New product development (NPD)
Idea generation is the first step that needs to be taken in a new product development. These ideas can be researched using a SWOT analysis (the acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats), analysing market and consumer trends or with the help of company´s research and development department (R&D department). Competitors, trade shows, salespeople and employees can become a source of inspiration as well. Among methods for generating ideas that can also be used may be found dimensional analysis, problem analysis or a benefit structure analysis.
Each of these analyses carries a specific function. Dimensional analysis lists all physical characteristics of a product type. Problem analysis is designed to develop an inventory of consumer problems. And finally benefit structure analysis determines specific benefits and characteristics desired by consumers. Additionally, it might identify perceived deficiencies in the current product. These and some more market research techniques are used to identify gaps in the market, to assess customer needs and to enable to understand these needs. Cooperation with R&D allows a creation or modification of products and improvements of existing products. Among these modifications are new recipes, special and limited editions which can be launched and targeted at either a mass market or a specific niche market.
Idea screening is another step in the new product development and its objective is to eliminate potentially unsuccessful concepts and identify viable, technically feasible and profitable ideas. At the same time, the size, growth forecast of the market segment and the overall demand need to be examined.
Concept development and concept testing
As the third step, concept development and concept testing measure customer response and indicate the level of consumer acceptance. Business analysis and marketing strategy will identify the likely selling price, sales volume, profitability and a break-even point. The steps that remain are organisation of the company´s workflow, product development and optimization, test marketing and commercialization or market introduction.
Product development covers the moment when a prototype is finally produced and presented to the target audience to identify changes and improvement that need to be made. Test marketing will then test the product within a specific area. Also, at this point, the product is launched within a particular region to monitor the marketing mix strategy. Depending on the feedback, the company is able to modify the product afterwards before it is launched nationally.
Finally, the national launch must be timed, the place of launch needs to be specified and the schedule of the introduction to the market planned.
New product development is a time consuming process which, as shown above, follows several steps. To make the process more effective, several steps are usually taken at the same time. This type of processing is referred to as concurrent engineering or time to market. For some companies, this is an ongoing process as they search for new opportunities all the time.
Jazyková agentura Skřivánek
Skřivánek je největší jazykovou agenturou ve střední a východní Evropě. Na trhu jazykových služeb působí již od roku 1994. Kanceláře a učebny agentury Skřivánek najdete v 19 městech ČR a v dalších 14 zemích světa.
Jako jedna z největších překladatelských agentur v Evropě se Skřivánek stal uznávaným specialistou na evropské a asijské jazyky. Zaměstnává více než 400 kvalifikovaných jazykových odborníků a nabízí odborné překlady do všech jazyků.
Kromě různých typů kurzů pro veřejnost zajišťuje Skřivánek i výuku na klíč pro firmy a jednotlivce, jazykové audity, pobytové a zahraniční kurzy nebo přípravu na jazykové zkoušky pro děti i dospělé.
Více informací najdete na www.skrivanek.cz.