New Product Development Research Paper Essay Example | Topics and Well Written Essays - 1500 words

rising Product Development Research Paper - Essay ExampleSince customers satisfaction is the main aim of some(prenominal) company, the company must concentrate on the development process. The brisk result development method actingologies must be used.Product development process is a show of methods that assist in developing the product. These methods atomic number 18 implemented to develop a product according to the specifications. The customers requirements argon gathered and they be analyzed. The demand for a fact product must be known before developing the product. The manager is responsible for conducting a research that studies the requirements and expectations of the customer. (Annacchino, 2007).The frequency of the products demand must overly be studied since it will help in the development of the product. The product development process is a set of steps that are followed to design and develop a product. The various steps in the product development process areThese steps in turn involve various sub modules and methods. If a new product is introduces in the market, it may have a positive or negative effect. It depends on the working of the product and the sales and service. The company has to decide on the rate of new product development. The rate of production includes the number of products that are introduced in a year. This can be identified by conducting a assess and film within the company. The new product development rate depends on the companys financial status and demand in the market. If the demand for a particular product is more, the company should first manufacture the corresponding and then concentrate on the design and development of a new product.The product development steps are carried out in order to develop a complete product that can stand in the market for a longer time. Market study is an important part of the development process. This market study will help the company to know about the current market status and the cu stomers demand for the companys product. New Product Development Methodology (NPD)New product development methodology provides a predefined framework that includes the steps for planning and developing the product. (Annacchino, 2007).The design, development, testing and implementation are the common processes in the product development methodology. Though several methods are used to develop a product, certain methods are popular among the companies. One among them is Stage-Gate process. This method is widely used in the manufacturing industries. This stage-gate process consists of various gates that act as the intermediary between each of the phase of development. This methodology contains various steps. They are Discovery, Scope of product, business case, development, testing and validation, launch and review. Each phase of development consists of a gate which acts as a decision making system. The phases of development are outlined below. Discovery In this stage of development proc ess, the idea is discovered. This idea is the base for the development of the product. The products baseline and the concept are defined in this stage. then(prenominal) the idea is tested for feasibility. This is achieved by a feasibility study that collects information regarding the product and financial status of the company. The resources required to develop the product are also examined. Scope of