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...
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... 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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