NEW PRODUCT DEVELOPMENT PROCESS
DRAFT PROPOPSAL OF NEW PRODUCT DEVELOPMENT
For every successful new product, many new product ideas are conceived and discarded. Therefore, companies usually generate a large number of ideas from which successful new products emerge. I work as a strategic manager in Solarland Co., Ltd. This company does business of electronic appliances. As a Strategic Manager, I have been directed by my BOD to introduce a new product in Bangladesh. I want to introduce a Solar Based LED TV which will be run with solar system, which is without electricity people will be able to watch TV. So I have gone through my knowledge which I gained from my Strategic Management course and then make a draft of my proposal for them. The draft of my proposal for introducing a new solar based LED TV is discussed below.
1. Idea Generation
The new product development process begins with idea generation. Strategic management is all about selling an idea. So as a Strategic manager I have created the new product idea of Solar Based LED TV. I have created this idea as I want to capture a new market where people do not have enough electricity or else they will also be able to safe electricity cost. This new product can define the overall character and mission of our company.
2. Idea Screening
Idea screening, the second step, considers the new product idea of developing a Solar Based LED TV. At this stage I consider not only the firm's manufacturing, technology, and marketing capabilities, but also how the new idea fits with the company's vision and strategic objectives. During screening the idea I consider some facets which are very important like:
What are the purposes of the organization?
What image should the organization project?
What are the ideals and philosophies that the organization desires its members to posses?
What is the organizations business?
How can the organization best fulfill its corporate objectives?
3. Concept Development and Testing
The third stage, concept development and
For every successful new product, many new product ideas are conceived and discarded. Therefore, companies usually generate a large number of ideas from which successful new products emerge. I work as a strategic manager in Solarland Co., Ltd. This company does business of electronic appliances. As a Strategic Manager, I have been directed by my BOD to introduce a new product in Bangladesh. I want to introduce a Solar Based LED TV which will be run with solar system, which is without electricity people will be able to watch TV. So I have gone through my knowledge which I gained from my Strategic Management course and then make a draft of my proposal for them. The draft of my proposal for introducing a new solar based LED TV is discussed below.
1. Idea Generation
The new product development process begins with idea generation. Strategic management is all about selling an idea. So as a Strategic manager I have created the new product idea of Solar Based LED TV. I have created this idea as I want to capture a new market where people do not have enough electricity or else they will also be able to safe electricity cost. This new product can define the overall character and mission of our company.
2. Idea Screening
Idea screening, the second step, considers the new product idea of developing a Solar Based LED TV. At this stage I consider not only the firm's manufacturing, technology, and marketing capabilities, but also how the new idea fits with the company's vision and strategic objectives. During screening the idea I consider some facets which are very important like:
What are the purposes of the organization?
What image should the organization project?
What are the ideals and philosophies that the organization desires its members to posses?
What is the organizations business?
How can the organization best fulfill its corporate objectives?
3. Concept Development and Testing
The third stage, concept development and