NEW PRODUCT DEVELOPMENT

(A write-up on reporting assignment.)

In Partial Fulfilment of the Course Requirements

for Marketing Management,
Master in Business Administration
Northwest Samar State University
Calbayog City

Submitted to:

DR. MA. BERNADETTE A. LUCERO

Professor

Submitted by:

HERBERT M. FABILLAR
Student

April 27, 2020

Date
Objective

The objective of this literature review is to provide a description, summary and

evaluation of sources regarding New Product Development which is the assigned report to
the writer.

Overview

New Product Development is a key aspect for producers of goods and services before
a success in business is realized. In today’s very competitive market, one (an individual or
organization) has to invest big time in this area to make sure that resources will not go to
waste. New Product Development is tedious based on existing and widely-acceptable process.
A lot of time generating ideas.

Innovating Innovations

New Product Development in the 21st century is a fast-paced activity. New products
are being released every week with consumers actually almost to them unknowingly. Players
in the industry theoretically have their own strategies and contexts on how innovations are
done with their products/services but still need to look for something new beyond their
“newest” product development process.

In today’s very competitive business environment, existing theories are still applicable
but are from time-to-time base for several layers of innovations on the same process. In the
earlier times say end of the 19th century where the industrial revolution came into the picture,
it is the company executives [only] have the right to develop products, think, and rethink.
Today, even end-consumers are already involved in the process applying the concept of “co-
creation – giving consumers something tangible to try, use and play with” (Faulkner, 2020).

Fast-paced as mentioned earlier, truly it needs to be in that manner. Competitors will

always try to step on you and leave you behind the sacred path to success. Using current
technologies, new product development process is done within pre-determined hours only.
This idea never existed before since it consumes a month or so before a new product is
available made available to customers. Using new applications such as “big data analysis”, all
aspects are involved with intelligent decisions as outcomes. According to Heron, 2020, “agility
is the key.”

Unlikely Inspiration

Using existing theories and established processes of new product development is not
wrong however, due to tight competition, even the newest of innovations of processes, these
are being copied and outright imitated by competitors with the use of technology. No process
is kept secret in today’s business environment. Using computer softwares, almost all activities
of a certain competitor can be observed by the others. Analysis of the information are done
through it. With this, in addition to innovation on innovations [the processes], key persons in
the process try to source-out for unlikely inspirations which are intangible, hidden from the
observant eyes of competitors.
 Invisible sources are but not limited to the following: reasons based on one’s culture,
personal belief, behavioral science, anthropological and ethnological beginnings,
inconsistencies of reactions of individuals to a particular stimulus. From all of these, a firm
may at all times be the precursor of unique ideas (innovations). Considering the behavioral
observation of Ewing, 2017, “if we (people) recognize something quickly, it feels like a good
choice.” This is an example of an unprecedented source of innovation for a product or service.
Furthermore, a product for release does not strictly require to be new, “the sweet spot is
around 80% familiar, 20% new” (Ewing, 2017). As suggested by Melanson, 2017, “thinking
outside the box to drive innovation” is at all times relevant.

Compare and Contrast

New Product Development processes coming from theoretical or old practices are still
effective however times have significantly changed and such processes known to many are
becoming obsolete. Although concepts are still useful as bases, but strictly not the steps and
principles established.

Industries have embraced the use of science and technology in the innovation of
goods and services. Computerized or say digital applications are adopted which provided
timely and specific analysis throughout the process.

Conclusion

New Product Development concepts and process from the past are is still effective
but with the shift the business environment from subtly competitive to highly competitive the
ideas needed innovation also similar to the products and services where these thoughts are
applied to.

Recommendation

New Product Development is a process that is basically “open” which means that
users of the ideas and concepts may come up with their own style, strategy and even
interpretation. As discussed in the contents, different aspects have been tackled. It is
recommended that firms or marketing researchers may use the idea behind the “religious”
facets of individuals.

References

Bordenave, R. (2017, November). Innovation and the story of a drunken man. Retrieved
March 24, 2020 from https://www.quirks.com/articles/innovation-and-the-story-of-
a-drunken-man

Ewing, T. (2017, November 7). What cup noodles can tell us about product innovation.
Retrieved March 24, 2020 from https://www.quirks.com/articles/what-cup-noodles-
can-tell-us-about-product-innovation
Faulkner, S. (2020, January 13). Solving tough consumer research challenges with design
thinking. Retrieved March 24, 2020 from https://www.quirks.com/articles/solving-
tough-consumer-research-challenges-with-design-thinking

Heron, R. (2019, September 9). The power to streamline and optimize new product
development. Retrieved March 24, 2020 from https://www.quirks.com/articles/the-
power-to-streamline-and-optimize-new-product-development

Melanson, J. (2017, May 22). 7 yoga principles to apply to product innovation. Retrieved
March 24, 2020 from https://www.quirks.com/articles/7-yoga-principles-to-apply-
to-product-innovation