New product development strategy In the context of MRCB Ltd.

Abstract

The core purpose of New Product Development Strategy is to transform a marketing or business idea into an actual product and deliver it to the targeted consumers. There are several stages in this process which is being followed in order to distinguish the product from its competitors. In today’s competitive world the marketers work hard and soul to make their product more attractive and useful to their targeted consumers. To achieve that goal this new product development strategy plays a vital role. Following this strategy is always helpful for the marketers as it provides them necessary guidance and insights in every step, based on which they make final decisions about the product, production plan and also the marketing plan. The strategy is also helpful in terms of determining how attractive or financially feasible this new idea is. On top of that this strategy allows the marketer to make all the necessary changes in various stages to make the product successful in the market and contributing to the business. This report broadly discusses about the various stages of New Product Development Strategy focusing on a research which was conducted by MRCB Ltd. for one of the renowned company in the FMCG industry. The report will highlight all the key elements of New Product Development Strategy and will describe what role did MRCB played in this process by serving the research needs to the company in terms of making decisions.