Introduction
New products create a good opportunity for organisations. This ensures that an organization is on a creative plane where it can stimulate profitability growth. This can help organizations to expand their business operations from domestic to international levels (Parsons and Maclaran, 2012).
For this to happen, the new product development process strategies should be employed by the organization to encourage and harness the creative and innovative talent within it (Annacchino, 2003). The research answers various questions. These include: what are the strategies for new product development for soft drinks?
Will the process facilitate efficient communication for the new product development project ranging from learning to training to best practices? Does the process provide an agreement on the criteria for investment in a new product development and its branding and post launch evaluation? Consequently, the research should recognize the challenges that new product development process encounters. This should be inclusive of accountability and possession of all associated capital spending decisions (Kumar & Phrommathed 2005).
Thesis statement
The main aim of the research paper is to assess and analyse the approaches and methodologies of new product development. This will be achieved through comparing the relevant literature related to the research topic. Notably, the new product development (NDP) is vital for the company’s growth and prosperity. Though it is not easy to manage, the NPD leads to opening new markets and attracting new customers.
It also helps organizations to enlarge their capabilities and provide higher qualities on final products. New product development has stages and activities related to the idea of launching new products and with systematic approaches to the phases in the company. In this case, the probability of the company succeeding and securing a long time survival is very high.
The new product is the most critical factor for organizations because customers or clients’ needs change rapidly and fosters competition among companies. Competition leads to positive impacts because it forces the organization to bring new products to the market. In addition, the products are offered at a reduced cost. Furthermore, competition improves the quality of products for consumption (Brown, Leavitt, Wright & American Productivity & Quality Center, 2004).
Methodology
This research study will mainly use qualitative research methods from both secondary and primary sources. The secondary sources for the dissertation will include the academic journals, books, papers and the internet, which will help identify areas of best practices. The primary sources of data will include members of the product team, the marketing and sales managers, the manufacturing and production managers and the other employees who were involved in the new product development process (Weinberg, 2001).
The dissertation will use various methods of qualitative research. This includes questionnaires and interviews. In addition, observations and documentary analysis will be used. I prefer the qualitative methods of research for this study given the qualitative nature of the data required (Liamputtong, 2009).
Through the observation method, it will be easy for me to note the companies where the process of new product development has taken place. I will also make use of appropriate documents related to the study. This will include the private reports and records. Video recorders and cameras will also be used to reinforce observations. In addition, through the personal first hand experience of the new product development, understanding will be facilitated (Johnson & Christensen, 2012).
The interview will also be helpful as it aids in generating a large amount of data. I shall employ tape recording for later transcription. One can search for opinions, check an apparent contradiction, ask for clarifications, seek comparisons, ask for further information, aim for comprehensiveness and pose alternatives through the use of interviews as a method of qualitative research.
I will interview the managers of different departments including the project, production, marketing, and sales managers. I will also interview a few employees who were involved during the process of new product development (Kvale, 1997). The questionnaires are also critical in the research for the new product development process in many ways.
For instance, it exposes accurate facts or pursues answers to firm categories. The questionnaire should create room for checks and balances. It should also cater for any extensions and adjustments. The questions should also recognize the situation under which the feedback is provided. The questionnaires will be addressed to the managers or assistant managers from the departments that were associated with the new product development process. In this case, they will give details out of experiences during the NPD process (Bryman & Bell, 2007).
Expected Outcomes
The data from the primary research will be compared with the literature presented. This is meant to find out how the new product development contributes or is instrumental to success of the product.
Types and stages in the New Product Development Process
The types of product development models include a departmental stage model, which holds that departments are responsible for various activities carried out. The other one is the activity stage models, which improves on the departmental models since they are more concerned about the actual activities carried out inclusive of various iterations of market testing.
In addition, there is the decision stage model that represents the NPD as a series of evaluation where decisions are made. This is with regard to either continuing with the project or not. Lastly, the conversion and the response models have their own explanations for the new product development process (Rafinejad, 2007).
The stages or phases of new product development starting with the first step in the NPD include idea generation, which focuses on sourcing ideas, and idea screening whereby the sourced ideas are weighed and good ideas selected, and bad ideas rejected. The third stage is concept testing, which helps the company to find out if the consumers understand, need, and accept the product idea or not.
The fourth stage is business analysis, which helps the company identify whether the product is commercially profitable or not. The fifth stage is a product development whereby the company decides to bring the product to the market. The sixth stage is test marketing whereby the new product is introduced in the market in measured quantities.
If the product becomes successful, it is then introduced on a large scale. The seventh stage is commercialization whereby after the test marketing is successful the company makes a large investment in the new product. The last stage is a review of the market performance that should give an answer to whether consumers are happy with the after sales service (Annacchino, 2003).
Timetable for the dissertation research
I am planning to start my dissertation research in two weeks time. The dissertation will explore how new products are successfully brought to market. Meanwhile, I am preparing to equip myself with all the necessary requirements for the research so that it can be perfect. I will first visit the companies that have successfully practiced the process of NPD.
I will collect data using the qualitative research methods that I have already mentioned. I will also research on organizations, which want to introduce new products to the market, see the strategies they are using, and do a follow up to inquire if they succeeded. This will take two weeks, and for those 14 days, I will schedule the stages or topics to be covered every day.
In this case, before the end of two weeks, I will have covered every detail. In the third week, I will write down the final version. I will be grateful if my proposal is approved so as to correlate with my schedule. Therefore, the proposed research is likely to take three weeks before completion. The data collection will take a maximum of two weeks, whereas data analysis and report writing will take a week.
Literature review
This field of new product development is widely researched in organizations and institutions. This concept has been integrated in many disciplines including, technology, management, business studies and policies, marketing and engineering. Personally, I have learned the new product development process as a topic in my management course and thus I have the theoretical knowledge about it.
Such researches will show how organizations implement the new product development. Therefore, the research will provide or offer knowledge about the success of new product development. Managers have gained a lot from the research on new product development.
Reference List
Annacchino, M A 2003, New product development: From initial idea to product management, Butterworth Heinemann, Amsterdam.
Brown, M, Leavitt, P, Wright, S & American Productivity & Quality Center 2004, New product development: A guide for your journey to best-practice processes, American Productivity & Quality Center, Tex: Houston.
Bryman, A & Bell, E 2007, Business research methods, Oxford Univ. Press, Oxford.
Johnson, B & Christensen, LB 2012, Educational research: Quantitative, qualitative, and mixed approaches, SAGE Publications, Calif Thousand Oaks.
Kumar, S & Phrommathed, P 2005, New product development: An empirical study of the effects of innovation strategy, organization learning, and market conditions, Springer Science +Business Media, New York.
Kvale, S 1997, InterViews: An introduction to qualitative research interviewing, Sage Publ., Thousand Oaks.
Liamputtong, P 2009, Qualitative research methods, Oxford University Press, South Melbourne, Vic.
Parsons, E and Maclaran, P 2012, Contemporary Issues in Marketing and Consumer Behaviour, Routlegde, New York.
Rafinejad, D 2007, Innovation, development and commercialization, J, Ross, Boca Raton, Fla.
Weinberg, D 2001, Qualitative research methods, Blackwell Publishers, Malden, MA