New Product Development Essay Example | Topics and Well Written Essays - 1000 words - 1

New Product Development - Essay Example example with technological development new types of DVD players are in idea generation process which will play high capacity Forward Versatile Disc or FVD of around 6 gigabyte capacity (Grewal, 2008, p. 308). Sometimes too many ideas are generated which needs to be evaluated and then screened which are not very promising one for the company. The Idea screening process of the foremost U.S motorcycle manufacturer, Harley-Davidson is known as â€Å"The Wall of Fire† who screens different ideas to choose the best out of the development opportunities called â€Å"The Swirl† (Karol, Nelson, 2007, p. 118). The ideas which are screened in the idea screening process are forwarded for the concept development and testing of the screened idea. Ideas can be very beneficial for the company in many cases for which proper testing of the concept is required for its feasibility study. In automobile industry Tata Motors conducted a market research in order to find the gap in the market fo r its fall in the market share of truck during the year 1998 to 2000. It showed that consumers want a to have a car like vehicle but it can perform like a truck which can carry heavy weights for different purposes (Kumar, 2007, p.29). After concept testing the marketing strategies like the description of the target market, distribution channels, pricing policy, advertising, marketing mix strategies and profit in long run are evaluated and managed. For example Unisys identified the need of the customers.