The Challenges Of New Products And Services Development Essay

The Challenges Of New Products And Services Development Essay

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Nowadays, innovation and new product development (NPD) could be considered as an effective strategy for organisations to gain high competitive advantages over its competitor. This strategy has supported companies to satisfy customer requirements individually. Nevertheless, it could also create the challenges as well as the risks which could support or hinder the achievement of companies (Bolumole et al., 2014). This paper will discuss on the challenges of new products and services development. It would also illustrate the challenges and risks associated with developing new products and services. Moreover, this paper will apply the concept of new products and services with the real example from the venture project namely O.W.L (Online World Learning), in order to reflect the opportunities and risks exposure in the real practice.
New Products and Services Developments
Due to the importance of customer orientation in organisation (Grublješič and Jaklič, 2014), companies tend to develop their new products and services in order to response with the increase of customisation and product quality (Zhao et al., 2014). According to Krishnan and Ulrich, (2001), new product development (NPD) is defined as the process which has focused on how to transform market opportunities and technological method into products of companies that aims to sell.
Based on this definition, the project of O.W.L could be considered as the new product development as it has captured the positive market needs of online learning industry as well as a high technological advancement within this platform. According to Forbes (2014), the market growth of online learning industry tends to increase considerably, expecting to achieve total revenue around $107 billion in 2...

... middle of paper ...

... as the business performance (Flynn et al., 2010). Referring to the O.W.L, this online learning platform has benefited from having the partnership with the University of Manchester, allowing users to access the platform with their student ID. From these synergies, this helps O.W.L not only to reduce the expenditures but also to increase more credibility, safety and privacy to users.
In conclusion, in order to launch the new products and services successfully, companies need to consider of the impact of factors associated with NPD. Moreover, from the example of O.W.L project, this practice has demonstrated how company responses with these factors in order to mitigate risk and increase more business opportunities. This would result in the increase of sales revenue and enhance a good relationship with customers, facilitating O.W.L to achieve its success sustainability.

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