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    Product Development

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    Product Development Introduction Technology is a key resource of profound importance for corporate profitability and growth. It also has enormous significance for the well-being of national economies as well as international competitiveness. Effective management of technology links engineering, science, and management disciplines to address the issues involved in the planning, development, and implementation of technological capabilities to shape and accomplish the strategic and operational objectives

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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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    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

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    such as product development, organizational structure, and business process. To begin with, Snow et al (2011) define product development is the process of creating, designing and marketing a new product, goods or services to the consumers. It deals with betterment of existing products to add valued or new products being developed are extremely new. The discipline is not only focused on products per se but also involves systematic methodology and guidelines for processes which create new products (Carpenter

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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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    The product development process is the creation of a new invention or service. Development is a vital process for a commercial's success. The process begins with producing an idea and setting a concept, and finishes with the product's introduction to the market. By setting out the stages involved, and sticking to them, my product expansion will become a more intensive and flexible method that can be modified for all different types of goods and services. It is essential to understand that productivity

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    The product development process is divided in many stages:- A. Introduction Stage: The enclosed forms and instructions will serve as a guide to obtain approval to pursue new product ideas, product enhancements, or modifications. The process has three approval stages:  Concept Development (new products or modifications)  Product Development  Transition to program launch development B. Concept development Stage The Concept Development stage is intended to include a high-level overview of a new product

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    Product developments simply mean converting a product idea into physical form and also identify a basic marketing strategy. It involves product making, packaging product positioning, branding and usage testing. On the other hand, market development strategy is where a firm attempts to find new groups of purchasers as potential customers for its existing products and services. The expansion of the total market for goods and services or the firm entering new segments of the market, converting into

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    New product development is the process of introducing a diverse product in the existing, emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure

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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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