Business Development Process for Amsterdam- MyAssignmenthelp

Question: Discuss about theBusiness Development Process for Amsterdam. Answer: Introduction From assessment 4A, there is a lot that I have learnt about new product development. The new product development theory explains and discusses in details the steps that should be followed when introducing new product into the market. The theory evaluates the important issues in consumer behavior which should guide a company in developing a new product. A new product should be developed after a thorough and conclusive research that helps to identify consumer needs so that the new product can fill a gap in the market. Analysis and Comparison of my Research Findings and those of Colleagues The new product theories analysis revealed to me that there are legal systems that affect development of new products by a company. These legal systems are the laws and regulations that determine the health and safety standards especially for the food and drink industry. Before a company like Coca Cola introduces a new product into the market, the product has to be approved by the Food and drugs authority of each country in which the company plans to market and sell its products (Rafinejad, 2007). Companies` can design specific products for specific market and not sell the product in other markets. This is usually guided by consumer tastes and preferences in each specific market and therefore the company needs to market each and every product on its own. Another important thing I learnt when analyzing the first assignment is that innovation is very important in new product development. An organization must have a very unique and well planned innovation framework which will help the employees of the company to be very creative and innovative. An organization that has an innovative culture keeps on developing new products and it encourages its workers to experiment and try new methods, products, and processes. The leadership of an organization is very important in the innovation and creativity of an organization. The leadership motivates the employees to keep on trying new technologies so that the needs of the consumer can be met (Assimakopoulos, 2010). Therefore innovation results to generation of new ideas and on products and production processes that results to increased efficiency in an organization. Another thing leant in the new product development are the four factors that are key to the development of new product. The four main factors that influences new product development include product related factors, market related factors, project related factors, and firm related factors The product related factors in this case involves factors such as product quality, design, and price of the product. The quality of the product being developed has to be of optimum quality in order to attract consumers for the product. The new product design is new development of a new product since it makes the product unique and physically attractive to the consumer. The price that an organization sets for a new product is also very crucial in influencing the demand for a new product in the market since price is the major determinant of demand for Coca Cola products (Rafinejad, 2007). The market related factors are also influential in new product development. Market factors include information on consumer needs and demand, industry growth rate and level of competition in the market. Coca cola usually weighs its market factors when developing new products in order to ensure that the market conditions are favorable for new product development (Manmohan, 2010). The firm related factors that influence new product development process is the internal environment of the firm. This includes the financial capability of the firm to develop the new product, the kind of employees in the company and the infrastructure required to develop the new product. The materials and equipment required in new product development need to be available before the process of developing and introducing new product into the market begins (Srivastava, 2007). The project related factors that affect new product development include factors like the overall cost of the project development, the perio d of time it will take to launch the project and the time it will take to recoup the initial investment. The first step in the new product development process in most theories is the idea generation stage. At this stage, an organization has to recognize that a need exist among consumers and the need has to be fulfilled. An organization has to take up the chance that the chance to fulfill the need of consumers before a rival organization realizes the same need. This is very important since it makes the company the market leader in innovation and therefore giving the organization competitive advantage over rivals (Manmohan, 2010). Coca cola has had a very effective innovative framework that has helped the organization to become dominant in the carbonate soft drinks industry. The close relationship between Coca Cola and its customers has helped the 3company to identify consumer needs and to fill the gaps in the consumer needs before competitors realize the need. This explains why Coca Cola has more than 400 brands under its product portfolio (Karniel Reich, 2011). The stage-gate process of new product development is very effective process of introducing a new product into the market. I was also surprised to learn that the new product development process can be developed further by using the TRIZ method. The traditional creativity and innovation methods are constrained to brainstorming which depends o team members institution and understanding of the problem being solved (Tillman Cassone, 2012). TRIZ problem solving method does not depend on intuition but on the data available and logic and this makes problem solving faster and more effective. Another important thing that I learned from assessment A is that the TRIZ method provides repeatability, predictability, reliability and the structure of the new ideas. The combination of TRIZ and the stage-gate process helps in creating and generation of highly creative product ideas that will steer growth in the company and in the industry at large. An organization with employees who are highly motivated, trained and experienced are more likely to be more creative and develop better products than a workforce that is not motivated and lacks proper training (Noble,Griffin Durmusoglu, 2014). Companies should therefore invest heavily in people since people are the engine of innovation and growth in an organization. The new product development theories have given an insight into the processes that are undertaken to develop a new product, market it until the point of decline where the product becomes obsolete and its demand in the market deteriorates. This assignment has also helped me to understand the significance of the Fuzzy front-end step in the development of the new product ideas(Lamb, CHair McDaniel, 2012).This step takes place before the formal and well defined requirement specifications are put in place. Peter Keon model provides a five step fuzzy which begins with identification of a market opportunity, analysis of the identified market opportunity, generation of ideas and the final step in this model is the development of the ideas to come up with a real physical product that meets the expected requirement (Srivastava, 2007). The fuzzy front end is then followed by the stage of designing the product. At this stage the physical design of the project is determined and various models are compared to determine which model is best. This stage involves also the design of the non physical aspects of a commodity. I also learn that at the design phase, the pre-commercialization of the product is done on order to test the viability of the product to fulfill customer needs and to generate enough sales for the company to recover its investments. I also leant about the project implementation stage of the product development process. At this stage, the physical product is integrated with the software or any other essential component that will result to a fully functioning product that can be used by consumers (Annacchino, 2007). Conclusion The comparison of the assignment with those of other students has helped me to understand various theories that explain the new product development processes. The comparison has also helped me to understand the role that leaders in an organization together with all the other employees play in development and growth in demand of a new product in the market. This assessment has also helped me to understand the perspectives of various researchers and authors on the steps that should be taken by when developing a new product as well as challenges expected when introducing a product in the market. References Annacchino, M. A. (2007). The pursuit of new product development: The business development process. Amsterdam: Butterworth-Heinemann. Assimakopoulos, D. G. (2010). Knowledge Perspectives of New Product Development: A Comparative Approach. (Knowledge Perspectives of New Product Development.) New York, NY: Springer New York. Karniel, A., Reich, Y. (2011). Managing the dynamics of new product development processes: A new product lifecycle management paradigm. London: Springer. Lamb, C. W., Hair, J. F., McDaniel, C. D. (2012). Essentials of marketing. Mason, Ohio: South-Western Cengage Learning. Manmohan, R. (2010). Managing innovations and new product development. Place of publication not identified: Phi Learning. Noble, C., In Griffin, A., In Durmusoglu, S. (2014). Open innovation: New product development essentials from the PDMA. Rafinejad, D. (2007). Innovation, development and commercialization. Boca Raton, Fla: J. Ross. Srivastava, R. K. (2007). Product management and new product development. Schottler, J.-S. (2013). Innovation and new product development. Place of publication not identified: Grin Verlag. Tillman, F. A., Cassone, D. T. (2012). Strategic Planning and New Product Development. Paramus: Financial Times/Prentice Hall.