scholarly journals Generating Ideas for New Product Development

2020 ◽  
Vol 2 (1) ◽  
pp. 1-21
Author(s):  
Pratap Chandra Mandal
Keyword(s):  
New Product Development ◽  
Morphological Analysis ◽  
New Product ◽  
Role Playing ◽  
Customer Requirements ◽  
Product Usage ◽  
Customer Expectations ◽  
External Sources ◽  
Internal Sources

Continual innovation is imperative to sustain competition. Companies require generating innovative product ideas and implementing them. Companies require understanding customer requirements and preferences and doing continual innovation to develop offerings for meeting and exceeding customer expectations. New product ideas may come from varied sources and by applying diverse creativity techniques. Companies generate ideas from both internal and external sources. Internal sources include research and development and employees. External sources include customers, competitors, and various other stakeholders. Companies may adopt creativity techniques like crowdsourcing, brainstorming, role-playing, forming forced relationships, morphological analysis, reversing of assumptions about product usage, mind mapping of individuals, and lateral marketing. Companies require creating and encouraging a culture of innovation to generate ideas, implement them, exceed customer expectations, succeed in the completion, and have long-term growth.

scholarly journals The impact of information management in developing new products in bank – an empirical analysis

2021 ◽  
Vol 54 (3-4) ◽  
pp. 197-206
Author(s):  
Zoran Najdanović ◽  
Natalia Tutek
Keyword(s):  
Product Development ◽  
Information Management ◽  
New Product Development ◽  
New Products ◽  
New Product ◽  
Business Decisions ◽  
Customer Preferences ◽  
The Right ◽  
The Impact

Successful information management is big challenge for any organization. In this paper the emphasis is on information management in new product development in bank. Under strong pressure from competition and new technological changes, as well as the turbulent changes in the environment, financial institutions must continuously develop new products and services. In order to make the services more interesting to the users, it is necessary to collect data about the users, their wishes and preferences. The data should then be converted into useful information that will result with developing the right product or service that users will recognize as necessary. Products become personalized, user-friendly, and the emphasis is on the importance of long-term company relationships with customers. Only with well-organized information, managers can make the right business decisions and companies can react in time to market changes. When creating their strategy, successful companies analyze and identify elements that significantly contribute to creating a competitive advantage and ensuring long-term growth and development. The paper presents an empirical research of customer preferences which lead to new product development in bank.

scholarly journals Resource-Constrained Innovation Method for Sustainability: Application of Morphological Analysis and TRIZ Inventive Principles

2020 ◽  
Vol 12 (3) ◽  
pp. 917 ◽  
Author(s):  
Zhenfeng Liu ◽  
Jian Feng ◽  
Jinfeng Wang
Keyword(s):  
Problem Solving ◽  
Literature Review ◽  
Product Development ◽  
New Product Development ◽  
Morphological Analysis ◽  
Success Factors ◽  
Resource Constraints ◽  
New Product ◽  
Resource Constrained ◽  
Research Avenue

Extensive research on resource-constrained innovation has been conducted by scholars and practitioners in recent years. An interesting research avenue is how firms explore the process of the new product development (NPD) and the ideas generation to foster resource-constrained innovation. However, despite the importance of product development and creative ideas under the resource-constraints contexts, innovation methods for applying to the resource-constrained innovation and designers have received comparatively less attention. As a remedy, this paper proposes a resource-constrained innovation method (RCIM) to generate ideas for the NPD. The RCIM is mainly divided into four sections: Developing the resource-constrained innovation approaches, developing the resource-constrained innovation dimensions, generating the creative ideas and evaluating the creative ideas. First, the resource-constrained innovation algorithms are developed based on success factors, characteristics, and attributes of resource-constrained innovation and the TRIZ (Teopия Peшeния Изoбpeтaтeльcкиx Зaдaч in Russian; Theory of Inventive Problem Solving in English) inventive principles via the systematic literature review (SLR). Second, the innovation dimensions are categorized to structure a target technology by means of the morphological analysis (MA) and the Derwent manual codes (DMCs) mapping based on collected patents. Third, the creative ideas are generated for the NPD by combining the innovation dimensions with the resource-constrained innovation approaches. Finally, the creative ideas are evaluated by the frugal criteria. The RCIM will stimulate designers’ creativity for achieving sustainability and innovation within constraint-based scenarios, MA and TRIZ.

