Designing neew product Essay Example | Topics and Well Written Essays - 2500 words

Designing neew product - Essay Example Organizations are faced with high intensity of competition within the industry and also from new entrants. There is even competition from the outside players as well. Every business has to innovate to stay ahead in the competitive market. No business can afford to offer the same unchanged product. This will lead to a decrease in sale and profits reduced. Hence new product development has become an indispensable strategy for any organization in order to build a competitive advantage and carry out its operations effectively in the market place. Discussion The advancement in information and communication technology, computes etc., is influencing almost all aspects of the business world, from networking to marketing, research and development. Understanding and effectively utilizing the advancements in this technology are vital for any business if they aspire to continuously grow their business and attract new customers and clients. Technology is transforming the core of innovation. With the help of technology, companies can now test new ideas with unimaginable speed and minimum prices. Online resources help a company to test market its product or service after the initial development, to assess or evaluate the viability of the product and make necessary changes according to customer feedback. Technological advancements have helped companies to launch their innovative initiatives within no time and with least amount they have ever imagined. As information technology becomes cheaper and available to public at large, the competition for continuously growing and developing innovative products and services for the customers is becoming a necessity for companies to thrive. This makes continuous use of advancement in information technology very crucial for companies for constant innovation and growth in the market. There are various ways by which market can be segmented such as demographic segmentation, geographic segmentation, psychographic and behavioural segmentation ( Pride, Hughes & Kapoor, 2011, p.343). The present generation of young people are tech-savvy. This generation want quick solutions for everything, starting from their daily requirements, likes and preferences, means of pleasure etc. Customers look for products with multiples features or products and devices which are multi-tasking. Considering the present trend of consumers, two products can be targeted. Wrist watch is a common accessory today, which is not only used as a time tracker but has become a status symbol, owing to the continuous developments in the design and features. People, especially college students and young working professionals also carry with them music players such as iPod and other music devices. These people are music lovers and like to listen to music during their free hours such as travelling and lunch and also sometimes during work. Sometimes it becomes tedious to take iPods or music players everywhere they go. They also forget to carry it sometimes, as it i s not a regular accessory like a wristwatch. Looking at this opportunity the new product which has been planned to develop and launch in the market will be an innovative wrist watch with an embedded music system or music player in it. The music system will be equipped with a wireless Bluetooth. The watch will work as a touch screen for changing songs and folders. Wrist Watch with Music: A Brief Overview The new product whi