Identify the steps in the new
product development process and evaluate the challenges.
This process and evaluation of challenges should be based on the selected company Apple Inc.
Create an infographic, a visual representation of your
information. Your infographic should (i) show the steps in the new product development process and (ii) identify the challenges of each
step. Use the
Process Infographics format found in https://visme.co/blog/what-is-an-infographic/.
Use boxes to illustrate the steps in the process. Label each box
clearly to correspond with each step in the new product development
process. Within each box, briefly describe the step and the associated
challenges.
In addition to the infographic, in an MS Word document
explain each step in the new product development process and evaluate the
challenges. In your essay, identify each step and the associated
challenges. Be sure to provide the needed details in each step.
Your audience for your infographic
is the team that will likely be tasked with the new product development
initiative. You will give them your infographic, something for them to have as
a quick reference. Be sure to save a copy for yourself since you do anticipate
being a member of that team.
Length: Infographic to fit in 1 page
and 2 – 3 pages excluding the cover & references pages.
Must include an introduction and conclusion in the 2-3 pages
References: Include a minimum of 5 scholarly
references.
Must include these as part of the references mentioned above:
An Overview of Current Challenges in New Food Product Development
Azanedo,
L., Garcia-Garcia, G., Stone, J, & Rahimifard, S. (2020). An
Overview of Current Challenges in New Food Product Development. Sustainability, 12(3364), 3364. https://doi.org/10.3390/su12083364
This study looks at food manufacturers. Consumers look for
customized, personalized, nutritious low-calorie foods. The study found
that within small and mid-sized companies, new food products are
developed based on the company’s ad hoc new product development process.
The study provides an overview of these processes, including their
strengths and shortcomings.
New Product Development and At-Home Medical Tests.
Campbell, S., Mitchell, M., Christia, J., & Clark, M. (2021). New product development and at-home medical tests. Health Marketing Quarterly. https://doi.org/10.1080/07359683.2021.1965823
Covid-19 has forced businesses to find innovative ways to give their
consumers what they need. In the health care arena, at-home Covid-19
testing kits have been developed. In this study, the authors looked at
the processes involved in the production, distribution, and evaluation
of such tests.
Additional Context:
To maintain their competitive edge, marketers work to provide their
customer’s value. If they fail to do so, customers will move on to their
competitors where they see better value in what they purchase. To
provide added value, marketers engage in the new product development
process to come up with products and services that are either new or
find new applications of their existing products.
Developing a new product is time-consuming, risky and it also needs
funding. Not all new product launches result in success, leading to poor
financial returns. One simple reason for failure could be that
consumers did not require the product. Another reason could be that the
new entrant failed to distinguish itself from a competitor’s existing
brand.
Various authors have offered models with differing numbers of
systematic steps that need to be followed in the new product development
process. The number of steps in the process can vary because of the
nature of the industry (Singh, 2021; Adams, 2019). On average, it takes
two years to get a product from the drawing board to the consumer’s
hands.
References
Singh, S. (2021). What are the Seven Stages in the New Product Development Process?
Adams, Daphne (2019). Five phases of the New Product Development Process.