New Product Development Report (BIAE2002): Opportunity Analysis

This report delves into the concept of co-creation within the new product development (NPD) process. It explores how firms are increasingly involving customers to enhance product innovation and meet consumer needs effectively. The report discusses the significance of co-creation in fostering brand loyalty and expanding market share. It examines the processes of opportunity identification, including various customer research methods like category appraisal and conjoint analysis, and opportunity selection, encompassing approaches such as submission, tinkering, collaborative, and co-designing. The report concludes with recommendations for firms to optimize their NPD processes through co-creation, emphasizing efficient market research, the adoption of co-designing for opportunity selection, and improved monitoring of customer feedback. It highlights the benefits of co-creation in a competitive market, emphasizing customer empowerment and the generation of innovative ideas directly from consumers.