MKT520 Reflective Essay: New Product Development 'Consultancy'

This reflective essay explores the understanding of new product development, specifically focusing on a 'Consultancy at any time' service in the Australian market. It delves into consumer needs, market strategies, and the application of the New Product Adoption and Diffusion theory to facilitate business growth. The essay highlights the importance of fulfilling consumer needs, identifying market opportunities, and adapting services to attract customers. It further discusses the role of competition, strategic business placement, and the benefits of the consultancy service for unemployed individuals. The reflection concludes that the innovation of consultancy services can provide significant profits and independence for those seeking employment, emphasizing the practical application of theoretical concepts in real-world business scenarios. Desklib offers a wide array of resources, including past papers and solved assignments, to aid students in their academic pursuits.

Reflective essay
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Table of Contents
Introduction.................................................................................................................................................2
Main context................................................................................................................................................2
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
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Introduction
The report provides reflection on my understanding of new product development named
“Consultancy at any time” in Australia. Furthermore, the consumer needs and market strategy
helps me to put my product services in the market and for this, I have used a theory that can help
my business growth in the market.
Main context
I have gained knowledge on the new product development process and its application process in
the market. The launching of a new product occurs only to fulfill the needs of the consumer that
can satisfy them and also helps the company growth in the market (Nasiopoulos, Sakas, Vlachos,
& Mavrogianni, 2015). The idea of the development of “Consultancy at any time” services in
Australia has been generated by analyzing the consumer behavior pattern that has not been
fulfilled by the other consultancy services and thus I have launched a new consultancy service
that can help the consumer to fulfill their needs. After a brief survey about the market needs, I
have released that this services can provide new opportunities to the unemployed people and also
the students so that they are more attracted to the services and increases my business growth also
(Foteini, Dimitrios, Sakas, & Vlachos, 2017). Before launching the product I have seen that
“Consultancy at any time” service give me proper financial benefit because now a day's
employment is the main motive of a person to become stable in life. Learning about the whole
new product development process I have decided to do a user-friendly and innovative idea that
can attract the customer of choosing our services apart from the other consultancy firm.
Another strategy that has been used by me for this services is to make the services faster than
other firms so that the customer is mainly attracted by the services but this factor increases the
competitor growth in the market. According to my view if competition increases then it helps the
company to do better in the coming days so as to avoid any losses for the company. Moreover,
the business strategy of making the consultancy firm will be in a particular place where the
unemployment rate is higher and thus it increases the growth of the business too. Thus for
developing this “Consultancy at any time” services, I have used the New Product Adoption and
Diffusion theory which helps me develop by consultancy services in a right manner and also
helps me grow my business on a huge rate (Hempelmann, & Engelen, 2015). This theory is
based on the customer acceptation or rejection of the method and also the services spreading to
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them. According to the adoption theory, the consumer mainly focuses on the advantage as well
as the compatibility of the services and if they think that the services developed by the new
product or services are easy to handle then only they accept it (Chuang, Morgan, & Robson,
2015).
On the other hand, in case of diffusion theory, the idea of the innovative model should be spread
on the consumer minds so that they can easily accept the product or services without having any
problem (Aguilar-Zambrano, & Trujillo, 2017). As per my study on all the theories of new
product development, it is concluded that the Adoption and Diffusion theory is best used for the
development of “Consultancy at any time” services in the market (Colombo, Dell'Era, &
Frattini, 2015). I have seen that the consumer are not happy with the services offered by the other
consultancy firm so I have chosen this service that helps me to increase my business in the
market as well as the unemployed people are also benefited on using this services. My fellow
students help me to choose such a service that can satisfy the needs of the customer as well as the
unemployment rate should also diminish and the people will be independent to take their
decisions individually. This idea helps me to create an opinion that can fulfill the consumer
choice and my co-students also choose the product which can satisfy the desires of the consumer
but some different is the presence on using the theory of new product development and also the
services provided by them on the customers.
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Conclusion
After researching the whole market and consumer needs it is concluded that innovation of
consultancy services provides me a huge profit for the company as well as the unemployment
people get benefited in their life and they can do their own work independently. For this, I have
used a theory for the development of my consultancy firm in the market.
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References
Aguilar-Zambrano, J. J., & Trujillo, M. J. (2017, July). Factors Influencing Interaction of
Creative Teams in Generation of Ideas of New Products: An Approach from
Collaborative Scripts. In Management of Engineering and Technology (PICMET), 2017
Portland International Conference on (pp. 1-11). IEEE.
Chuang, F. M., Morgan, R. E., & Robson, M. J. (2015). Customer and competitor insights, new
product development competence, and new product creativity: differential, integrative,
and substitution effects. Journal of Product Innovation Management, 32(2), 175-182.
Colombo, G., Dell'Era, C., & Frattini, F. (2015). Exploring the contribution of innovation
intermediaries to the new product development (NPD) process: a typology and an
empirical study. R&D Management, 45(2), 126-146.
Foteini, P. E., Dimitrios, N. K., Sakas, D. P., & Vlachos, D. S. (2017). The Development of New
Ideas for IT Products, Through Social Media. In Strategic Innovative Marketing (pp. 399-
404). Springer, Cham.
Hempelmann, F., & Engelen, A. (2015). Integration of finance with marketing and R&D in new
product development: the role of project stage. Journal of Product Innovation
Management, 32(4), 636-654.
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.
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