New Product Development Courses are ideal for any budding Entrepreneur, product designer or inventor who wishes to bring a new and innovative product to market.
What Is New Product Development?
New product development can be described as the process of bringing a new product onto the marketplace. There are several reasons why your business may need to engage in this process. This can be due to changes in consumer preferences, increasing competition and advances in technology or to capitalise on a new opportunity.
A thriving innovative business does so by having an in-depth understanding of what their market or target audience wants. Innovative businesses will always be concerned with making smart product improvements and developing new products that meet and exceed their customers’ expectations.
What is referred to as a new product can vary. ‘New products’ can be:
- products that your business has never made or sold before but have been taken to market by other
- product innovations created and brought to the market for the first time. They may be completely original products or existing products that you have modified and improved.
New Product Development doesn’t have to be specifically about existing businesses. New and start-up businesses, sole traders and freelancers can often get a foothold in the market. This can be done by researching, developing and introducing new or even one-off products. In the same breath, it is not necessary for you to be an inventor or an innovator to master the art of new product development. There is also always the option to purchase new products through licensing or copyright acquisition.
Why New Product Development is Important
Product development is hugely important in business and could even be described as the life-blood of companies and societies. The new product that you wish to bring to market could be a physical product such as a car, phone, or household appliance. On the other hand, a new product could also be a service. This service could be anything from a new IT solution or a new manufacturing process to a new real estate marketing concept.
A successful New Product Development Plan will usually provide the following:
- New value for customers
- Improved society
- Continued existence of the company
What Might I Learn?
Participants of one of these courses are likely to learn about some of the following:
- Understanding the role and characteristics of entrepreneurship
- Market adoption of new products/services
- Gain an understanding of the dimensions of technology and knowledge management,
- Learn about research and development projects
- Learn how to initiate and develop new product/service
- Brand strategies drawing upon exposure to case studies and/or live projects
- Assess the commercial viability of new products/services through a comprehensive market research framework
- Understand the legal and ethical issues related to the management of innovation and development of new products/services
Who Are These Courses For?
These courses are for anyone who has an idea that they would like to learn how to bring to market. From the manufacturing stage to the business/marketing stage, these courses cover all bases.
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