Which of the following Factors can be adopted by a well-established trading company for new product introduction & development subject?

It is cost effective and easy to get merger with other

A. Original Equipment Manufacturing...

Conceptual models have been designed in order to facilitate a smooth process. The concept adopted by IDEO, a successful design and consulting firm, is one of the most researched processes in regard to new product development and is a five step procedure. These steps are listed in chronological order:

1. Understand and observe the market, the client, the technology, and the limitations of the problem;
2. Synthesize the information collected at the first step;
3. Visualise new customers using the product;
4. Prototype, evaluate and improve the concept;
5. Implementation of design changes which are associated with more technologically advanced procedures and therefore this step will require more time.

One of the first developed models that today companies still use in the NPD process is the Booz, Allen and Hamilton (BAH) Model, published in1982. This is the best known model because it underlies the NPD systems that have been put forward later. This model represent the foundation of all the other models that have been developed afterwards. Significant work has been conducted in order to propose better models, but in fact these models can be easily linked to BAH model. The seven steps of BAH model are: new product strategy, idea generation, screening and evaluation, business analysis, development, testing, and commercialization. A pioneer of NPD research is Robert G. Cooper. Over the last two decades he conducted significant work in the area of NPD. The Stage-Gate model developed in the1980’s was proposed as a new tool for managing new products development processes. The2010 APQC benchmarking study reveals that88% of U.S. businesses employ a stage-gate system to manage new products, from idea to launch. In return, the companies that adopt this system are reported to receive benefits such as improved team work, shorter cycle time, improved success rates, earlier detection of failure, a better launch, and even shorter cycle times – reduced by about30%. These findings highlight the importance of the stage-gate model, making it the single most important discovery in the area of new product development.