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New Product Development
"I work a financial services firm. We products development time, a lot incremental variety. You, bundle credit card access a savings account, bundle savings account a money market account, add IRA investment option, things sort.
"I work for a financial services firm. We do new products development all the time, and a lot of it is of the incremental variety. You know, bundle credit card access to a savings account, bundle the savings account to a money market account, and add an IRA investment option, things of that sort. Explain how the new products process is relevant in my industry, and to my company. Seems like it's more tailored to physical goods. Isn't it a little misleading?"
Selling a service and selling a product is virtually identical, in terms of the steps of the product development process. Of course, the framing of the marketing campaign for an IRA vs. A new brand of pancake batter may be slightly different, but the overall step-by-step process remains the same. For example, the first two new product development phases of idea generation...
Then it must be determined if there is a desire and a need for a new type of financial instrument, and if the product satisfies an unmet need not fulfilled by competitors.
Developing the product and testing the product is also essential. For example, how exactly will a 'bundled' package 'work' for both the bank and the customer? This question is just as vital to answer as to how a new pancake batter will 'work' (will it be frozen or refrigerated, will it require the addition of any extra ingredients)? The fourth step, following product testing is business analysis, or determining the financial feasibility and profitability of the product. Will this product over time add financial value to the company, based upon the likely demand and costs of production? Even a service is a 'production' in terms of how much the marketing, fees, and additional employees the new service will demand.
The fifth step of the…
References
Crawford, Merle & C. Anthony De Benedetto. (2002). New product management. New York:
McGraw Hill.
Abstract A case study of a tech start-up reveals some of the challenges associated with implementing systems theory in new product development. This area of study hold promise, but there are some implementation issues in the real world that have been identified and perhaps in need of further exploration. Introduction Systems thinking focuses on the interrelatedness of different systems, different roles and different disciplines. The system is not simply a set of parts,
In the most successful SMB implementations of collaborative new product development tools including PLM and PDM, priority is put first on process definition and process improvement. Once processes have been defined, continually managed to greater efficiency and as optimized as possible, then the use of information systems technologies and platforms to automate them are added (Christensen, Magnusson, Zetherstrom, 2006, 583-585). PLM as a technique or strategy is not automated
New Product Plan The PhotoDrive Pro-is a portable hard drive with a high-res screen and fold-out keyboard. It is targeted at photographers both professional and serious amateur. This market has a perpetual need for storage, and benefits from the additionally functionality offered by this drive. In particular, the ability to operate in remote, dangerous or bad weather locations without risking their laptops is a valuable feature of this product. The product
The other members of the value chain, particularly the service providers and device manufacturers, vie strongly against one another for differentiating content. Through the use of the access in order to top content as currency, content or brand owners and publishers will extend their control of the value chain by buying or merely controlling and by way of content distribution points. (Future Mobile Entertainment Scenarios: MEF White Paper) Possible opportunities
An additional example of how a company learned how to use techno0loigy effectively in their new product development strategies is Motorola. Having been initially challenged with the entire process of new product development and introductions due to a slow-moving company, Motorola was able to spin off the new product development of their popular Razr phone and gain significant market share as a result (Burkett, 2005). Each of these examples
New Product, Service or Process Produce a specification for an agreed project to implement a new product, service or process Be able to plan for the launch of a project to implement a new product, service or process Produce a project plan for an agreed project Match appropriate resources to a Project Cost all resources required for implementing a project Agree timescales for the management and implementation of a project Plan an appropriate strategy for the