Factors That Contribute To The Success For New Product Development?

by Edward P. For Expert Assistance With Your Transatlantic Stra

Introducing a successful product to the market is basically a team effort. Although it is the designers who are generally responsible for the usability, the utility purpose and rest of user experience, there are several factors that contribute to the failure or success of new product development & many amongst them are outside of the control of the designer.

Let’s find out what they are:

Support from top management

The support of top management is important for the success of a new product development project. Without their support, resources or budget aren’t likely to be granted to the project and it might not get the priority that it deserves.

Market orientation

Market orientation is the company philosophy that’s focused on discovering as well as meeting the requirements & desires of its customers through the product mix. This is crucial in new product development and for this, it’s important to conduct user research & where appropriate even the market research (the two essentials for developing quality user experience). These will let you find out about the needs of your customer and once you know them you will definitely be able to come up with ideas on how to meet them.

Technology

The technology that’s going to be used for creating & delivering the product should be apt for the market. Firstly, the technology that is going to be used must meet the demands of the end-users as a whole and so it needs to be chosen rightly. Secondly, there should be designers and developers who are proficient in the technology for developing the new product successfully. Last but not the least, the top management’s must have a technology budget that must be able to meet the need for the technology and the salary of the hiring team.

Knowledge management

Knowledge is considered like gold dust in many companies and is guarded by its owners thinking it to be their treasure. The owners guard it because they fear of the knowledge being stolen. However, creation of such knowledge silos simply makes it an impossible affair for the knowledge to be pretty much effective, which is crucial for product portfolio analysis. For example, market data is very useful for the design team but only when they aren’t kept in the marketing department in isolation and they can access it. Similarly, user data is valuable as well but that is to be used by the marketing team. Again, it is important to note here that such research data can only be used if the marketing team is given access to it.

There are also many factors that contribute to new product development. They include the product development strategies, the speed of development, their development process and the teamwork as a whole. To know more about these factors, read the article 4 Key Factors In New Product Development.