Introduction
New product development is a long and complete process of bringing up a new product or service into the market. Familiarizing oneself with the customer's taste and preferences, demand and nature of market greatly influence the penetration of the new product into the market. Durability, time, performance, quality determines the costumer's needs and interests towards the product in question. Many customers will often discredit new products, especially if it penetrated for the first time. Thus, the new product owners must find a way to convince these customers to trust their products. The new products that the company should advertise the product in the media and other publications. It must have better features than the previous models or than other models present the same field of market.
It should have better-advanced features, performance, durability, user-friendly, and yet, cheaper at the same time.
My product would be the Z-gamer. The Z-gamer is a gaming device that will be suitable for all ages. It can configure its gaming mode by age differences. The Z-gamer, unlike other gaming devices, has its own private and only accessible website for games and software. It has all generations of graphic games including the pixel games encased of old school lovers wanted to kick it back. The device is one of a kind in the market introduced by the ‘Z' company. The ‘Z' company is best known for the famous ‘Z-phone,' which has got 7,600,000 sales in just 6months. The gamer has a combined reader such that it can as well play the cartilage input game from the famous gamer game boy and many more. The game has got 2 USB ports for input data.
It has an internal capacity of 320 GB and an ability to support 500 GB external sources. It has got a 12inch LED screen with a gorilla anti-scratch screen. It has 21 megapixels camera with x20 zoom capacity. It has a full sized slide keyboard and a media card reader. It has a facial recognition system whose data is fed into it from the ten megapixel camera in front of it. It's equipped with windows 8.1 software and directional systems to assist in using it. Unlike other games and gamers its portable and can last up to 10 hours of functioning and only takes 2hours to charge it fully. Less about the gamer and into the games, the ‘Z' company has collaborated with keys leading companies in game designs and making. The company itself will always have immediate upgrades for the games at all times. It has its personalized media site that the user can download songs and videos and get updates on the ‘Z' game. Not only does it have a wide exciting screen, but also 2 sets of 3D glasses. Yes, portable 3D enables gamer now on the market. The gate world to the impossible just got opened. Highly experienced engineers and gaming experts have teamed up to create the dream of all game lovers real. In terms of limits on age, the ‘Z' gamer has got a system that on the date of purchase the user registers him or herself. In that register, the users explore on the gamer will be enabled as the rate on age goes lower. For the kids, the gamer will limit explicit contact with them (Chevalier & LU, 2010, p. 23).
Having a 3.2GHz dual core processor it is by far the greatest gamer or handset ever made. For the best gameplay modes, the gamer software is also equipped with its direct video sharing link that all users can post their gameplay modes. It also has a dual shock that vibrates in case of inversions. In action and racing games the ‘Z' gamer vibrates as the action gets heated up thus bringing about life in the game itself. The users can easily play via multiplayer selection due to its high-speed internet power. Primarily the gamer is also able to perform basic cell phone functions. These functions include making calls and texting. It is also directly linked with many online social media such as Facebook, Twitter, Instagram, Myspace and many others of interest to the user. In order to avoid theft of this product, the gamer comes along with a wrist gadget (Sontakki, 2010, p. 92). The gamer only opens and unlocks itself when only near the wrist gadget. The wrist gadget has got independent running software whereby it alerts the user low battery, calls, texts or even game invites. In the case of theft, the company has combined efforts with service providers to track immediately down the gamer only if the wrist gadget gets activated. The wrist gadget can also be used as a supplementary of the gamer if need be though not compatible with all games. More so the wrist gadgets act as a watch, calculator, phone, work out the instructor and radio. Note that the gamer and the wrist gadget at separately. They both come together. For an additional discount, the gamer comes with a 12 months warranty and some high-quality headphone courtesy of the ‘Z' company.
