Supply Chain Management and New Product Development Research Paper

Supply Chain Management and New Product Development - Research Paper ExampleNew intersection point development is that series of events that starts with the conception of the product and its ideation and ends with transcending the product to the end user finished strategic brand positioning through the meeting of warring 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 consumers attention for long enough in order to solve 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 visibi lity as well. (Savage, 2007)According to the above diagram, the importance of new product development lies in the fact that there is a need in todays world of competition to obligate 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 ceaselessly improved upon. (Ellram et al, 2007)This model has been presented in the form of a full point 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.