MKT520 Managing Product and Service Innovation: Individual Reflection

This essay is a student's reflection on managing product and service innovation, drawing on insights from group presentations and personal research within the MKT520 course. The reflection covers key aspects of new product development (NPD), including its dynamics, relationship with managerial decision-making, and various NPD strategies employed by companies like KFC, Tesla, and Wesfarmers. It explores offensive and defensive NPD approaches, market-based and asset-centered tactics, and the importance of adapting NPD strategies to different market situations. The essay concludes that diverse NPD tactics can be used to achieve cost-effective marketing and a competitive edge, and that collaborating with other groups provides diverse perspectives on NPD and NSD approaches. The document is available on Desklib, a platform offering a wealth of study resources for students.

Running head: MANAGING PRODUCT AND SERVICE INNOVATION
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Managing product and service innovation
Name:
Institution:

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Table of contents
Introduction......................................................................................................................................3
NPD dynamics and their connection with managerial decision making.........................................3
NPD strategies.................................................................................................................................4
Approaches to NSD and NPD.........................................................................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

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Introduction
New product development (NPD) is the course of getting new merchandise to the market.
Corporate may require to involve in this procedure due to variation in user inclinations,
escalating rivalry and improvements in know-how or to capitalise on novel chances (Kahn,
2012). Innovative business flourish by comprehending what their market needs, making clever
products advancement, and increasing novel produces that realise and surpasses their users'
prospects (Ward & Sobek II, 2014). The group demonstration was provided on aspects that are
crucial for NPD. At the time of presentation, more details were explained on how companies
such as KFC, Tesla, and Wesfarmers carry out the necessary steps of the NPD. In this paper, the
explanation has been carried out on what lesson I learned from functioning on market changing
aspects, how various elements are crucial for diverse firms NPD. Additionally, to what extent did
paying attention to other group performance influenced my NPD learning.
NPD dynamics and their connection with managerial decision making
From the demonstration of the Coles Corporation, I learned that NPD is vital due to the
marketplace elements such as the escalating rivalry in the sector impulse business to improve
innovative and unique merchandises. Fazilah, Jaafar & Suraya (20114) claims that for business
to uphold in the long-term period, it is relevant to discover novel and inventive methods to work
on two of most significant elements such as resource optimisation and cost minimisation.
However, although NPD is important for the long-term success of the company, they present a
want for business to check into the elements that affect the desire for emerging novel produces
(Florén, Frishammar, Parida & Wincent, 2017). According to the writer, companies might make
two choices which may impact the NPD. The first choice is trailing an ineffective service or

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products notion. Secondly, firm not being capable to advance a possibly effective notion into
novel produce or services (Cuervo Cazurra, Nieto & Rodríguez, 2017).
NPD strategies
The approaches of NPD were explained by the second group dealing with Apply Company.
While explaining the approaches of the inventive of NPD, they pinpointed those probable
important elements of the argument explicitly; the approaches that various business could use
under diverse and unique situation to carry out the stages of the NDP procedure efficiently. The
group gave out an example of Apple and defined that the approaches of NPD used; attacking or
offense. According to the group, it was majorly attributable to the aggressive approaches of
NPD of Apple that the business soon not only grew the early marketplace that it had across the
globe but also established new market through NPD of Mac Book, iPod, and iPad. Another
tactic of NPD is the defensive approach in which the present rivalry or other predominant market
situation in the operational background of the corporate causes the same to use the defensive
actions (Morgan, Anokhin, Kretinin & Frishammar, 2014). Therefore, the use of the NPD
approaches depends upon the position of the company and the market dynamics in the
competitive landscape. Through the discussion of my fellow classmates in comprehensive
placement with what out firms, particularly, KFC, practiced by using an aggressive approach to
NPD to its adaptable though inventing the Zinger TM burger.

MANAGING PRODUCT AND SERVICE INNOVATION
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Approaches to NSD and NPD
The group discussed numerous approaches that firms take to positively provide to the tactics of
NPD. Literature proposes that two forms of tactics plan when it comes to inventive NPD. One
of these tactics is marketplace founded while the other is asset centered. The second set gave an
example that Apple used a combination of both tactics and therefore, it was distinctive for the
grant in the arena of marketing and NPD to see such as amalgamated approach on the fragment
of the inventive colossal. Apple extended its merchandise portfolio through produce line
additions and integrating diverse products all together but also utilised its marketplace
approaches to integrate consumer back, through its outlets across the globe, so as to combine the
market strategies with its practical specialists.
Conclusion
What I got through various performances, my own paper, investigation and throughout the
work and collaborating with another group team is that diverse tactics to NPD can be used in
diverse methods to accomplish the planned cost-effective marketing and planned competitive
edge over its rivals in the long run by the accomplishment of effective new NDP course. This
learning also provided a diverse viewpoint on how various company uses NPD process and NSD
approaches.

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References
Fazilah, A., Jaafar, N., & Suraya, S. (2014). Critical Success Factors of New Product
Development and Impact on Performance of Malaysian Automotive Industry. Advanced
Materials Research, 903, 431-437. doi: 10.4028/www.scientific.net/amr.903.431
Florén, H., Frishammar, J., Parida, V., & Wincent, J. (2017). Critical success factors in early new
product development: a review and a conceptual model. International Entrepreneurship
And Management Journal, 14(2), 411-427. doi: 10.1007/s11365-017-0458-3
Morgan, T., Anokhin, S., Kretinin, A., & Frishammar, J. (2014). New Product Development
Performance: The Interplay of Entrepreneurial Orientation and Market Orientation. Ideas
In Marketing: Finding The New And Polishing The Old, 264-267. doi: 10.1007/978-3-
319-10951-0_94
Cuervo Cazurra, A., Nieto, M., & Rodríguez, A. (2017). The impact of R&D sources on new
product development: Sources of funds and the diversity versus control of knowledge
debate. Long Range Planning. doi: 10.1016/j.lrp.2017.06.004
Kahn, K. B. (2012). The PDMA handbook of new product development. John Wiley & Sons.
Ward, A. C., & Sobek II, D. K. (2014). Lean product and process development. Lean Enterprise
Institute.