Risks Management in Agile New Product Development Project Environments

2018 ◽  
Vol 7 (4) ◽  
pp. 37-67 ◽  
Author(s):  
Brian J. Galli ◽  
Paola Andrea Hernandez Lopez
Keyword(s):  
New Product Development ◽  
Management Practices ◽  
New Products ◽  
New Product ◽  
Development Project ◽  
Manufacturing Companies ◽  
Customer Requirements ◽  
Product Development Project ◽  
Agile Practices ◽  
Innovative Products

This article reviews the risks associated with the implementation of Agile Project Management practices in projects that involved new products development in manufacturing companies and identified according to existing research the best strategies to approach those risks. Further, this article analyzes the events that can affect the implementation of APM practices in projects that involve the development of new products within manufacturing companies and provides some strategies to mitigate, avoid, and minimize the likelihood if they become risks and its impact in the customer requirements. Principal risks in manufacturing companies were highlighted, and its probability and impact were evaluated regarding scope, quality, schedule, and cost. Risk responses and strategies were noted align with the purpose of the agile practices, which is to deliver innovative products quickly and with high-quality standards.

The Search for Broad Environmental Information and New Product Development Success in Technology-Based SMEs

2014 ◽  
Vol 22 (01) ◽  
pp. 27-55 ◽  
Author(s):  
So-Jin Yoo ◽  
Olukemi Sawyerr
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Positive Relationship ◽  
Information Sources ◽  
Negative Impact ◽  
New Product ◽  
Environmental Scanning ◽  
Sources Of Information ◽  
Significant Positive Relationship ◽  
Internal Sources

In this study we examined the relationships between environmental scanning and information sources on new product development (NPD) success in a sample of 112 Korean technology-based SMEs. We found a significant positive relationship between scanning the task sectors of the environment of customers, competitors and technology on the timeliness and creativity of the NPD process. We also found that external personal sources of customers, competitors and suppliers/distributors and internal sources of employees, company library, etc. had a significant positive relationship with NPD success, while the use of professional sources of information such as lawyers, bankers and trade and industry association members had a negative impact on NPD success. We discuss the findings and their implications.

scholarly journals The interrelationships between customer satisfaction, brand loyalty and relationship intentions of Generation Y consumers towards smart phone brands

2016 ◽  
Vol 47 (3) ◽  
pp. 25-34 ◽  
Author(s):  
P. G. Mostert ◽  
D. J. Petzer ◽  
A. Weideman
Keyword(s):  
Customer Satisfaction ◽  
New Product Development ◽  
Generation Y ◽  
Brand Loyalty ◽  
Smart Phone ◽  
New Product ◽  
Fierce Competition ◽  
Web Surfing ◽  
The Relationship

Smart phone marketers are finding it difficult to maintain market share in a market characterised by fierce competition and continued new product development. Generation Y consumers generally have a good command of technology and engage in technology-related behaviour such as texting, tweeting and web-surfing. When it comes to the adoption of smart phone applications, it is believed that Generation Y is leading the way. To retain Generation Y consumers, it is critical for organisations to ensure that customer satisfaction is achieved, brand loyalty has to be generated and meaningful long-term relationships with these consumers should be established. In this regard, this study aims to determine the interrelationships between customer satisfaction, brand loyalty and the relationship intentions of Generation Y smart phone users. Self-administered questionnaires were fielded among 395 Generation Y smart phone users living in Gauteng, South Africa. Results indicate significant and positive interrelationships between customer satisfaction, brand loyalty and relationship intention.

