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New Product In Toy Industry Mattel

Nowadays, along with the NPI notion associated with market, customer satisfaction, circulation, etc, the NPI process become one of the very most complicated steps within the business. However, new product intro is one of the most crucial procedures available organization. Apart from marketing strategy as price and campaign, new product introduction also indicates the company's ability to respond to the marketplace. The marketing competition, growing customer needs and modified technology drive company to enhance the product design and development process. There is a product war on the market atlanta divorce attorneys industry. In this article, new product intro process in various industry will be reviewed to determine the factors may effect the publication time. In general, there are several factors can affect the time to market. The brand new product development time is one of the factors, and it's really varying from sector to sector due to the difference of the functions. The NPI process must also be aligning with marketing strategy. Capacity utilization is another factor attribute to the distance of NPI process. In this essay, we will focus on the factors embed in the new product launch process in different industry. Pharmaceutical industry, toy industry, fast moving consuming goods industry and efficient food industry will be reviewed in terms of new product development process examination, movements in future.

1. 2 New product advantages in toy industry - Mattel

Mattel is the largest toy manufacturer on the globe according to the market show. The Mattel's headquarter locates in California. It really is found in 1945 and is also famous for their products - Barbie doll series. The products have been sold in every around the world. The merchandise lines are the Barbie doll, hot wheels, automobiles, and board game, etc.

1. 2. 1 New product development model

In the general toy industry, the main toy markets are in US, Europe and Japan. The needs of customers include the traditional toys as dolls and also high specialized toys. Almost all end users of toys are children. However, the individuals are usually individuals. The generic creation development stream can be demonstrated as Fig2.

According to the Fig1, the whole process has been divided to four stages. The first phase requires recognition on target segmentation. There are many aspects should be well set up during this phase: skilful R&D team; development on product and design; customer focus; awareness of potential in company, etc. While it is known as quality standard, job goal and risk management in the next phase. After the design is finalized, the project must be well implemented and monitored during the stage3. Thus internal communication within the job team is vital. And because of the toy manufacturer in Hong Kong need to export the toys and games to in foreign countries market, the external test is essential in this stage. The stage 4 requires on-time delivery of the merchandise to customer with competitive price. (Sun & Wing, 2005)

1. 2. 2 The factors impact the toy development process

Generally speaking, Mattel dominates the marketplace by all of the products. Within the toy industry, the number of new product launch decides if the company can be successful in the market. Mattel released about 300 new gadgets each year. In another phrase, satisfaction to customer's needs drive the company to shorten the time to market.

Product life cycle is another issue have an effect on the publish time. For the product lines aside from Barbie, Mattel always utilize the movie or cartoon heroes as model. Those products' life routine is usually shorter than one year. Thus company must introduce more products to obtain the market.

Another key issue affected enough time to advertise in toy industry is the marketplace needs. It is important in toy industry to unveiling the new product in the right time. The product predicated on cartoon individuals should be launched as quickly as possible after the movie on show; while toys also are expected to be launched before trip as Charismas trip. The brand new product introduction should always align with marketing strategy. The peak sale is the main one of the most crucial direction in marketing strategy. Thus the new product launch should be slated matching to it.

1. 2. 3 NPI trends in toy industry

To extend the product life cycle in the market, ground breaking designs has been considered increasingly more important as the path of new product launch. It is very necessary to have significant changes in product or process according to related technology or ground breaking design.

New methodology and tools are used to shorten the new product introduction time. The arousal and 3D modelling software as 3DCAD are developed quickly. If the activation technology can be used through the design phase, it could provide the creator more opportunity to speed on aspect design. Furthermore, it allows to identify the condition in a obvious way. The prototyping technology enables the look and development plan can be evaluated in the early stage. [2]

E-commence will be another new development in toy industry. It would permit customer to interact with toy supplier through internet. For instance, customer may in a position to add opinions through the design and development. Thus the look and development can be done in internet in a person oriented way.

1. 3 New product introduce in pharmaceutical industry

Along with the introduction of advanced technology in biotechnology and chemistry, the pharmaceutical industry has been developed swiftly since the last century. The new product intro process also offers been improved based on the high demanding of customers. The primary market motorists can be recognized as affordable cost, time to advertise, highly efficacious, etc. (Meibohm & Derendorf, 2002) However, to ensure company can respond to the marketplace quickly and effectively, the business need the ability to combine the knowledge elements to the new product which is able to meet the market's needs. (Nerkar & Roberts, 2004)

1. 3. 1 NPI model in pharmaceutical industry

Fig2. 1 Production release for pharmaceuticals (WMG, 2010)

Fig2. 2 Development advantages for pharmaceuticals (WMG, 2010)

