...increasing for the past seven years. In the past five years the restaurant industry has out-performed the national GNP by 40%. The reasons given by the Folkney Report (November 1994) are 1) lifestyle changes, 2) economic climate, and 3) increase of product variety. Food production and assembly will take place in the kitchen of the restaurant 10.4 (2010) (286-300. Business Source Premier). Fresh vegetables, meat and dairy products will be used to crate most of the dishes from scratch. The chef will exercise strict standards of sanitation, quality production, and presentation or packaging over the kitchen and service staff. Product Development Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions may choose to often follow set procedures for bringing products to market. New product development relies on bringing together different disciplines to make sure the new product has the required functionality and appeals to a target market. As a result, companies have to implement specific organizational structures that promote effective new product development and strategies. There are several components of successful restaurant marketing Branding is one of the key components. There has been lots of hype over...
Words: 1031 - Pages: 5
...Chosen Company 2 02. The New Product 3 2.1 The Need Addressed 3 2.2 The New Product Objectives 4 03. Market Potential 4 3.1 Target Market 4 3.2 Competition 5 04. NPD Process of the Product 6 4.1 Idea Generation and Screening 6 4.2 Concept Development and Testing 7 4.2.1 Concept Testing 7 4.3 Business Analysis 8 4.3.1 Cost Structure 8 4.3.2 Financial Analysis 8 4.3.3 Risk of Failure 10 4.4 Market Research 10 4.4.1 Modifications 10 4.5 Product Launch 11 4.5.1 Promotional Campaign 12 5.0 Conclusion 14 5.1 Future Directions 14 References 15 Appendices 16 Appendix 01: Concept Testing Interview Response Evaluation 16 Appendix 02: Risk Analysis of Product Failing 17 Appendix 03: Questioner used for Test Marketing 18 Appendix 04: Evaluation of Results of Test Marketing 19 Appendix 05: The 5W’s of Launching 21 Appendix 06: A Summary Budget 22 Appendix 07: A Billboard Design 23 01. Introduction “New Product Development is the process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market. New product development may be done to develop an item to compete with a particular product/service or may be done to improve an already established product. New product development is essential to any business that...
Words: 5066 - Pages: 21
...is dependent on technology and we all use laptops and smartphones daily. So in this growing electronic world, there is a constant need for charging outlets for our devices. Catering to this need, we have developed a laptop charging device which is a completely new device in the market and can be used by anybody to charge their laptops even in the absence of a power outlet. Need assessment: There has been lot of issues on charging laptops while travelling or when in need of laptops for long hours like during presentations. It is not possible to carry on work and most people feel they run out of battery charge very quickly. Our product Dynamo Laptop Charger is an absolute solution to this problem. It is a hassle free case which will enable the user to charge his/her laptop when there is no means to charge it through the traditional way. The product would be most preferable for corporate class who travel a lot and for students who need their laptops 24/7. The device is made of light weight metal which does not heat up easily and is compatible for all top brand laptops. The mechanism of the device lies in the concept of a power bank which will store charge and can be used later on when in need. To provide the customers with ample variety the device has been designed to be powered by either battery, plug-ins or through solar plates. To address the people with greater needs we are also providing a combination of all the sources in one single device. Features * One of its...
Words: 1328 - Pages: 6
...DEVRY INC. New Sports Simulator By: Ryan Cattell D01052763 9/9/2012 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] Sports Simulator I am currently coaching high potential baseball camps as well as am a head coach for travel teams in the Chicago land area. As a coach we are always trying to find new ways of relaying the information to the student in order for them to understand what they are doing right and more importantly how to fix the things they are doing wrong. You may know that sometimes when teaching at any level people learn different ways, but one of the most important ways is to see what you’re doing wrong and being able to compare it with someone who is doing things right. This is where the sports simulator comes in. The simulator helps students see what they are doing while comparing their athletic motion to one of their favorite players, now this is not just for baseball but can be for all sports. What we would do is design a program that has different professional athletes, say a pitcher for example, to have video taken of them throwing a baseball from the wind up and the stretch. Once we have these videos we can down load them into a data base which allows us to access them at any time. When we have a student that is trying to get better at pitching...
