New Product Development

New Product Development

Introduction

A digital product is a text, graphic or audio product present only in electronic form. These products can only be accessed or, other words, be downloaded from an online source such as WebPages, online portals, or shared storage server. The digital products range from electronic books or e-books to downloadable multimedia files. Additionally, there are digital products that are stored and distributed using physical media such as CD, DVD, flash dive or thumbdrive, memory sticks or cards, are not generally regarded as digital product. The physical products, on the other hand, are those, which have physical existence and that are physically shipped or delivered to the customer, rather than downloaded from an online location, after the latter has confirmed the order and made payment (Goodwin, 2009). The example of physical products include televisions, computers, books, music CDs, DVDs, cars, etc.

Discussion

New Product Development

The term new product development is the term generally used to describe the process of introducing a new product to the market. A product can be referred to as set of services or benefits that are offered for exchange and can be found either in tangible, that is, something having physical properties (having weight and can be touched) or intangible products such as experience, belief, services or digital products (digital music, graphic, or software or other downloadable multimedia files). There are two sub-processes that run parallel to each other in the in the new product development process-the first sub-process being the one which involves emergence of the idea, design of the product, and detail analysis and engineering of the proposed product features; the second sub-process encompasses market research aimed at assessing the demand and need of the product and analysis of marketing strategies (Berenson, et al., 2002). The new product development is typically seen by ...