The paper "New Product Development Process and Comparison with Black & Decker Corporation " is a perfect example of a management case study. It is the dream of each organization to be associated with the most successful products in the market. As a result, organizations strive to use the best ingredients for their products as well as the most efficient and cost-effective process. In other words, organizations strive to have the best practice in product development. Product development in any organization involves numerous steps. In order to create the next product in the company, there has to be a development process involved.
The first and most important step is for an organization to identify the form of innovation needed in the new product. Despite being an involving task, the management of innovation is evident when a breakthrough is attained. The new form of the product must be designed in such a way that the product innovation fits into an organization’ s needs currently. With the available resources, organizations can then design the product development process which could be incremental. Product design involves also incorporating the needs of the clients through observation and user feedback on what their expectations of the product and its functionalities would be.
Consequently, the organization will have done much in dealing with the competition while considering affordability, return on investment and the distribution of the cost. This paper discusses the processes of new product development and compares this to the process used by Black & Decker for its Compact power-innovation in the cordless professional drill and driver. New Product development process and comparison with Black & Decker Corporation Each organization has to identify the form of innovation needed in the new product and define the best new product idea.
After realizing the new product idea, screening should compare the new product with the new products from top competitors to understand consumer concerns which steer the way for concept testing. Concept testing evaluates consumer needs to understand the service. Furthermore, the new product development process is then put under a business analytic metric for progress monitoring like new product value. After product development, marketability tests are done through the launching of beta prototypes tested through test panels.
The intention is to attain valuable information that would allow improvements. With the improvements the, product development then incorporates technicalities needed to come up with the best final product. While the new product is in the market, the organization has to observe regular commercialization through advertisement refreshment such that the product remains in the minds of the customers. Furthermore, the product in the market has to be constantly reviewed such that the pricing finally becomes perfect. This new product development is comparable to the process used in Black & Decker for its professional cordless power drills and drivers. In the development of the new product, Black & Decker Corporation put into consideration external factors like competition from Bosch, Makita and Panasonic who had already developed the power drills and drivers.
Based on the response from consumers about the new product from Black& Decker, the grips were more comfortable as they were cushioned while the handles were more compact. Additionally, the B& D power drills were also characterized by an efficient motor design that was characterized by assisted cooling that meant higher power output compared to the competition.
Furthermore, the commercialization of the product was improved by the design whose features stood out even as the product sat in stores for display. B& D also put into consideration the use of the product and market testing in order to assess the user response and improve their model as well as concurrent engineering to keep adding new features to its product.