MKT520: Reflective Essay on New Product Development Strategy Insights

This essay reflects on the understanding and development of new product development (NPD) strategies, particularly in light of presentations on NPD practices across various organizations. It emphasizes the importance of innovation and customer-driven approaches, referencing the TRIZ theory for inventive problem-solving. The reflection covers idea generation, screening, and specification, highlighting the rising costs of product development in later stages. It also acknowledges the effectiveness of the TRIZ theory in situations where existing solutions are inadequate or difficult to implement. The essay further discusses the significance of customer satisfaction, interdepartmental collaboration, and test marketing in ensuring successful new product launches, ultimately concluding that continuous product innovation is crucial for a company's sustained success. Desklib is a great resource for students looking for similar solved assignments and study tools.

Running Head: NEW PRODUCT DEVELOPMENT STRATEGY. 1
New product development
Student’s name:
Institution:

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.

NEW PRODUCT DEVELOPMENT STRATEGY 3
Contrary to the popular opinion of class members, I have depicted that idea generation
potentially relies on the conception and explanation of new ideas for the company and not the
collection of multiple concepts to narrow down to a selected option. I was surprised to learn that
the costs of product development tend to rise significantly in the later stages. Therefore, most
corporations would reflect only the designated products that attract greater profits. I was also
able to establish that the TRIZ new product development strategy theory is effective when the
clients or customers have jobs and outcomes that are not satisfactory since your skills are not
competent enough. Moreover, Rutkowski (2017), also postulates that TRIZ theory could be
effective where application of a breakthrough solution is not clear of how it could turn into a
profitable solution. In addition, the presentations of class members brought to my understanding
that TRIZ is also applicable where a relevant solution is structured but the engineering or
manufacturing cannot get it implemented.
Similar to NIKE most companies agree on the argument that the existence of customers is
of great value to them. It is also notable that firms approve the fact that their key mission is to
appeal and maintain customers through satisfaction and provision of conspicuous offers. I have
realized that most institutions who turn out successful have a collective effort of individual
departments. On the other hand, some organizations tend to differ on various opinions (Shin, Im,
& Kim, 2017). some research portrays that a new product would not necessarily bring in new
customers but only retain the existing customers.
During evaluation of recent new product service design helps to integrate key stakeholders. They
will be in a position to design their products and services.in addition, service design helps to
improve customer satisfaction and management of delivering services. During the signing
process, I was able to identify problems, business objectives and developing evaluations that

NEW PRODUCT DEVELOPMENT STRATEGY 4
improve ideas. Products and proposed markets should be tested to meet realistic market context.
Evaluation of marketing will enable a marketer to experience product marketing by introducing
it to potential consumers (Yen, & Hung, 2017). Test marketing allows a company to evaluate a
product and the entire market package. Test marketing procedures varies with new products, for
example, when introducing an expensive product, the risks incurred are high. Also, when the
firm is not conversant with a certain product, it will be obligated to carry out a lot of test of the
given product (Kiss & Barr, 2017). In conclusion, basing on the arguments given, a company
should obtain new products for them to remain successful.

NEW PRODUCT DEVELOPMENT STRATEGY 5
Reference
Kalaignanam, K., Kushwaha, T., & Swartz, T. A. (2017). The Differential Impact of New
Product Development “Make/Buy” Choices on Immediate and Future Product Quality:
Insights from the Automobile Industry.
Defeng, Y., Lu, J., & Shibin, S. (2017). The effect of knowledge breadth and depth on new
product performance.
Rutkowski, I. P. (2017). The Method of Measuring the Progression of New Product
Development Process Maturity and Introduction into the Market.
Shin, Y., Im, C., Oh, H., & Kim, J. (2017). Design for experience innovation: understanding user
experience in new product development.
Yen, Y., & Hung, S. (2017). Why do buyers share knowledge with suppliers in new product
development? current and alternative supplier antecedents.
Kiss, A. N., & Barr, P. S. (2017). New Product Development Strategy Implementation Duration
and New Venture Performance.