New Product Development

Paper Summary:

The paper explains that new product introductions and managing product life-cycles are the most significant events in generating revenue for any company. The paper examines Pepsi's aggressiveness on acquiring brands and Coca-Cola's philosophy of trying to build brands. The paper also looks at approaches Microsoft and Salesforce.com take to new product development. The paper shows how the methods and approaches companies use for bringing innovation into their products all center on bringing the customer into the center of the innovation process, focusing on their unmet needs.

Outline:
Approaches Companies Take To New Product Development
New Products: Blue Ocean or Red Ocean Strategy?
Managing Product Life-cycles
Bringing Innovation into Products

From the Paper:

"The more competitive the industry, the more critical it is for companies to turn new product development and introduction (NPDI) and the entire product lifecycle management (PLM) series of processes companies into a competitive strength. Exacerbating the need to turn NPDI and PLM into lasting competitive advantages are the mindsets and opinions of senior management and board members as to the direction a company should take on these critical processes. New product introductions and managing product lifecycles are the single most significant event in for generating revenue for any company. For soft drink manufacturers this is clearly the case given the relatively flat growth of carbonated beverages and the urgent need to move into new markets."

Sample of Sources Used:

• Aberdeen Research (2005) - New Product Development: Profiting from Innovation. Aberdeen Research. Boston, MA. December 2005
• AMR Research (2004) - Benchmarking the PERFECT Product Launch: It's All in the Mix. AMR Research. Boston, MA Wednesday, January 07, 2004
• Blue Ocean Strategy (2005) - Book by the same name. Published February 3, 2005 by Harvard Business School Press. ISBN 1591396190
• Burkett (2006) - Use Suppliers at All Phases of NPDI To Improve ProductLaunch. AMR Research. May 10, 2006
• BusinessWeek (2004) - A Thousand and One Noshes: How Pepsi deftly adapts products to changing consumer tastes by Diane Brady. June 14, 2004. Business Week Magazine and Business Week Online. Accessed from the Internet on December 9, 2006 from location: http://www.businessweek.com/magazine/content/04_24/b3887061_mz017.htm

More papers on New Product Development:

• Case Study # 130457 : "AlarmForce and New Product Development"
• Marketing Plan # 4040 : "New Product Development Report"
• Analytical Essay # 128331 : "Consumer Behavior and Product Development"

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