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IMPORTANCE
OF PRODUCT DEVELOPMENT IN THE MARKETING OF A FIRM’S PRODUCT
ABSTRACT
Today
is technologically driven world, the importance of innovation and product
developing is growing. Firms must develop innovation products faster and more
efficiently. This has increased the importance of product development
performance. This work attempts to quantity development of effort and lead-time
based on product and project characteristics through the use of a generative
cost model. The model developed in this essay writing development cost using
direct engineering effort along wit indirect project costs. These cost are then
compared with fabrication and assembly cost. The effects of product platforming
on development and cost are analyzed. The relevance of product innovations and
new product development for the competitive performance of firms and for the
long-time economic growth is known and recognized. This essay aims to highlight
the meaning, classification and organizing of the new product development, the
product development process, it marketing strategies are also explained. It is
clear that product development in the marketing of a firm is very important.
This essay has the objectives of assessing the relevance of product innovation
and new product development for the effective performance of a firm. In
developing new products, the firm stands to satisfy its customers. At the end
the summary, conclusion and recommendations are given.
CHAPTER
ONE
1.0 Introduction
1.1 Background
of the Essay
Product
is the most important in the marketing mix around which other activities
resolved (the rest of the element), by a firm product, this means anything that
can be offered to a market for attention acquisition use or consumption that
might satisfy wants or needs.
A
product includes physical, objectives, service, persons, organization and
ideas. Managing a product ingredient include planning and development of the
right product and service to be marketed by the company. Guidelines needed for
changing products:
i)
Decisions are needed regarding to
branding, quality, packaging, styling and other various product features.
ii)
New product development is broad and
tedious it goes beyond the physical components of a particular product and it
deals with all factors of satisfaction.
iii)
New product development of a firm is
an act that any firm that cannot offer to afford if it wishes to remain in
business and it can only achieve thus objective with a steady flow of (new)
product.
iv)
New product plays a critical role in
the company’s desire for survival and well-being. Their development account for
a high profession. Product plays significant role in growth and continuity of a
business.
v)
New product is import to be able to
meet instability of competition on the market.
vi)
New product are necessary since the
demand for goods is not constant, a company cannot rely only its existing
product. Customers want and expects new product and improved product as market
widens to that people tend to become selective in buying.
vii)
Gives rapid change in consumer taste,
technology and competitions, companies must develop a steady stream of new
product and services.
A
firm can obtain new products in two ways. One is through “acquisition” by
buying a whole company a patent, or a license to produce some one else’s
product. The other is through “product development”. In the company’s owe
research development department as the cost of developing major new products.
Many large companies have acquired existing brands rather than creating new
ones. Others firms have saved money by copying competitors brands or by
reviving old brand. Under the new approach various company development work
closely together, overlapping the steps in the product development process to
save and increase effectiveness.
1.2 Significance
of the Essay
Hopefully,
with the little knowledge that has been exposed in this essay shall be of
benefit to business organization particularly small and medium scale enterprise
which are in the process of growth.
Continuity
and growth of business lies in its ability to penetrate and capture large
market share. It is therefore important for business to know that to achieve
these businesses one must resort to introducing new and qualitative product
through product development. It will also serve as reference material for the
coming student as a guide in their academic exercise.
1.3 Objectives
of the Essay
The
essay basically designed to achieve a number of objectives, which include the
following:
i)
To understand the methods or ways by
which organization help develop new products.
ii)
To examine new product development
and their introduction to the market.
iii)
To understand why business want to
develop new product.
1.4 Delimitation
of the Essay
This
essay does not cover the entire product development in a form in all its form
and variations. The essay covers the aspect of product development as it
concerns the company’s desire for survival and well being their development
account for a high profession. Decisions are also needed regarding to branding
quality, packaging, styling and other product features that customer will go
for.
1.5 Limitation
of the Essay
The
problem of this essay writing is due to time attending lectures which affect
the collection of secondary materials. I have problem with insufficient
materials due to time factor. In addition to the above limitation is the
financial constraints which is also another major problem which militate
against collection of adequate review during the course of writing this essay
and literature review.
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