Generally speaking, the development intro for pharmaceutical industry is conducted through a couple of sequential stages as Fig2. The most important phases in this process are the specialized medical development phases and assessment, which also previous for long time. The preclinical and specialized medical development phases are focusing on what chemical substance should be utilized and exactly how much the medication dosage should be used. In the clinical development stage 1, the information will be collected based on proper dosages considered by volunteers. The studies in stage 2 will concentrate on the efficiency of the medication to the patients with specific disease. The studies in period 3 are conducted generally to check the side-effects that may happen. (Dimasi, Hansen & Grabowski, 2003)

Actually, there a wide range of organizations are working on preclinical research every year in the market. However, only 5-10% of these can go through the development procedures. And 20% can go for the clinic trials. The process from the research on the element selection to the regulatory approval is about 12 to 15 years based on the research of FDA. (Dimasi, Hansen & Grabowski, 2003)

1. 3. 2 The factors have an impact on the NPI process in pharmaceutical industry

In conditions of the publish day of pharmaceutical industry, it requires long time from the finding of chemical substance to ready for market. As above talk, the trials can last for long time test the permanent results. The factors affect the time to advertise has been examined as below.

Technology and capacity of corporation are the key elements in the pharmaceutical industry. Because of the customer in this industry is particular as patient. The power of market competitive is recognized in line with the publish time and efficacy of the drugs. Thus if the organization can associate the knowledge elements into the new drugs very quickly will decide whether the organization can gain revenue in the market. Technology in the biotechnology and chemistry is the restriction in the pharmaceutical industry, which impact the product life routine as well. The merchandise paten can be placed for 20 years. Therefore all the companies would like to speed the merchandise introduction process. Otherwise, they have to face many opponents on the maturity and saturation phase of product life cycle.

High inability rate through the development period is another key factors which have an impact on the publish time. The low predicts on toxicity and efficiency of the new drugs is the limitation in clinical studies. (Gomes, Abrunhosa, Ramos & Pauwels, 2010) Even there are enough planning on predicting how new medication will effect. There are still many sub-effects because of the variety of body. The massive range of testing happen high cost and long time. After the product intro process sustains for a long time, the financial pressure on the firm is huge.

In the pharmaceutical industry, the merchandise only can be posted when it's been approved by related medication management Committee. In UK, the medicine licensing can be acquired through the Medicines and Professional medical products Regulatory Company (MHRA) or the European Medicines Evaluation Company (EMEA). The committee will determine the remedies for individuals use, then comment with agree or subject. After the medicine has been 'accredited' with marketing authority, there is still period for the medication to be launched on the market to be approved by doctors.

1. 3. 3 NPI trends in pharmaceutical industry

Recent years, the investment on the pharmaceutical Research and Development is increasing every year. Nevertheless the success output from the R&D is decreased. Thus companies aside from big corporation as Johnson & Johnson want for merger to allow to exploit wider opportunity in R&D.

Shorten the new product launch period can help company save cost and time. It will enable company to gain more earnings to be earlier in the market. Along with the development of computer technology, it becomes possible to use excitement technology on medication research and experiments or trials, which might save lots of your energy and cost.

Clinical studies take very long time through the new production introduction, which also made a massive group of data from patients. Nowadays, increasingly more drugs are being examined by company. Thus more and more data has been made to be analyzed for legislation review. It is a way that companies would go to rate this technique.

1. 4 New product induction in fast moving consumer goods (FMCG) industry

Fast moving consumer goods industry provides different consumable goods with the high turnover proportion. FMCG has been considered as one of the very most growing rapidly market among all industries in the market. Alternatively, your competition in this industry is extremely fierce. Thus starting new products and products would be high risky and easy to are unsuccessful. In FMCG industry, the factor with other industry is the fact product has been development to align with the brand or products. Companies would choose to establish products as the expansion of existing products instead of starting brand-new product. It is also a cost effective method. Therefore, the FMCG companies are focusing on brand building a lot during the new product launch process.

The series of the aforementioned phases is not necessary the same. Addititionally there is overlapping phases through the new product development process. There would vary drivers for the purpose of project. For example, project is designed based on the market distance or technology force; project is designed to compete with other company on the market; Best practice transfer is also the initials in some instances. Companies use the product line and brand as two standards to categorize the merchandise: New brand; Flanker; Brand extension; Line extension. (Amber & Styles, 1997)

1. 4. 1 Stage-Gate model

However in this quick turnover market, the most plus more company came to the realization product and technology advancement in the product benefits is the proper bullet. P&G who used Stage-Gate system is one of the innovative leaders in FMCG industry. 'Stage-Gate product development process is a conceptual and functional roadmap for moving a new-product project from idea to release. ' (Stage-Gate)

