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New product development concept is the process of involving the customers in the process of introducing a new product into the market. The new product development procedure helps the company in marketing the product that they are introducing into the market. By using the new product development concept, companies have been able to attract huge margins in terms of profit (Kmetovicz 2009, p. 15).
In addition to that, companies have also been able to develop improvements in products in that they conduct regular interviews with their customers who point out mistakes in the products and thus the company can be able to modify the parts and thereby give the customers good products that they can enjoy while using.
With reference to the given question, this paper will create a scenario of a small entrepreneurial start-up in an e-business marketplace and will develop a recommendation for how SmartBizSystems will be able to develop a better approach in helping to avoid the problems that will be outlined in the scenario.
In order to develop a recommendation that would help SmartBizSystems to be able to market their products, one must be able to understand the skills that are employed by the company in a bid to getting customers and consumers to buy their products. SmartBizSystems is a company that deals with e-business for companies and with this they must be able to attract more clients into their products (Kmetovicz 2009, p. 55).
The product of e-business is a new one the market and is for this reason that SmartBizSystems must be able to come up with ways of convincing clients that the new product can actually bring profits to their business. The main recommendation that one would offer to SmartBizSystems as a company is the use of the new product development concept (Monczka 2010, p. 29).
The first process will be to make the clients have a general picture of the products. This can be by making advertisements in the local media which will boost a client’s moral of having to buy the product. The next process will be to actually show the client that e-business actually works and how it brings about profit margins in the business. This will be one of the most important steps because this is where the company must develop the customer confidence in the product.
For every product to be able to make it in the market, the company must be able to show how the customers and going to benefit from it. The next process will involve having the customers to test the products and see how it works with regard to their businesses.
This will increase the chances of the customer having to buy the product because if he / she is satisfied with the way the product works for his / her company then this will mean that he / she will want to buy the products so as to be able to increase the profit margin more and more (Monczka 2010, p. 32).
In this case, SmartBizSystems will have to let the customers test the e-business products so as to be able to know what kind of impact it will have on their profit margins and this will in turn translate more customer buying the e-business product.
The next procedure will be to analyze the price that the company will charge for the products so as to able to attract more customers than their competitors. SmartBizSystems must be able to come up will a suitable price for the e-business product. The price must be attractive to customers so that they can be able to attract more customer than their competitors.
The next process involves the testing of the product in a busy environment so as to be able to know how it works. SmartBizSystems must conduct a test for the e-business product so as to be able to show how the product can work in a busy environment so as to be able to get huge profit margins. SmartBizSystems will also conduct interviews to customers who have already used the product so as to be able to know how the customers react to the product and this will in turn improve the development that will be made in the e-business product.
After the process of interviewing the customers with regard to the product, the company will then put all the queries together and thereby come up with suitable solutions to the problems. Some of the problems that may arise include so technical problems with the product which they can be able to find a way of fixing in a bid to making their product more user-friendly.
In this case, SmartBizSystems will take into consideration all the queries that will be brought forward by the customers with regard to the e-business products and thus come up with solutions that will promote their products to become more user-friendly.
In conclusion, the introduction of a product into the market is the most important and fundamental part of having to make customers and consumers aware of the presence of the product in the market. It is therefore very important to use the new product development concept in a bid to introducing the product into the market.
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Kmetovicz, R 2009, New Product Development: Design and Analysis, John Wiley and Sons, London.
Monczka, R 2010, New Product Development: Strategies for Supplier Integration, Oxford University Press, London.