MKT520: Product Innovation - Development Practices & Reflection

This report reflects on new product development and innovation management, drawing on presentations and relevant theories. It analyzes product development practices, success factors, and the differing perspectives and contexts from various organizations like Apple, Starbucks and Holden Motors. The report emphasizes the importance of multidisciplinary teams, market analysis, and strategic alignment in successful new product development. Key aspects covered include product quality, innovation processes, and the role of marketing in attracting and retaining customers through superior offers. The reflection highlights the need for continuous innovation to sustain business growth and competitiveness, including strategies for developing new products and enhancing brand value.

Assessment 4B 1
New Product Development
Managing Product and Service Innovation

Assessment 4B 2
Table of Contents
New Product Development..............................................................................................................1
Managing Product and Service Innovation......................................................................................1
Learning Outcomes..........................................................................................................................3
Strength Factor, Review and Importance........................................................................................3
References........................................................................................................................................6

Assessment 4B 3
Learning Outcomes
The report helped us to understand that New product development benefits companies by
delivering with better and advanced productsto their customers and which ultimately increase
and progressthe businesses.The integration of the report analyses the procedures for the product
advancement with the identification of targeting the users.
I have learned that improvementneeds tomatch thedetermination, originality, useful usage and
increased the value of the item. It has shown the fundamental way to deal with planning an item,
that how to begin the business and make advancement in the items without any training and the
techniques to fabricate the customers to bring another item into the market.
It defines the ways to work in groups within the inadequate limitation of resources,time focusing,
how to shieldthe assignments inside the meetings, the administration of project, the liability of
the idea in advancing the particular project. It describes the methods, benefits, strategies and
impacts of advancing the product. The report indicates the ways to take a shot at, to have the
indispensableevidence of what could be the new innovatory item in the markets. These
advancement tactics plays a vital role(Schweisfurth&Herstatt, 2013).
Strength Factor, Review and Importance
It strengthens the significance of furnishing replacements with genuine multidisciplinary group
considerate for the development of the new products, that encompasses more
remarkableobjectsto increase the production abilities including the tuning in, arrangement,
compassion, perception and techniques that are important to target the customers. The report
likewise shows that more direction, instruments, and structures are expected to help the

Assessment 4B 4
producers to substituteitems in the intricate undertaking of social event, overseeing and applying
client requirements.
The research proposes that the procedure should be accurate with cross-useful cooperation. The
demonstration indicated that cross-practical groups abbreviated the advancement of times of
imaginative items.
The comprehension identifies three organizations, decided for this demonstration, the Starbucks,
Apple Inc and Holder Motors. It has been breaking down that expert promoting takes a hold in
all these associations. The normal elements related to all the three organizations are an item
related factor and market-related factor. The item improvement factors manage these
organizations are item quality, item contributions, and advancement process. In convincing
period NPD forms should nearly center around the market and potential client to be
fruitful(Smets, Langerak&Tatikonda, 2015). Organizations that direct NPD project, best utilize
constant market patterns and investigations to recognize consumer requirements.
The organization would need to manage the way towards guaranteeing that the development of
new item would be of standard and suitable(Smets, Langerak&Tatikonda, 2015).
This standard of working there would be necessities for the assurance of the economic situations
in a viable way. These frameworks are derived to deal with the work standards related to handle
the economic situations. Be that as it may, there are issues with the administration of the
aggressive competition inside the economic situations.
It provides with the customary innovative work office and representatives, and outside sources,
including the wholesalers and providers, contenders, and for consumers.The idea presents the

Assessment 4B 5
recommendations of various sources, directors need to assess these thoughts and apply them at
the projects in the commercial center(Acur, Kandemir& Boer, 2012).
The report marks the strengths, weaknesses and the matrices for the methods of measurements
utilized for production of a new item. It is basic to consider the level of profitability of the new
developed item and what procedure makes the operational part of product advancement, there is
a need to find the factors that are basic for the development of that association. It highlighted the
significance of developing new stuff accessible for proceeding with corporate accomplishment. It
defines the strategies needed for the development of the organization with its positive and
negative impacts by the execution of analysis, and identifying thetactical features for advancing
the businesses.
Innovatory steps should be taken to strengthen thee business and develop some new line of
products for better imaging and enhancing the brand. The businesses should make considerations
and keep their eyes open to advance the products for countering thepressures related to other
growingbrands. The companies should hire those employees that are credible and skilled. They
should integrate the machineries for presenting the advanced products to the
customers.Advancement in the products increases the financial values of the business, monetary
development, innovatory methods, and living expectations. To advance the business it is
significant to authenticate and modify the performance and features of merchandise supplies with
new advancements with proper ensured testing.

Assessment 4B 6
References
Acur, N., Kandemir, D., & Boer, H. (2012). Strategic Alignment and New Product Development:
Drivers and Performance Effects. Journal Of Product Innovation Management, 29(2),
304-318. doi: 10.1111/j.1540-5885.2011.00897.x
Acur, N., Kandemir, D., & Boer, H. (2012). Strategic Alignment and New Product Development:
Drivers and Performance Effects. Journal Of Product Innovation Management, 29(2),
304-318. doi: 10.1111/j.1540-5885.2011.00897.x
Fuchs, C., & Schreier, M. (2010). Customer Empowerment in New Product Development*.
Journal Of Product Innovation Management, 28(1), 17-32. doi: 10.1111/j.1540-
5885.2010.00778.x
Rijsdijk, S., & van den Ende, J. (2011). Control Combinations in New Product Development
Projects*. Journal Of Product Innovation Management, 28(6), 868-880. doi:
10.1111/j.1540-5885.2011.00850.x
Schweisfurth, T., &Herstatt, C. (2013). How 'Internal' Users Contribute to Corporate Product
Innovation: The Case of Embedded Users. SSRN Electronic Journal. doi:
10.2139/ssrn.2253329
Smets, L., Langerak, F., &Tatikonda, M. (2015). Collaboration between competitors' NPD
teams: in search of effective modes of management control. R&D Management, 46(S1),
244-260. doi: 10.1111/radm.12156