Supply Chain Management and New Product Development

&nbsp.New product development is that series of events that starts with the conception of the product and its ideation and ends with reaching the product to the end user through strategic brand positioning through the meeting of competitive advantage. New product development is an important part of any and every business today in order to show a portfolio that thrives on enrichment through innovation and new experiences in the market place. It is a concept that will hold the prospective consumer’s attention for long enough in order to turn him or her into an actual end user. In a nutshell, through new product development, one renders a quality of improvising and strategic branding to the business and helps reach out to more and more people and turn them into consumers. Therefore, it is an important part of meeting competition and venturing into new markets to increase profitability and brand visibility as well. (Savage, 2007)
&nbsp.According to the above diagram, the importance of new product development lies in the fact that there is a need in today’s world of competition to keep redefining the business and its offerings. Most of the companies listed in the table have done just that by adhering to the latest technologies and making sure that their research and development department is on top of things every step of the way. This has also given rise to a particular kind of brand positioning and a pattern that these companies have constantly improved upon. (Ellram et al, 2007)&nbsp.This model has been presented in the form of a flow chart with the aim of collaborating and organizing the knowledge and information within an organization to zero in on a strategy that makes the best possible use resources. (Hugos, 2005) The best option facing an organization in the context of the above diagram or flow chart is to test its supply management strategy on various suppliers instead of one supplier alone, in order to find the strengths and weaknesses of each of the suppliers.&nbsp.