The market is the total potential size of the market for a new product at a particular point in time. Market potential gets measured by the number of sales or the sales volume. The market represents the upper limits of the market for the product. For the ‘Z' gamer, the market potential for 10 of them may be worth $5,000,000 in sales per year. While the market potential of the gamers got rated 500,000units per year. Hence, it is a measure of sales volume rather than the sales value. Initially, the market potential is a fluid number that changes to the economic environment. The market potential of the ‘Z' gamer is affected by the diminishing and the increasing of interest rates, hence affecting the demand for the product. On the market potential analysis the company considered the competition, customer base, and the current environmental conditions. For the environmental condition, the companies consider the release of the game at winter since it's the indoor time of the year. The company also beat its competition since it invented a unique design and monopolistic device which was portable and 3D glasses. The company also greatly analyzed the potential customer base which was New York. The high population and the increment of gamer lovers had to be the best spot. The company also took in the market penetration strategy. Due to the recently increased rates and taxes, the company adopted the market penetration strategy where they used low-profit earning sales to attract the market (Kahn, 2006, p. 78).
The new product development process structure consists of a group of activities that firms take on in the hard and complicated process of bringing in new product to the market. Every new product passes through a sequence of stages from ideation through intend, mechanized and market introduction. The development process has three main phases: fuzzy front end, product design, and the fuzzy back end. The fuzzy front end consists of a combination of activities Incorporated before the actual new product development process begins. The product design begins with the development of the newly introduced product design and its final commercialization and analysis stage. The fuzzy back end or the commercialization stage of a new product development shows the steps where the production and market penetration occur. The fuzzy front end consists of the opportunity analysis, opportunity identification, idea induction, idea choosing and the idea and technological development. The ‘Z' gamer took over the fact that the other gamers have not developed a portable 3D gamer and developed one hence taking over the market. For a company to be sure on the grasp of the idea, the company had acquired from game lovers all over the world for the idea. Even at launch the company presented the game at the worldwide stores in New York, where a 200,000 turn out of people availed themselves. The best gamer launch turns out ever. The company has an advantage of the dominance of one of a kind product. Though the product at first had some issues the company quickly compensated the customers by exchange. For a realistic perspective, the gamer had more than 10 million likes on Facebook and more coming up. The company promised more and great improvements once in a while (Majumdar, 2001, p. 78).
The new product development process has several evident stages. They include; idea generation whereby the ideas come from the SWOT analysis (strengths, weaknesses, opportunities, and threats). Here the gamer company focused on the competitors, focus groups, employees, cooperate spies and sales people. Lots of ideas got developed, but less was implemented. The company here allows space for in innovation and suggestions for the developers. The second stage is idea screening stage is where the company now has to examine the market potential of the products marketed. It also accesses the products raw materials on inventing it and the expenses expected. It also focuses on the growth and size of the target market In that case the gamer company examined the growth of the gaming lovers. The most crucial part of then we product development is the idea development and testing. The gamer company hired its gamer tester to evaluate the game and make the necessary configurations of the same. The business analysis stage is where the company estimates the selling price based on the completion of the game and customers' responses. The ‘Z ‘company had no issue coming up with that since they had already chosen the market penetration pricing paper. The next stage the market testing is where it makes a physical prototype of the same product and presents it. Here the company had to make changes where it was necessary. The technical implementation stages also known as the new program initiation. At that stage they had to estimate his resources, quality management system finalization and also the required publication. In addition, the company had to assess the engineering operations planning (Mahajan, Wind & Muller, 2000, p. 56).
Product protocol helps team members in designing, marketing, manufacturing, financing and procurement functions. It creates a new products mission statement such that advertising the gamer people can get the right message. The ‘Z' the preferred product protocol statement should be ‘bringing the future, unexpected and dreams into the visual reality.' For brief and realistic recommendations for the gamer, the company should adopt the market penetration pricing. Here they should set the price allow and affordable by almost everyone and once they have gained their trust they can raise it. The company should also maintain the promised actions that they promised. The company should also integrate with other gaming companies in order to share ideas.
Conclusion
In conclusion, the development of a new product is quite complicated if the company undermines the stages. If a company wants to have the leading monopoly role in a product built must have unique and user-friendly product. The ‘Z ‘gamer company has focused on those stages and formed a monopoly market favoring its side.
Bibliography
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Majumdar, R. (2001). Product management in India. New Delhi, PHI Learning.
Mahajan, V., Wind, Y., & Muller, E. (2000). New-product diffusion models. Boston, Kluwer
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Sontakki, C. N. (2010). Marketing research. Mumbai: Himalaya Pub. House.
