New product development Essay Example | Topics and Well Written Essays - 2500 words

New product development - Essay Example They have to compete against the other giants like Nestle, Hershey’s, etc. They made the new product’s launch by increasing the promotion strategies worldwide and made a huge impression by initiating in the name of 2012 London Olympics. The product was developed after several researches. To reach the targeted customers, the group has strained on the global marketing of ‘Challenge bar’. The product development was continued initially by studying the market divisions and the current financial situations. The company was looking to other global market also. The analysis of the environment and reflection of circumstantial features of the new product is crucial in the new product development process. They should be aware of the customer’s choice while the product development. If the customers like to buy healthy refreshments than the chocolates, then there will be deprived product expansion which will slow down the returns of the Cadbury. Product development is a method of increasing the marketplace. The Cadbury stays on the product development by watching the transforming lifestyle of customer, their outlooks, and customer’s buying behavior, their flavors and fondness. Cadbury always likes to maintain a novel approach to a variety and to excite curiosity in a particular product to attract the new clients and keeping the faithful customers. The proficiency and understanding required consists of novelty, inspiration, knowledge in food science and machinery familiarity, methodical and logical skills and a good understanding of the marketplace and business. The new product development is mainly relied on the better squad effort. It takes several ideas to make a thriving product. The accomplishment of the item development at Cadbury relies on good designing comprehension by collecting data about the openings in the market. The ideas for the new products can be got from the basic research. They will study