Scanning and design thinking: organizational roles for innovation

foresight ◽  
2017 ◽  
Vol 19 (4) ◽  
pp. 337-353 ◽  
Author(s):  
Nanami Furue ◽  
Yuichi Washida
Keyword(s):  
New Product Development ◽  
Design Thinking ◽  
Idea Generation ◽  
Product Market ◽  
New Product ◽  
Content Type ◽  
Questionnaire Surveys ◽  
Japanese Companies ◽  
Market Strategies

Purpose The purpose of this paper is to first suggest scanning focal areas in new product development (NPD) by comparing with design thinking and, second, to uncover what people in different occupations expect of NPD based on future scenarios. Design/methodology/approach Authors place scanning and design thinking into a matrix of product-market strategies. In addition, this study adopts several open-end-type questionnaire surveys of employees at Japanese companies who have taken part in idea generation workshops that take a medium- to long-term perspective. Findings Authors found that innovations generated through scanning can cover the most difficult and uncertain areas in practice compared with design thinking. This manuscript also reveals occupational categories can be divided into two groups according to different expectations of NPD: the rapid-fire NPD expectation group and late-bloomer NPD expectation group. The former group which consists of marketing and engineering experts tends to expect that NPD is simply a response to existing needs and that profit will be gained expeditiously through NPD, while the latter, which comprising design and research experts, tends to expect that NPD will realize future innovations. Originality/value This study shows some common and different points between scanning and design thinking by using a theoretical framework of product-market strategies. Also, this study reveals who will lead innovation based on foresight in business.

Enabling Continuous Improvement of New Product Development Processes

2000 ◽  
Vol 14 (4) ◽  
pp. 235-243 ◽  
Author(s):  
Sarah Caffyn ◽  
Andrew Grantham
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Continuous Improvement ◽  
New Product ◽  
Second Phase ◽  
Ongoing Research ◽  
Strategic Approach ◽  
Development Processes ◽  
Area Data

This paper reports on the first phase of ongoing research into ‘enablers' of continuous improvement (CI) within new product development (NPD) processes. In order to increase the relevance of work carried out during the second phase of the project, which involves implementing enablers in two firms, a wider group of practitioners was consulted to discover which aspects of CI within NPD were of most interest to their organizations and to identify their weaknesses in this area. Data from seven companies show that major deficiencies in all the firms are the absence of a strategic approach to the development of CI, and the failure to capture, share and deploy learning that is taking place. These shortcomings are particularly significant for small to medium-sized enterprises (SMEs) that can ill afford to keep ‘reinventing the wheel’ or to risk wasting resources by failing to create a CI system that is sustainable in the long term.

NEW PRODUCT INTRODUCTION PHASE IN RELATION TO SUPPLY CHAIN PLANNING PROCESSES

2017 ◽  
Vol 71 (0) ◽  
pp. 0-0
Author(s):  
Alicja Krzemińska
Keyword(s):  
Supply Chain ◽  
New Product Development ◽  
New Products ◽  
New Product ◽  
New Product Introduction ◽  
Long Term Results ◽  
Product Introduction ◽  
Planning Processes

The article presents the role and importance of sharing information about new product implementation by sales, marketing and R&D departments with supply chain part of the organization. In the introduction has been showed conventional attitude to the new product development phase. Then has been presented modern collaborative approach which allows to include new products in short-term and long-term plans of the company. Next, a detailed, theoretical and practical characterization of planning processes has been made with products being taken into account which become the part of a finished goods portfolio. Then, basing on examples taken from FMCG company the long term results of not including new products in plans on time have been shown. To conclude, a short summary has been made.

Estimation of Target Selling Price in New Product Development

2006 ◽  
Author(s):  
Ioannis Minis ◽  
Taxiarchis C. Kourounis
Keyword(s):  
Product Development ◽  
New Product Development ◽  
New Product ◽  
Selling Price ◽  
Customer Requirements ◽  
Target Costing ◽  
Target Cost ◽  
Perceived Satisfaction ◽  
Early Design Stages ◽  
Competitive Products

This paper proposes a systematic way of estimating the target selling price of a new product, at the early design stages of its development. The main objective of the method is to establish a robust price estimate strictly according to the market perspective. Based on concepts inspired by House of Quality, the proposed method uses the customer requirements (CR), as well as the perceived satisfaction of each CR, and estimates the selling price based on the price of competitive products. Using this price estimate and subtracting profit and overheads, the product target cost (material and labor) can be estimated, providing a critical input to the new product development team. The research focuses on simple assemblies, an area in which target costing is not yet widely used.

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