New Product Development Essay Example | Topics and Well Written Essays - 6500 words

New Product Development - Essay Example This has been done with a real life case study in a country as diverse as India, which is on the platform of achieving full fledged development. In India, with the booming rate of the rupee, as well as widespread exposure owing to the information technology and BPO boom, there has been a concerted effort on behalf of producers and manufacturers from various quarters to create new products targeted at the segment that now has more and more disposable income at its disposal. In this regard, I would like to point out that there is a lot that I have learnt from this seminar and the lectures contained in it. This knowledge has helped me greatly while doing this paper. One of the chief things that I have learnt revolves around the conception of competitive advantage in context of the new principles of demand and supply. This has helped me develop a broader perspective. Accordingly, I have been able to apply the principle of a variety of factors of production to a variety of fields. In doing so, I have been able to zero in on an apt field from which I have chosen a case study for this paper. Further, throughout this seminar, we were taught by way of experience and research which greatly helped me in the construction of concept cards and helped me demonstrate some amount of creativity. In this regard, the seminar has been a great help in helping me determine how a market is influenced by various kinds of products and how a new line can affect a brand's standing in the process. This seminar has also greatly enhanced my understanding of the process of the new product development and the various nuances that are attached with the same. Through the course of this seminar and this paper, I was given ample opportunities to implement everything that had been taught during the classroom sessions and lectures. This helped me identify the gaps and how the same may be bridged in real life situations. In doing so, I have realised how important research is in every field of study. This will be reflected in the description of the case study I have used in this paper. Apart from the points that I have made above, I would like to mention that this seminar has helped me come to terms with my ambitions as a business students. I have been able to do so by understanding and studying my strengths and weaknesses and applying the same to my preparation work for and actual completion of this paper. The teachings of this seminar will remain with me in everything that I undertake and every venture where I am a participant. Personally, this seminar has helped me understand my actual standing as far the achievement of my goals are concerned, and this in turn has given me the scope to take on any new venture with greater confidence. I would also attribute the same to the level of knowledge I have achieved and hope that the same is reflected in this paper. Introduction The world of commerce in this era is one where there is an amalgamation of a global market place as well as the theories of competitive advantage with the strong backing of innovation. Any marketer or producer in this modern market place needs to adhere to these practices and theories in order to gain any measure of success, whether small or big. Before delving any deeper into the paper, let us fist consider the elements of the modern world