Fig3. Stage-Gate product Creativity process (Stage-Gate)

The product invention process has been split into several phases. A couple of criteria have been arranged between each period to judge the if the previous stage is achieved. A cross-functional team is the base of the project. The gate 1 is the idea screen. The standards has been established here includes feasibility, business strategy position, market opportunities, etc. When the theory can meet the requirements, the task can go to the stage 1. At level1, several activities will be taken to evaluate the feasibility in market and technology. The task will be revaluated in gate2. At level2, several evaluation as market needs analysis, operational evaluation, and financial research will be conducted to type to Gate3. The development and trials of product are conducted in stage3. At gate4, there's a post-development review. The merchandise, development process and market approval will be test through a couple of activities. The gate5 is the final point can deny the whole project. The project will be launched in the stage5. (Cooper, 1990)

The Stage-Gate process is able to offer noticeable requirements in every stage of the procedure. The gates are possible for company to determine the whole task to reduce chance. In order to meet the timeline of task, parallel handling will be conducted.

1. 4. 2 NPI trends in FMCG industry

There are also several fads in terms of customer's needs. First of all, Natural and healthy will be the main concept in the Fast moving consumer goods industry. In this case, the elements will be tested during the research phase even carefully. Second, convenience is the most important innovation drivers in this industry. The demand for easy travel, easy use would be satisfied through the design phase. The success of the private brand brings risks to the big companies. Thus many companies are trying to launch new products or new brand. For example, Coca cola developed Menos es Mas in Spain.

E-commerce could also bring change to the NPI process in FMCG. Product can be displayed and tested on-line to be determined whether it'll be successful. This might help companies to control the risk of NPI.

The Fig3 display the universal product development process in food industry. The stage 1 and phase 2 requires company to set the business strategy with understanding in customer and technology advancements. Product and process design will be done in the stage 3. The screening and creation are conducted during the phase 4. In phase 5, the merchandise will be launched and related marketing plan will be conducted. (Earle, 1997)

1. 5. 1 NPI style of dairy food case

New product development process is organised vary and various approaches have found in each stage. Correspondingly, the process will be proceeding in different pace. Gefilus, Evolus and the lactose-free dairy are three type of dairy food product developed by Valio Ltd. (Bistr¶m & Nordstr¶m, 2002) The three new product introduction process will be examined to show factors impact the publish day.

Fig5. Timescale for the three dairy product development processes (Bistr¶m & Nordstr¶m, 2002)

According to the above mentioned case research, the framework of project is one of the factors to decide the space of the new product benefits process. the Evolus uses the shortest time for product development process. It really is noticeable that Evolus plan has been designed by cross-functional activities. The marketing and assessment stages start at the early time of the job, which enable to shorten the time to market. The Genfilus also have overlapping stages in the progress. However, the execution of those stages is not effective as Elvolus. LFM, which takes longest time in development press, take each period as single phase to implement. (Bistr¶m & Nordstr¶m, 2002)

The technology is another main factor affects the merchandise development process. In the Fig5, Genfilus spent a long time in preliminary research. Thus even it offers overlapping phases structure, the time to advertise is still much longer compare to Evolus. It is because Genfilus was developed from the new and innovative technology. In another expression, Genfilus was a pioneer in the market of Finland, which centered on bloodstream lower function. Evolus also focused on the same function but predicated on raw materials selection, which required the shorter research time. LFM which was developed on the healthy and flavor purpose is also predicated on a fresh technology. Thus the LFM also will take very long time on research. (Bistr¶m & Nordstr¶m, 2002)

Market strategy is also a key factor influences the publish time. In this case, when Genfilus premiered in 1990 in Finland, it was the first dairy products product with the healthy notion. Genfilus was a pioneer helped bring people the idea of efficient food. When Evolus was developed, both Genfilus and LFM were already accepted by customers on the marketplace. In another term, Evolus already had the base of market approval. This permits Evolus to speed the new product benefits and acquired a early on publish particular date.

1. 5. 2 NPI fads in food industry

Innovation on the merchandise and technology will be the most crucial part in the new product development in future. Fearing the failure of new progressive products, companies preferred to build up product based on similar technology and idea. However, ground breaking products have been approved to become more successful than copied products. (Knox & Mitchell, 2003) Because more and more competitors enter the forex market, customer will not buy in copy concept in the forex market environment. (Knox & Mitchell, 2003)

Customer oriented will be the theory of new product development. Nowadays, food providers more rely on supermarket to get market information. The chance of inability in new product intro will be bear by food producers. Thus it's very important for food producers to adopt customer focused in the merchandise development process to decrease the chance of failing. (Knox & Mitchell, 2003)

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