Product Marketing Assignment Example | Topics and Well Written Essays - 2000 words

Product Marketing - Assignment Example The report also aims at ensuring that Howden Joinery identifies problems facing it thus becoming very innovative a thing that will ensure that old customers are retained with new customers joining the company. The study looks at the basic fundamental in new product development. For the implementation of a good and improved new product development process the report offers the main elements which include; anchoring the innovative process with top management in the company, splitting the innovation process in two distinct part assigning responsibilities to each, establishing a link between technological and business strategy, developing communication of the strategy to all employees in the company, corporate marketing, among others. New product development (NPD) attempts to describe the whole process that involves bringing a new service or product in the market. (Ulrich and Eppinger, 2004) The new product development process involves; Most companies will view new product development as the most important stage in producing and marketing its products within the entire life cycle management process used in the market share expansion and growth. Ulrich and Eppinger (2004) argues that new products occur in various categories with some being new to the company , others are new to the market while others create new markets. Some concepts in new product process are slight modifications of those in existence when contrasted against a different measure; however some new product development processes are purely inventions from the companies. These new product development processes are; Idea Screening Howden Joinery should carry out idea screening with an aim of doing away with those ideas that are not worthwhile. This will save the company from allocating resources to such concepts. The company should evaluate whether its customers will benefit from the given product, this they can do by conducting a thorough research on the customer's tastes and references. (Ulrich and Eppinger, 2004) The company should assess the technical feasibility in the manufacturing of a given product. Here Howden Joinery will need to know the raw materials needed in production, their availability, and the cost of buying, transporting and processing. After which they will assess the marketability of the product. Lastly, the screeners should carry out a research as to whether their product will earn them some profit; this will incorporate the total cost of production labour and the selling price for the manufactured product. In evaluating the existing process it is important for the company to perform an Evaluation of the current development process. (Michael, 2004) Such an evaluation may touch on specific areas that need improvement. Examination can be in terms of both the performance and means applied. Howden joinery will discover the unemployed activities, streamlining opportunities and executing ones in order to trim down the general time of the cycle (Michael, 2004) Business Analysis According to Michael, (2004) Howden Joinery should carry out a business analysis so as to help in knowing the financial position of the business. This can be done through estimating the likely price tag of its products based upon the feedback from the customers and the