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    A. A New Product Development process is one, which is an integration of technical and commercial factors in an industry for product development and product modification. The NPD process consist of six phases that are 1. Ideation 2. Concept development 3. Build business case 4. Product development 5. Market testing 6. Market Launch Concept development is an NPD process in which the product idea is done in verbal or pictorial form. In this step the concept, ideas and technologies are explained to customers

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    2008:253 define new product development as “the development of original products, product improvements, products modifications and new brands through the firm’s own R&D efforts” According to Business Dictionary (BD) defines new product development “as the process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced

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    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

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    Using Challenge Driven Innovation to Optimise New Product Development The era of ‘know it all’ management in creating solutions to problems affecting different sectors of the economy is long gone. Most innovative firms are turning to Cloudsourcing and open innovation to churn out new technologies to the market. These sectors range from the energy, agriculture, reduction of carbon gas emissions to Information Technology among others. Firms have realised that there is a better pool of innovative ideas

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    New Product Development is the process of designing, creating and bringing a new product to market. It is important that when businesses develop new innovations, they have the following eight stages included in the product development. By setting out the steps involved, and sticking to them, the product development will become a more focused and flexible approach that can be adapted for different types of products and/or services. This also applies to the public sector.  Idea Generating – This

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    Product Strategies 1) New Product Development Process In the new product development process, we used eight steps to form a new product. Firstly, we use crowdsourcing to generate the idea which receive idea from public. Secondly, idea screening which helps spot good ideas. Thirdly, concept development to chose the beat idea. Fourthly, we release target market, product’s planned price and long-run sales as marketing strategy development. Fifithly, review for the sales, costs and profit projections

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    New product development is an essential key for a company to survive or stay competitive in the highly changed business environment nowadays(Annacchino, Marc A, 2003). Although technology plays an important role in the development of new products, the role of marketing should not be underestimated. A result illustrates that companies with a marketing department which has strong capabilities and skills are more likely to be more successful with their new products(Drechsler et al.,2013). Hence this

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    organization tries to grow using its existing offerings (products and services) in existing markets. In other words, it tries to increase its market share in current market scenario. This involves increasing market share within existing market segments. This can be achieved by selling more products or services to established customers or by finding new customers within existing markets. Here, the company seeks increased sales for its present products in its present markets through more aggressive promotion

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    Case Study Of Ziba

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    experience and intellect all lead to Ziba success. Many of the products introduced in the market today are unable to meet the market niche. It is estimated that nearly eighty percent of the products introduced in the market do not make it to households. Ziba develops an advertising program that helps eliminate this problem. Ziba has had success in selling products to the consumers. The unique approach Ziba has towards product development is what leads to its success. According to Ziba’s staff, detailed

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    costing A cross functional team of marketing experts, engineers and cost accountants determine the cost of a product early in the design and development phase based on what customers desire in a product and what they are willing to pay for the new product. Implementing this market oriented approach enables firms to set the desired profit margin early if not prior to the product development process. Two methods are used to set target cost: subtractive, addition. Subtractive is the method of determining

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