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Devise a new consumer product or service for the Australian company Dimmeys & Forges

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It is worth noting, however, that this process is far from simple. Approximately one in eleven ideas or concepts becomes a viable new product. One of the most significant obstacles to successful introduction of a new product is insufficient resources. A survey of 189 companies found that firms that failed to commit sufficient financial or managerial resources tended to have less success with their new product introductions. New product introduction is typically multidisciplinary in nature, requiring significant marshalling of resources (Page, 1993)

Researchers over the years have established a number of key success factors for new product introduction. Ernst (2002) outlines a number of these success factors. One is knowledge of the target market price sensitivity, understanding of buyer behavior and knowledge of customers needs. A strong market orientation therefore is important to successful new product development. A wide range of studies over the years has found that the stronger the knowledge of the product and the intended target market, the more likely the product introduction is to be a success......