Analysis of Product Development Decisions in Marketing and Management

This report delves into the critical decisions involved in product development within the realm of marketing and management. It begins by emphasizing the importance of a structured approach to new product development, highlighting the need to understand customers, markets, and competitors. The report outlines a framework that encompasses product strategy and planning, product development organization, concept and project management, supply chain design, product design, performance testing and validation, and production ramp-up. It details various decision points including idea generation, screening, concept development, product design, supply chain, performance testing, and product launch. The report emphasizes the importance of aligning product decisions with overall marketing and corporate strategies, covering aspects such as target market selection, resource allocation, and organizational design. Finally, the report concludes by summarizing the vital decisions that firms must consider, including market analysis, technological selection, organizational structure, product design, quality control, testing, timing, and product launch strategies. These are deemed crucial for successful new product development.

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Marketing
Marketing and management
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Marketing and management 1
Introduction
Successful organisations while facing the maturing of merchandises, businesses have
to attain the new ones by being carefully execute new product development procedure. For
this, it is very crucial to understand the ultimate customers, marketplaces and opponents in
order to grow new products that distribute the greater value to customer and for this various
decisions are to be taken by the firm.
Product decisions epitomise for marketing development and are the manifestation of
marketing policy. Hence, such choices are not taken informally. The ultimate customers’ and
various distribution channel considerations have to be taken into an account for the product
extensions and adapted accordingly. Therefore, while forming decisions organisation needs to
research on the importance of environment, market growth, the competitive environment and
level of top management support.
The identification of the decisions are taken into considerations in which organisation
thinks of “how to succeed” while developing product across the company and externally. The
starting point highlights about the compiling the key framework, which comprises of product
strategy and planning, product development organisation, concept and project management,
supply chain design, product design, performance testing and validation and production ramp
up and testing (Spanjol, et al 2011).

Marketing and management 2
Product development decisions
(Source: Şeref, Carrillo, & Yenipazarli, 2016)
Product strategy and planning involves decisions about the firm target market,
product mix, project prioritization, resource allocations and technology selections. All efforts
are made to coordinate the entire decisions so that the firm’s corporate, marketing and
operating set strategies can be fulfilled (Marmier, Gourc, & Laarz, 2013).
Product development organisation decisions includes team recruitment, incentives
and compensation systems, metrics for observing performances and investments in
productivity – enhancing tools and processes for product development (Ward, & Sobek
2014).
Project management decisions highlights about the development objectives, the
planned timings and sequence of development activities, mechanism for coordination among
team associates and means of observing and regulating the project (Ward, & Sobek 2014).
In concept, development decisions highlights about the product specifications and
the products basic physical configurations, which extends the product offering such as
various kinds of services. Moreover, the entire look of the product is defined in this aspect
idea generation-decisions
regading distibutors,
competitors,customers and
suppliers
Idea screening- desisions
regarding picking up the
best suited ideas for the new
product development
Concept development and
testing decisons highlights
target values, products
attributes and pricing,
product design
Supply chain design
decisions highlights about
locations, type of process
apply to produce,
technology and
equipements decisions
Product design decisions
highlights the designing
compenents including
material , process and
selections
performance testing and
validations desisions
highlights prototype
planning and technologies
used.

Marketing and management 3
likewise product architecture, physical forms, target value of the product attributes and the
entire product concept is decided (Marmier, Gourc, & Laarz, 2013).
In terms of portfolio management, majorly the decisions are taken while deciding
about the product and service propositions and their released strategies such as content, roles
and timings, which are based on key elements of set business models. Other than this,
requirements set in business model are development processes are to be recon-ciliated
through release strategy. Then what is to be done is decided, the decisions are taken in
consideration of organisation in which what kind of organisational design should be adopted,
what all roles are responsibilities are to be taken into considerations, who all will perform
these task? Team staffing, team physical arrangements are to be made by assigned their
places according to locations (Cooper, 2013).
While forming product designs certain decisions are considered likewise, design
parameters, detained design of components. Hence, those products designs are approved
further who are fit with natural environment as much as they are fit for commercial
environment. Moreover, performance testing and validation decisions are formed. Hence,
firms while designing also prototyped to authenticate for fit, purpose and production of the
newly formed product (Lukas, Whitwell, & Heide, 2013). Lastly, product launch decisions
are made likewise, launching timing are to be decided including noticing the risk of the
opponent entry, the completeness of expansion, communicating the correct timing for
launching the product in market are done.
Conclusion
For the above we can state that while forming new product certain important
decisions in relation to the target market, technological selection aspect, organisation
designing, product design, maintaining quality, test planning, timing and launching are the
most vital decisions that firms considers while forming new product decisions process.

Marketing and management 4
References
Cooper, R. G. (2013). Where are all the breakthrough new products?: Using portfolio
management to boost innovation. Research-Technology Management, 56(5), 25-33.
Lukas, B. A., Whitwell, G. J., & Heide, J. B. (2013). Why do customers get more than they
need? How organizational culture shapes product capability decisions. Journal of
Marketing, 77(1), 1-12.
Marmier, F., Gourc, D., & Laarz, F. (2013). A risk oriented model to assess strategic
decisions in new product development projects. Decision Support Systems, 56, 74-82.
Şeref, M. M., Carrillo, J. E., & Yenipazarli, A. (2016). Multi-generation pricing and timing
decisions in new product development. International Journal of Production
Research, 54(7), 1919-1937.
Spanjol, J., Tam, L., Qualls, W. J., & Bohlmann, J. D. (2011). New product team decision
making regulatory focus effects on number, type, and timing decisions. Journal of
Product Innovation Management, 28(5), 623-640.
Ward, A. C., & Sobek II, D. K. (2014). Lean product and process development. Lean
Enterprise Institute.