Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
Companies are always trying to attain new markets for more revenues and the most productive way of doing this is through the launch of new products. Due to the ever changing markets and advance in technology businesses have to keep up with the speed by being more efficient, produce high quality products and maintain profitability. Introducing a new product in the market is a process called product development. It involves product generation and marketing. New products popularity always depends on the current products in the market from the same company; a company with popular products has higher chances of its new product being embraced in the market than a small company, For example RSK has for long been known for production of musical instruments and equipment, recently the company launched a new type of guitar that is electric and it turned out to be the most revolutionary innovation in the open architecture industry. The instrument has a high quality timbre, resonant tone and a very stunning classy look and it has won two industrial design excellence awards. (Blackburn 2003, p. 134)
Process of new product development and structure
Product development is a seven stage process that is used by many companies including rsk in development of a new product. The process does not have to be followed strictly but at least a few of its components are essential in new product development. The first stage is to create an idea from the company, employees, the, competitors, sales people and trade shows, once the idea has been formulated it is subjected to screening through a variety of questions such as: will the target market benefit from the product?, what is the size of the target market?, is there any competition for the product in the market? And what are the expected revenues from the product. The third stage involves developing and testing of the product, investigating the target market, expected reaction of the customers and determining the cost of producing that product. (Schilling 2008, p. 97)The fourth stage is to analyze the sales volume set the selling price, determine the profits expected and the break even point; which leads to the next step of market testing by using the product in the expected location or purpose for which it is meant to serve, listening to customers comments, making changes and then releasing the product into the market for a trial run. If it is a success the next step will be the technical part of manufacturing, material purchases, sales, planning logistics and other operations. After that the product is launched officially into the market for, advertising, promoting distribution and selling (Timmons& Spinelli 2003, p. 245).
Recommendations for the process strategy
Rsk designed a new product of higher quality than the rest of the guitars in the market, the unique feature of it being that the guitar is electric hence there was no competition in the market making it easy to sell and attract customers. The guitars also are in many colors and finishes to cater for the diverse market and population not forgetting that, to produce one guitar of this type takes only 2 pounds worth of wood while rest takes about 8 pounds worth of wood for production. This factor makes RSK production process very environmental friendly a factor that many companies have assumed and yet it is very vital. In my view RSK guitar development was both economically and environmentally successful and hence the success of the product in the market. (Davila &Sheldon 2005, p. 253)
Recommendations for the project strategy
Product development however needs leadership for it to be successful and this factor has not been mentioned in the development process. The top management should show it involvement in the innovation of the product by organizing and allowing the employees to involve themselves in programs that educate on entrepreneurship (Smith 2009, p. 342).They should provide space for creativity for example by allowing try and error projects, it should also be flexible when compromising situations arise so as to achieve faster development of new products, companies should also be optimistic when engaging in such projects and give it their best to avoid failure. Finally all companies involved in production of new products should consider their effect on the environment to prevent the many problems the world is facing due to pollution of the environment by industries. (Chesbrough 2003, p. 56)
Reference list
Blackburn. R., 2003. Intellectual Property & Innovation Management in Small firms. London: Routledge.
Chesbrough, H., 2003. Open Innovation. Boston, MA: Harvard business school press.
Davila,T. & Sheldon ,R., 2005. Making innovation work-How to manage it ,measure it & profit from it. Upper saddle River, NJ: Whartan School publishing.
Schilling M., 2008. Strategic Management of technological innovation. NY: MC Graw hill.
Smith, D., 2009. Exploring Innovation. NY: Mc graw-hill.
Timmons, A. & Spinelli, S., 2003. New Venture creation Entrepreneurship for the 21st century, 6th edition. NY: Mc graw hill.
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.