MKTG7505: Reflection on New Product Development/ New Service Development in iOmniscient and Noja Power

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Reflection on New Product Development/ New Service Development in iOmniscient and Noja Power

The Firm

iOmniscient and Noja Power are the firms under discussion. iOmniscient, a video analytic company deals with analysing videos using Multi-Sensory Analytics Platform that uses artificial intelligence technology (iOmniscient, 2019). The company‘s competitive advantage is based on its high degree of innovation in video analytics to solve problems. In contrast, Noja Power product- based company that develops and supplies medium voltage switchgear with a specialty on auto reclosing circuit breakers. Unlike iOmniscient that competes in the market on problem solving capacity, Noja Power competes on the basis of newness of product and value creation evidenced by the development of automatic reclosers (Noja Power, 2019). Apple and Huawei are companies that are well known for their innovation in information technology products. Their main competitive advantage is innovation.

Sales Forecasting

Sales forecasting was based on the education offered to the market. The company took it products to the UK security show and its products were extremely well received (iOmniscient, 2019). In contrast, Noja Power forecasted their sales by focusing on environmental friendly products which are highly demanded in the world.

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Description

MKTG7505: Reflection on New Product Development/ New Service Development in iOmniscient and Noja Power

MKTG7505 Product Strategy & Development
REFLECTION 1 (Individual – 15% marks)

Critical analysis of comparative case material on ‘Product advantage, Concept development

and testing process’

(1) Task description: In this assessment, using the NPD/NSD concepts and frameworks that were
discussed in seminars, you will;

(a) Critically analyse how the NPD/NSD was undertaken in two video case studies of high-
tech firms (iOmniscient and NOJA Power) that have been provided on Blackboard (you may

use published information too about these firms). Use full case studies as the CEOs must
have not provided the needed information in a single location.
(b) In addition, you will use published information from AT LEAST TWO other technology
firms to strengthen your discussion (For example, Apple, Microsoft, Amazon, Google,
Samsung Huawei or other with published information) (provide reference for the source of
info). MKTG7505: Reflection on New Product Development/ New Service Development in iOmniscient and Noja Power.
(b) Your focus will be limited to ‘Product advantage, Concept development and testing
process’ aspects of the NPD/NSD process.
(2) Submission format: You must adopt following format in your analysis. Use the headings and
sub-headings as applicable to case material. (You may not find evidence for all these stages Or the
firms must have followed them in an informal way).
2.1 The firm (For example, iOmniscient, Noja + Apple, Huawei)
• Brief description of firms
– Size in terms of employees and sales volume etc.,
– Markets served (domestic and overseas)
• Core products/services
– Nature of product or service
– Targeted customers
– Degree of innovation
• Competitive advantage of the product/s and service/s marketed
– Newness and value creation – problem solving capacity
• Competitive market position
– Market leader, market challenger, market follower, market nicher
2.2 Opportunity identification, idea generation and screening
• What opportunity/ies led to develop the product/service concept
– internal and external factors framework–and the corporate product strategy framework (eg:
product innovation charter, product/service platform strategy etc.,).
2.3 Idea and concept generation
• How was the product idea conceived – identification of problems with existing products and
services or extending an existing product?
• How is the creativity is built and nurtured?
Developing the product/service concept

– Market driven – Solving a customer problem that was identified through market
scanning
– Market driving – first developing cutting-edge technology and applying to solve a
customer problem
– Or combination of both
• How were the three components of the new concept developed- NEED/BENEFIT, FORM
and TECHNOLOGY? What is the sequence followed (need  technology  form?)
2.4 Concept testing process (potential customer feedback)
• Broadly how was the concept tested for its feasibility?
To what extent the firm followed the process discussed in seminars?
o developing a concept statement with a price or used a prototype of the product
concept or virtual design?. MKTG7505: Reflection on New Product Development/ New Service Development in iOmniscient and Noja Power.
o undertaking a survey with potential customers or focus groups?
o worked with lead users of their products?
• Or did the firm follow a different approach?
(e) Use of findings of concept testing process
• What were the findings of the concept testing process?
o If the findings were positive, what changes were suggested by potential customers
o Were there any suggestions for possible product use warnings?
o Any feedback on the likely market segment?
o Other..?
• Any evidence of full screen process i.e. evaluating technical and commercial feasibility
(3) Submission
Word limit: Your report will be limited to FOUR (4) A4 pages in New Times Roman 12 point
INCLUDING references (only the references used in the body of the report).
Online submission: You will submit using the link on Blackboard. Pl indicate ‘Reflection 1;
Tuesday, your name’ (example)………….. MKTG7505: Reflection on New Product Development/ New Service Development in iOmniscient and Noja Power.

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