The Challenges Of New Products And Services Development Essay

The Challenges Of New Products And Services Development Essay

Length: 1000 words (2.9 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Amazon and eBay : The New Face of Web Services Essay

- 1. What are the purpose and business value of Web services. The aim is to connect the system, since Web users and business partners. In addition, the aim is to sell products on the platform and the site acts as a guide for their customers. In the other hand, creating a web service data will exchange between businesses in real time via the Internet. Therefore, this method may share business with suppliers, customers and other business partners with all the necessary information. To do this, they use an open standard protocol for communicating over the Internet....   [tags: web services, http, amazon, ebay]

Better Essays
1398 words (4 pages)

Essay about Consumption Boon Or Bane For Sustainable Development Challenges

- Consumption – Boon or Bane for Sustainable Development Challenges Introduction Exploitation of resources has been a major part of human sustenance. Consumption is necessary to sustain life on earth. Air, water, food, shelter and other resources are needed by people in order to survive. Nature provides enough resources for every person. However, the problem arises when people start consuming these resources in excess. As can be seen in Figure 1, the consumption of energy has gone up from around 100 Exajoules in the year 1960 to more than 500 Exajoules in the year 2000....   [tags: Sustainability, Sustainable development]

Better Essays
1365 words (3.9 pages)

Challenges and Development of Nspresso in China Essay

- The Nespresso story began with a simple idea: enable anyone to create the perfect cup of espresso coffee – just like a skilled barista. From its beginning in 1986, Nespresso has redefined and revolutionized the way millions of people enjoy their espresso coffee. (Nespresso, 2014). The company dedicated to offering the special coffee experience for customers through the ‘Nespresso Club’, which combines the smart coffee capsule with advanced technology machine. (Source: Nespresso, 2014) • Question 1: Discuss the key environment factors that may continue to affect Nespresso’s process in China, and comment on their business implications....   [tags: espresso coffee, baristas, nspresso]

Better Essays
1937 words (5.5 pages)

Essay about Development Of Integrated Mental Health Services

- Development of Integrated Mental Health Services within the primary clinics at the Penn State Hershey Medical Center An introduction In the United States, the need for pediatric psychiatric care exceeds the availability, leading to long wait lists for appointments. With the national shift towards population medicine, it will be even more imperative to develop efficient models of care that emphasize early detection and intervention in primary care settings. Approximately half of the pediatric office visits in a primary setting involve behavioral, developmental, emotional, psychosocial, or educational concerns....   [tags: Psychiatry, Medicine, Medical school]

Better Essays
1019 words (2.9 pages)

Cloud Computing Benefits , Challenges and Future. Essay

- Delivering computer solutions has changed radically over the past thirty years from centralised mainframe computing to distributed client-server solutions. The consumption of Information Technology and Services (IT&S) has been accelerated by advances in network performance and facilities, consumerisation, and most notably through the adoption of Internet services. Business applications have also gone through a similar change from bespoke in-house mainframe systems to packaged products, and more recently, to distributed application frameworks (as seen on the iPhone)....   [tags: Project, System Development]

Better Essays
596 words (1.7 pages)

Development vs Climate Change Mitigation in South Africa Essay

- South Africa has one the largest economies in sub-Saharan Africa and the highest CO2 emissions in African (Tyler et al., 2013). In South Africa, development is the main priority and it is possible that South Africa can alleviate poverty and inequality within two decades (NPC, 2011; Pan, 2005). To achieve development goals requires large greenhouse gas (GHG) emissions. However, South Africa cannot pursue the paths of development that we have now. There is a need to integrate climate and development, the question is: do you put climate or development first....   [tags: Sustainable Development]

Better Essays
1978 words (5.7 pages)

Business Communication: Starting a New Chocolate Company in The UK Essay

- ... These concepts of marketing comprise of the sellers, consumers, the product development, the market research, product positioning, the product image, the product concept, and the brand loyalty. These concepts combined with the marketing boundaries help in determining the consumer behavior on the product under marketing. On the other hand, it is important to state that the marketing concepts dictate that the success of a firm often depends with the marketing efforts that a firm employs (D’Aveni, 2007)....   [tags: challenges, customer´s need]

Better Essays
816 words (2.3 pages)

Sustainable Development Goals And Objectives Essay example

- Sustainable Development Goals The year 2000 marked the beginning of the Millennium Development Goals, a 15-year plan to combat poverty, child mortality and disease, as well as promote primary education, gender equality, maternal health, environmental sustainability, and global partnerships worldwide. (United Nations, 2015, pp. 4-7) In the year 2015, the United Nations Development Program created an additional seventeen goals with 169 accompanying targets, to build upon and continue the success of the Millennium Development Goals....   [tags: Millennium Development Goals, United Nations]

Better Essays
1161 words (3.3 pages)

Electronic-resource Development : Challenges Faced by a Librarian Essay example

- The major challenges facing by college librarian in developing e-resources are inadequate fund, inadequate infrastructure, manpower, lack of user education and computer literacy. Collection Development Due to the availability of e-resources, there has been a corresponding transition from traditional collection development to electronic collection development by librarians towards meeting the users' information needs in the fast changing information environment. According to Swain (20100, academic user community (students and academic staff) is encouraged 'to trust in electronic resources with a presumption that, the wealth of information available in electronic formats can utterly accomplis...   [tags: computer literacy, skilled manpower]

Better Essays
988 words (2.8 pages)

Essay about Graduates And Technology In New Zealand

- How IT can best be used to improve New Zealand's economy and society in the next twenty years, and how IT graduates make their contribution to this opportunity personally The Information Technology (IT) industry continues to show high growth potential. Based on updated information from the Ministry of Economic Development, the total value of the New Zealand IT industry, excluding communications services, in the 2002 financial year was estimated at $7,055 million, up 1% from the previous year, and almost twice what it was in 1994....   [tags: IT Information Technology New Zealand]

Better Essays
1281 words (3.7 pages)