The author contrasts their approach with those of fellow students, highlighting differences in product categories and perspectives on customer satisfaction. The essay concludes by emphasizing the gained knowledge in new product development and the practical application of theoretical frameworks in a real-world business scenario. Desklib offers a wide array of similar solved assignments and resources for students.

Reflective essay
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Table of Contents
Introduction.................................................................................................................................................2
Main context................................................................................................................................................2
Conclusion...................................................................................................................................................4
Reference.....................................................................................................................................................5
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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, &
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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.
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Reference
Beske, P., Land, A., & Seuring, S. (2014). Sustainable supply chain management practices and
dynamic capabilities in the food industry: A critical analysis of the
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.
In AIP 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. In Education 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: Evidence from the Italian food and beverage industry. British Food
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.
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