Product development Assignment Example | Topics and Well Written Essays - 1750 words

Product development - Assignment ExampleProduct development process is basically an introduction of a new crossing which every company has to go through at a certain point of time. Individuals needs and wants change with time, therefore it is essential for the validation to tailor an existing carrefour or develop a new product in accordance to those needs. Aims and Objectives The aim of the research would be to find come in whether product development is the best way to gain competitive utility and in doing so achieve the following objectives Impact of product development in the current fast-moving environment. Identify how product development can result in higher market share. Background and Methodology Presently, competition has increased so a lot that it has become essential for every company to gain a competitive edge over its competitors by adopting various strategies and methods. The purpose of this playing area is to find start the role of product development in achiev ing competitive advantage and increasing companys market share. This research will be based on secondary data, where I would be going through various research reports, working papers and publications on product development. Literature Review Though growth a new product is not at all an easy task to do, but to succeed and maintain your position in the industry, it is essential to attain up a new product line. To do this, it is important to conduct a detailed survey in order to come up with a product that perfectly fall upons the requirements of your target market. Mark Abraham has defined product development as a process of creating and altering products delivered to the consumers and doing variations that are significant and demanded by the customers. He further said that an item can never be considered a product until it is not delivered properly. Therefore, the process of product development also includes various departments same(p) marketing, testing, technical, quality suff ice and many others within the organization. As mentioned earlier product development is a complicated process and the positive result can solo be achieved if this process is broken down into various steps and each step is successfully completed. New product development not only helps meet the needs and wants of an individual which in turn increases companys overall sale but also helps maintain its competitive position. (Mark Abraham, 2011) In another study which was conducted by Khade and Alan it is said, companies in order to gain competitive advantage should offer customers with what they demand and at a cost they are willing to pay for it. matched advantage can be gained by different means but two most feasible methods include utilizing experience curve and through product development or innovation. The intelligent use of both these methods can help in achieving a competitive advantage. When does a company have competitive advantage? It is when a company is ahead of its compet itors in terms of quality products, profit and attracting consumers. This can be done by producing superior products, providing excellent customer service and attaining lower cost. All this come under the process of product development. In todays fast changing environment, it is difficult for the organizations to cope up with the maturation needs of the people. Therefore, only organizations that are successfully able to meet these needs by developing new products are able to sustain their position in the market. (Khade, Alan S,2003) Presently, there are so many companies in a single industry that it has become difficult to compete. Competing on services and price is not bountiful in current