Critical Analysis of New Product and Service Development Process of Business Firms

Reflection - Critical Analysis of New Product and Service Development Process of Business Firms
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Reflection: Product Strategy & Development
Introduction
The process of product and service development emphasizes the considerable attention to factors deployment and tackling challenges by organizations. The market is dynamic, with customers’ expectation of market share to be managed with new strategies. The business environment is rapidly changing, and businesses stay competitive by offering innovative products to stay one step ahead of competitors (Cooper, 2019). The paper focuses on the opportunity identification ideas in the corporate world, idea concept and generation ideology, concept testing process, sales forecasting, product designing, product use testing, product launch and marketing strategy, and public environment and ethical issues in different organizations worldwide.
Opportunity Identification, Idea Generation, and Screening
Tesla’s Cybertruck
The Tesla Cybertruck is a new innovative product idea of Tesla which emphasizes environmental sustainability. Compared with the traditional means of transportation, this product has lower fuel consumption and long-term economic advantages. Furthermore, it is a product-driven innovation because Tesla Cybertruck is an electric truck developed by Tesla Motors. The product idea was unveiled for the first time in November 2017 at Tesla’s design studio in Hawthorne, California (Szymkowski & Paukert, 2019).
Elon Musk revealed it as the next step in the evolution of sustainable transport. To make this happen most effectively, the company believes in taking advantage of solar energy and wind power and producing renewable fuels from plants and algae, which is a developing trend nowadays. The company has availed of this opportunity as it is interesting to be a product innovator (Okane & Hawkins, 2019). The existing truck’s service does not cater to the sustainability needs of the environment; that is why Tesla introduced this all-electric pickup truck’s frames to design a cheaper and affordable pickup truck.
Kellogg’s
Kellogg’s has recently introduced cereal bars. It is an excellent product introduction for the business as it allows the industry to produce cereal bars in mass quantities. The innovation approach entirely focuses on customers based on their demands. The company has combined all cereal ingredients in one bar, which improves consumers’ judgment on how much cereal to consume per breakfast. It is a product-based innovation idea where the company guides customers on efficient quantifying grain per person. The introduction of Kellogg’s innovation in cereal bars is advantageous considering that they are the only cereal on the market with natural ingredients. As a result, consumers can get full fiber, vitamins, minerals, and other nutrients without getting bored of eating the same thing day after day (Schouten, 2020). Kellogg’s innovation also helps people stay fuller for longer, crucial for maintaining a healthy diet.
Idea and Concept Generation
Tesla’s Cybertruck
The product idea of Tesla’s cyber...