Product and Distribution

In: Business and Management

Submitted By neha2005
Words 1598
Pages 7
Assignment 3-Product and Distribution

Using a business of your choice, preferably a small business, discuss how you could develop a new product and create a distribution channel for it to reach its target market.

Today's competitive market and globalization encourage businesses to continuously develop new products and services in order to better serve their customers. New products and services are the life lines of all businesses. Multinational firms as well as small businesses have their research department dedicated to develop new products with the available resources and sustain in the market. A new product development is no longer an option for a company but is a requirement and also is not a one time job but is a continuous cycle in a company for business growth and profitability.

New Products in today's era does not just mean the products that nobody has ever seen or used but also include other factors. Companies developing new products may develop products that are new to the world and create a new market. For example when apple brought iPads in the market, the concept was totally new and it created its new customers. New products development can also be a new line added in the company, innovating ideas to improve the existing products, target new market and also ideas to reduce the price for already existing products.

The process of developing new products varies between companies, and even between products within the same company. Regardless of organizational differences, a good new product is the result a methodical development effort with well defined product specifications and project goals. As explained in an article1 development project for a market-pull product is generally organized along the lines shown in Figure 1.

[pic]

Figure1: The Generic Product Development Process

A local Pizzeria in my town called…...

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