Words: 465 - Pages: 2
...Did You Join ReWards? David Haire DeVry University DeVry University Table of Contents * Executive Summary * Product Description * Benefits of Product * Competitive Analysis * Market Research * Safety and Health within innovation * Development Strategy * Launch Strategy * Reference Page Executive Summary This report was commissioned to recognize the problem at hand of time and money lost by consumers and retailers in the process of enrolling in and paying for retail rewards programs. Member products have recognized this problem. Did you join? The answer right now may be no, however give it time and you will understand why the answer will soon be yes! “ReWards” is an incremental innovative product that is due to release early next year. With ReWards, you will now have the ability to purchase a single, recycled hard plastic key fob which allows you to have one device that acts as your rewards membership card for all retail locations that offers a rewards program. ReWards is a company that originated in Algonquin, Illinois by a retired Army veteran who took note of the excessive amounts of rewards programs there were on the market and the hassle that seemed to go hand in hand with the enrollment and management of each program. ReWards is a fast growing company that has completely eliminated the hassle behind rewards programs! But what is the true problem at hand? Let us think back on our current shopping experiences. When was...
Words: 2960 - Pages: 12
...In today’s globalization and competitive world innovative and successful product development is a big challenge to the any industry. Innovation and creativity is function within industry. In a current modern world innovative product development is the involvement of multi-disciplinary. In Nepal also there is fierce competition among industries. Because of this ongoing competition product failure rate is also increasing. Evaluation of the strategies of new product development projects in Nepalese manufacturing industry Aims or purpose of evaluating strategies: The main purpose of evaluating different product development strategies is to successful launch of a new product into market. In order to launch product into market organization must evaluate on different strategies: Innovation: In today’s competitive market, organization must launch innovative product into market. This is the main purpose for the organization. For the product innovation inter-organizational communication is essential for commercial success of new product, which depends on information change about the market and resources availability to make accurate decisions regarding product development. Many companies have reorganized new product development responsibilities into inter functional team efforts, instead of relying solely on a R & D unit. In the hopes of strengthening the information exchange processes organizational management can also encourage the process of inter-functional communication by...
Words: 453 - Pages: 2
...steps in the new product development process. • Step 1: Idea Generation – Begin from many sources: suggestions from customers, the sales force, R&D specialist, competing products, suppliers, retailers, and independent inventors. • Step 2: Screening – Separate ideas with commercial potential from those that cannot meet company objectives. – Some organizations maintain checklists of development standards in determining whether a project should be abandoned or considered further. – These checklists typically include factors such as product uniqueness, availability of raw materials, and the proposed product’s compatibility with current product offerings, existing facilities, and present capabilities. • Step 3: Business Analysis – A product idea that survives the initial screening must then pass a thorough business analysis. – This stage consists of accessing the new product’s potential market, growth rate, and likely competitive strengths. • Step 4: Development – Financial outlays increase substantially as a firm converts an idea into a visible product. – The conversion process is the joint responsibility of firm's development engineers, who turn the original concept into a product, – and its marketers, who provide feedbacks on consumer reactions to the product design, package, color, and other physical features. • Step 5: Test Marketing – Many firms test market their new-product offerings to gauge consumer reaction. – The purpose is to verify that the product will perform...
Words: 261 - Pages: 2
...Automated Toilet Paper Dispenser - Product Development Proctor & Gamble, an international leader in the paper products industry is in development of an automatic toilet paper dispenser. This proposed product is a complimentary product to the already available, touch free soap and paper towel dispensers. The proposed toilet paper dispenser has both commercial and home use applications. Team C is in the process of developing a marketing plan for this product and is considering several factors to determine the validity of these continued efforts. Team C will consider the markets needs and growth potential, conduct a brief strength, weakness, opportunity and threat (S.W.O.T) analysis, evaluate the competition, define the product and justify the continued development. Market Needs Market Needs Analysis allows one to meet the needs of the market and prepare for future demands. Market needs depict what appeals to the target consumer and allows one to construct the marketing message to highlight the features that attract them. Analyzing the market needs also compares products and consumer experiences to competitors, allowing one to provide the consumer's market needs in a way the competition cannot. Market Needs Analysis would expose possible market risks, buyer behaviors, and pricing risks. One should always try to define the product offerings in terms of target market needs and understand the unmet needs of the consumers. Market Growth As the world moves forward in the age...
