Essay On New Product Development Process

Essay On New Product Development Process-14
Thus marketers need to research the internal and external marketing environments before designing the initial marketing strategy for a new product.

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This may include some preliminary market research to find the market need, niche, and attractiveness (Page, 1993).

Through the preliminary market research, it would also reveal the most promising features of the new products and assess the purchase intent of customers (Trott, 2005).

After that, marketers need to evaluate and select some suitable segments to build their market targeting.

The final two pivotal stages concern about how to offer superior values for the target customers and make a differentiation with competitors.

After a large number of ideas were created via different sources, managers need to evaluate these ideas and look closely at the prospects in the marketplace.

Although the difference of decision criteria may affect the screening of new ideas greatly (Carbomell et al., 2004; Hart et al., 2003), scholars propose a unified R-W-W framework to effectively identify potential problems and control risks. ’ (Day, 2007), and the company should be able to answer all of them before further development the idea.Secondly, existing deodorant wipes brands do not have a good balance between the price and quality of their production, and the main competitors of Unilever do not give more attention to this field, which means the competition of deodorant products are less than mainstream personal care products.Finally, Unilever is an established and reliable brand in personal care market and has great experience about relative products, thus Unilever would not face the challenge of convincing consumers that they are better than a traditional deodorant, which means the cost and risk of entering the market is lower.The R-W-W framework asks three fundamental questions about new ideas: ‘Is the market and product real? Based on the idea generation and screening theory, at first our team analysis the feasibility of our new ideas and decide to choose the idea of ‘Freshies’ deodorant wipe within existing company Unilever.Firstly, regular users of deodorant are a huge potential consumer group all over the world, and the deodorant market in the UK has a good momentum of growth.The purpose of the idea generation process and idea screening process are systematic search new ideas and then reduce the number of ideas to spot the good ones (Kotler and Armstrong, 2011).Ideas may come from many different sources, it contains internal sources such as traditional research and development department and employees, and external sources such as distributors and suppliers, competitors, and customers themselves (Ritter and Gemunden, 2003).The result of our investigation shows that although deodorant belonging to an industry that is highly saturated, wipes can open up a whole new market that has not been penetrated to its full potential. Therefore, our product may have strong consumer appeal if implemented properly. New Product Development (NPD) Process Theory [Internet]. [Accessed 7 September 2019]; Available from: https:// Consumer purchase behaviors are influenced strongly by cultural, social, personal, and psychological characteristics (Kotler and Armstrong, 2011). As an important consumer sector of FMCGs, personal care products constitute a large part of the British market, but meanwhile the competition in this field is fierce, firms have to keep supplying new products to meet the rapidly changing needs of their customers (Trott, 2008).This report described both the NPD process theory and our practice of the theory from idea generation through to launch and roll out, and then analyzed the benefits and disadvantage of the process.

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