To embolden an enterprise spirit is a major challenge for many companies. In this modern world which is also known as the Global Village due to the customer exigency and needs companies are unremittingly developing new products for which they have to adopt new procedures to develop a new product but for a start up companies they must identify the best practices to develop a new product which would help them to salvage a revenue as well as the cost of the product.
Business means profit and for the manufacturing firms who develops new product they carefully scrutinize their cost of the products and for that they have to identify the best practices in new product development. In this we have develop the best practices model which identifies the overall. Functions to develop a product by a start up companies which includes to analyze the market share of the competitors their product features how they are satisfying the needs of the customer and what other features the customer wants in the products. For a start up companies it is vital for them the judge and identify the customers of their products so that they can easily sell to their target markets and customers. To identify the best practices for a start up companies is basic step to manufacture Its products before its launch in the market.
Aims of Identifying Best Practice in NPD for a start up company
The subsequent are the aims of identifying best practices in New Product Development for a start – up company:
- To reduce the cost of the product by implementing the precise new product development techniques.
- To demeanor research on the product before its launch in the market according to the customer needs and wants.
- To use the efficiency obtain process performance data and related best practices in new product development.
- To support the use of benchmarking to facilitate new product development process improvement and the achievement of improved innovation, cycle time and technology transfer.
- The product can be completed on time and under the budget which is allocated for its development.
- At last it should meet sales and cost goals which are imperative for the start up companies before to launch its product and extensive business plan should be drawn for that.
Objective of Identifying Best Practice in NPD for a start up company
The subsequent are the objectives of identifying best practices in New Product Development for a start – up company:
- For a start up company it is significant that a schedule to release a product should be on time.
- The company must identify skilled workers to develop a product and launch it on time in the market.
- The technology should be up dated so that the product can be made precisely and the complaints rates should be minimized.
- The strategy such as management of technology, organization, process, design optimizations and technology is always considered on top of the line by the companies.
- Another best practice in new product development for a start up company is financial and budgetary objective that is for the start up companies finance and budget should be implemented according to the plan.
- Safety and testing guides must be focused by the start up company so that the product looks appealing and should be considered safe products.
In this modern world many organizations are busy in developing products to enhance their sales and growth globally. Products and process is rapidly evolving around the globe. Now day’s competition among the companies is increasing in a gigantic manner and the war between the companies’ results in massive research and marketing. New product development is a term used to define a complete process to manufacture a product or market the service for the customers.
There are innumerable types of new product and various situations which they are developed so it is imperative to Identify of best practices in New Product Development for a start up company is crucial and imperative because if the company can’t identify the best practices then it will be too difficult for a start up company to manufacture its product.
Developing product is a major fundamental part of the successful companies and by identifying the best practices by the start up company result in the success in the market because new products are complex and can be extremely risky so for that product model is essential to be making which clearly identifies the product image.
Identifying Best Practice in New product development for a start up company is essential as there are aims and objectives which have defined that a company must know these tactics, the nature of the problems that occurs in new product developments for a start up companies.
The companies use different tactics to implements the best practices which was earlier identified in aims and objectives.
The nature of the problem
The following are the nature of problems identifying in New Product Development for a start up company which are listed below:
- Sometime it is difficult to collect an extensive data for the development of New Product by the companies.
- It is also sometimes difficult to point and appoint the right person for the right job.
- Another problem for a start up company is to identify the customer needs and wants.
- How new product development is aligned with internal constraints and with external factors like regulations and competition.
- How candidate concepts for new products are generated or acquired.
Model of Best Practices
Research design and methodology
In this scenario we develop a research design model of best practices in which all types are clearly identified for the start up companies which includes visiting the companies, attending conferences, telephonic discussions and many more.
Analysis and findings
The analysis that we have identified form this topic that the new company must first analyze the market situation focus on their competitor products its features and design and they have to also analyze on the business plan which should be extensive and thorough so that they can achieve their target products.
The findings that we have observed are that the company must have a appropriate persons to perform a job and a strategy must be robust so that company can achieve its targets on time and according to the customer needs and wants.
For a start up companies it is very imperative to know that tactics to launch a new product that must be according to a customer needs and wants. Companies must also focus on the nature of the problems and the aim and objective for identifying a new product development for a start up companies.
In this, company must also focus on the business plan before launching of new products which includes a strategy, organizational process and many more.
In this we have carried out different best practices which include a telephonic discussions, conferencing and etc.
For a start up companies it is essential for them to identify the best practices in New Product Development because if they lack to do so then the entire process of New Product Development chain might not run in genteel streak.
I think that for a start up companies it is imperative to identify the best practices i.e. they must identify the right product according to the customer need and wants and the product must be made within the time and schedule.
Companies must appoint the right person who has skills to develop the product on time and save the cost of amount of the company which results in generating of revenue and market growth. Companies also appoint the team leaders to guide the staff during the development of the product. For a start up companies they also identifies a financial plans and sales forecast of their products.
The company should always focus on the over all system of the company and it is imperative that without having a good system company cant runs it system.
Companies needs to develop the long term strategies for good practices in a start up companies in order to accomplish their task. Companies must have to develop the extensive research to launch its product in the market after carefully study the competitor’s product its features and market growth which will help the start up companies to develop the strategy how to counter them in the market.
For a start up companies they must acquire a data and then analysis in a extensive manner which includes defining a problems and an initial proposal.
Ajamian, G. and Koen, P. A. (2002) Technology Stage Gate: AStructured Process for Managing High Risk, New TechnologyProjects. In The PDMA Toolbox for New Product Development,edited by P. Beliveau, A. Griffin and S. Somermeyer, New York:John Wiley & Sons, pp. 267–295
Cooper, R. G. 2005. Your NPD Portfolio May Be Harmful to YourBusiness’s Health. PDMA Visions XXIX, pp. 22–26.5.
Cooper, R. G., Edgett, S. J. and Kleinschmidt, E. J., 2004.Benchmarking Best NPD practices—II: Strategy, ResourceAllocation and Portfolio Management. Research-TechnologyManagement 47, pp. 50–59, Exhibit 2.
Eldred, E. W. and McGrath, M. E. 1997. CommercializingNew Technology—I. Research-Technology Management 40, pp. 41–47; see also the model outlined in (2) and (3).
Cooper, R. G., Edgett, S. J. and Kleinschmidt, E.J. 1999. New Product Portfolio Management: Practices andPerformance. Journal of Product Innovation Management 16, pp. 333–351
Cooper, R. G., Edgett, S. J. and Kleinschmidt, E.J. 2002. Portfolio Management: Fundamental to New ProductSuccess. In The PDMA Toolbox for New Product Development,edited by P. Beliveau, A. Griffin and Somermeyer, S. New York:John Wiley & Sons, pp. 331–364
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