Words: 697 - Pages: 3
...New Product Development Why is it importand to launch a new product? * A successful new product does more for an organization than any other thing can do * Today a high percentage of sales and profits come from new products (> 30% avg) * The process is extremely difficult * Companies take big risks * Failure rate is quite high (40% avg) * It is fun and exciting! A product can be tangible = Goods A product can be intangible = Services B2B =Business to Business BSC =Consumer Products * New product process does not usually start with a new product idea: it begins with an amount of Strategy * Marketing does not start when the procut is finished: it often starts before ideation * The process is not over when the product is launched=It ends when the new products is successful * Very few are taken to launch and only a small fraction succeed: high risks! * Most new ideas are epresed as lie extensions of existing brands= Parent Brands awareness+values * Most new ideas....are not that new: what’s new for you may not be new for consumers Opportunity An opportunity is a business or technology gap that a company or individual realizes that exists between the current situation and an envisioned future in ordert o capture competitive advantage, respond to a threat, solve a problem or ameliorate a difficulty A Strategy: It is necessary, because it ist he foundation for a new product management A new product development...
Words: 2518 - Pages: 11
...describe how a product interacts with the consumer Breaks down into 3 Areas, within each are 2 subgroups: Attributes – What is the product? * Concrete: Tangible aspects? * Abstract: Intangible aspects? Benefits – What it delivers to the consumer? * Functional: What does it do? * Psycho-Social: Consumers thoughts on it? What they think others will think of it? Values – What does it aid the consumer in doing? * Instrumental: Short term goals, does it helps consumer to achieve these? * Terminal: Long term or life goals, does it help consumer to achieve these? Not only allows marketers to see how a product interacts with the consumer but where advantages may exist in relation to similar products. There are different models which could be used to analyse the Unilever’s brand performance. Such as the means-end chain might be used to analyse which brand appeals to customers and which benefits them. This might also be used to see which brand/product has good communication with customers and which one is weak. New Product Development Model * Idea stage (Ready) * Development stage (Aim) * Implementation stage (Fire) The Boston Consulting Group (BCG) Matrix Helps to analyse portfolio of their products, brands or business overall performance Analyses a product using two dimensions – first looks at relative market share of product compared to competitors – Second, uses rate of market growth to identify whether the product is in a fast or...
Words: 1809 - Pages: 8
...maximize compatibility, interoperability,safety, repeatability, or quality. It can also facilitate commoditization of formerly custom processes. Global data synchronization is another important part of standardizing data and removing friction from business transactions. There are huge benefits for both manufacturers and retailers if they are sharing the same product data. Companies in the retail and consumer products goods industries continue to work towards synchronizing data through net and other industry bodies. THE IMPORTANCE OF STANDARDIZATION In consulting to various clients I've been watching some shortcomings, which are not related to software or hardware, but the lack of and standardization: Processes, Service Instructions, and Trainings. The consequences of this are usually the loss of efficiency, higher operating costs, and the difficulty in developing a corporate image more homogeneous, which could be observed by their customers as a factor that differentiates the company from their competitors. It is recommended that all people of all levels of the organization are trained to meet the organization's commitment to provide products according to the quality required by a changing market, where requirements and customer expectations are increasing continuously. However it will be effective only if your company already has their Processes, Service Instructions, and Trainings, standardized, documented and easily accessible to everyone. This, therefore, will be the beginning of...
