What Do You Mean by New Product Development? In business and engineering, new product development (NPD) is the complete process of bringing a new product to market.   Innovate or Die: Product management should be viewed form a broader perspective by business firms, in that, it has to include new product development as part of the action plan, apart from appraising the existing product line, positioning them effectively and taking brand decisions wisely. “Innovate or die’, is the modern entrepreneurial slogan. Unless organizations innovate and introduce new products, they cannot survive in the competitive market. Strategies defining the organization’s future are built upon the portfolio of new products.     Picture Cortesy: Coschedule Need for new product development: People always welcome change and new product development is an opportunity for the firms to meet the changes in consumer demands.   They are a source of competitive advantage. Your new product may infuse a fresh lease of life to your sagging profits.   New products may turn out to be the star performers of your firm and provide long term financial return on your investment.   Some firms take the smart strategic choice of using the idle capacity of their plant for manufacture of a new product that may utilize the existing production and operation resources to an optimum level.   They capitalize on research and development. Products that create a wave are a result of research on market trend and consumer preference. Firms can make it, if their research is customer-centric rather than product-centric.   They provide opportunities for reinforcing or changing strategic direction. It is wiser to discontinue production of a product that does not find acceptance and divest the funds in a beneficial venture.   They leverage marketing and brand equity. Big corporate firms while introducing new products make a big publicity, so that it can attract potential investors and consumers.   They enhance the corporate image. You cannot expect a firm to make it big with a single product line or confined to one area of development. The growth of a company is evident only when it ventures into multifarious disciplines reflecting its capacity for expansion and diversification.     Picture Courtesy: Staenz Also if a company grows, the growth of the stake holders is rest assured as the company would be in a position to offer decent dividends with bonus. Even if a growing company ploughs back its profits for expansion, it is again a good thing for the investors as further expansion obviously means growing profits.   They affect human resources-a new product is perceived differently by different people. It is a need satisfying concept with benefit for buyers; a bundle of need satisfying features for marketers; a way to add value for intermediaries; an opportunity to design for R and D and a chance; to assemble and process for the production department.   They meet environmental threats-Until recent times, products were not subjected to environmental evaluation, but the recent crises regarding global warming and pollution has been an eye opener for all nations which are enforcing much rules and regulations, demanding for production aimed at environmentally safe products.   New product development is a multi-dimensional concept, inherent in most organizations. The process is initiated when the organizations are subject to market pressure and the firms are left with no choice other than to take up the challenge. A List of Productivity Terms Automation – The use of robots or other automatic equipment to do certain tasks Business Productivity – The amount of goods or services produced by a business from a set amount of resources Capital Goods – Manufactured or constructed items that are used...

Branding strategies What is Branding? What is a branding strategy? The process involved in creating a unique name and image for a product in the consumers’ mind, mainly through advertising campaigns. Brand = Trust What is the meaning of Brand Identity? A brand name adds a unique value proposition to a company offering differentiated products across a wide spectrum. It is an important component of a firm’s corporate identity. The logo that represents a brand is just not a symbol but is a source of commitment to the customers. It implies the benefits or added values that the company offers to satisfy its customers. Logos are a way to reach your customers in the initial stages when your company is in the offing. After a certain period of time, it becomes an icon that represents your company’s efficacy and achievement in terms of quality, price, customer service etc. Nowadays there is a pressing need for corporate firms to target both domestic and international markets. They have to create and establish local as well as global brand identity. A brand name tells the customer what to expect and it personifies your organization. Why in the first place a company needs a brand identity? See, it proves to be the most vital part of your marketing plan. How do you expect to reach your customers and convince them that you are there in the market to offer a superior product range than that of your rivals? You have to keep in constant touch with your customers and this is where a brand name comes in as a source of strength, as a promotional tool to speak for your product’s credibility and quality. You have to ask yourself the following questions while planning to develop a branding strategy: Does your brand create a feeling of trust in the minds of the customers? Does your brand deliver the benefits that it has promised to? Does your brand connect with the customers well at an emotional level? Is everybody including your competitors are aware of your brand? http://www.entrepreneur.com/article/272386 Strategic equations for Success You need to revitalize your think tank by including strategies that will hit the target on the right note. One way is to re-launch your existing products under new brand name to give a fresh lease of life to the products as well as attract new customers Another way is to introduce new product range, where the existing brand may not be suitable for the new product line Making the products more attractive and appealing by making small modifications in packing Also your brand can include a new range of similar products to be offered from your end. The brand strategy gives momentum to your business and aligns the activities of your organization towards successfully accomplishing the corporate objectives. It should be always remembered that branding is the only way to develop loyal...