Words: 2213 - Pages: 9
...Task Two – Target 1200 words QN: Identify the skills needed for successful New Product Development and where they will be found within or outside the organisation, with consideration to the roles of the team members. Answer Developing a successful drive for new products and product development of TSS’ product range is a very complex process with the main difficulties, from a marketer’s perspective, being the integration of a team of various people or departments involved in the product development. Belbin (2004) concluded that there were only a few ways that people could contribute to teamwork with the essential contributions comprising of the following; Co-ordinating the efforts of the team, Creating ideas, Motivating and driving the team forward, Exploring resources, Evaluating options, Organising the work, Following up on detail, Supporting others and Providing expertise NPD like any other process involves numerous stages for it to be complete and in order for us to identify a team with the appropriate skills and capabilities needed for successful new product development in TSS, the analysis of the stages involved in this NPD process below combined with Belbin (2004)’s suggestions for teamwork would provide a job analysis benchmark for the team that will be sourced to carry out these developments. Idea Generation According to Jobber and Chadwick (2013), the sources of new product ideas can be internal to the company through marketers, salespeople, consumers especially...
Words: 1521 - Pages: 7
...LP 1 New Product Development Idea Generation: This is the stage where the idea is created and designed Development: The CDs will be designed and tested, during this stage manufacturing process will be considered in developing the CD it must play the highest quality and should be durable. Test Marketing: During the testing stage it should be tested in the lab, friend and families before proceeding to the real customers. Business Analysis: Information should be collected by recording label on the market competition, estimated sales, estimated cost, expected rate of return and profitability (this should be easy as the company is been run from the garage of the band leader who is not expecting to receive any pay for the next 3 years. Introduction/Launch: Once the CDs have been tested to make sure it works the way it should, it is made available to customers, most times some companies will launch it at once or launch it to a select group or in phases. The similarities can be seen the ideas stated above and the New-Product development process in the text book such as the Concept Development which can be compared to the idea generation, development stage some of the stages intertwine with another. The Product design which is the stage of designing the actual product which is similar to the development and testing phase of the product to ensure it meets the specifications and durability expected. Pilot Production/ Testing in this stage the products requires testing before they...
Words: 309 - Pages: 2
...Article Review Managing the New Product Development process: Strategic Imperatives Aditi Rana Ankita Khaniya Ashish Silwal Sujal Dhungana Managing Operations and Technology, MBA Term II Arjun Shrestha February 24, 2013 Background: Published by “Academy of Management”, Melissa A. Schilling and Charles W. L. Hill have co-authored the article is “Managing the New Product Development process: Strategic Imperatives”. This article has been extracted from “The Academy of Management Executive (1993-2005), Vol. 12, No. 3 (Aug., 1998), pp. 67-81”. “Managing the new product development process: Strategic imperatives” explores into the new product development (NPD) process and the strategies involved with it. Unprecedented importance goes into the study and implementation of the NPD process by various departments of businesses, and it has become a key driver of competition between firms in majority of industries. Researchers have tried to conclude on strategies that could be key to enhance the NPD process. Two major factors have been found to go into consideration for the creation of those strategies: maximizing the fit of products/services with customer needs, and, minimizing the lead-time to the market. Although it may appear that these two factors might create conflicting mandates in a business; researchers have increasingly found indications that businesses may employ...
Words: 753 - Pages: 4
...Strategic Elements of Product Development 2.The Importance of New Products a. Product development costs over a hundred billion dollars on the technical development phase alone. (Crawford, & Di Benedetto, 2015) b. The new products process is incredibly complex and difficult and when a product fails there is often public scrutiny. 3.Globalization and New Product Development a.”To a greater extent than ever before, firms are seeing new product development as a global process in order to take advantage of worldwide opportunities and increase their efficiency and effectiveness of innovation.” (Crawford, & Di Benedetto, 2015) b. Global innovation cultures are the most effective at producing results. 4. How Product Development Is Different a. Product development teams are composed of a wide-range of professionals from multiple disciplines. b. Product development requires a creative and planned process. 5. What Is a New Product, and What Leads to Success? a. New Products come in a variety of ways. Some are completely new to the market where as others are existing products that have a new line or new functioning. b. Products must be unique and superior in order to succeed. Consumers must feel as if the value added is worth the costs. 6. Does This Field of Activity Have a Unique Vocabulary a. As the field of product development is both global and contains a melting pot of individuals vocabulary is unique to the field. 7. Does the Field of New Products Offer Careers...
Words: 655 - Pages: 3
