Question 4 [25] Customers increasingly demand greater functionality, greater performance and greater reliability from their products and services. Innovation is fundamental in meeting this challenge. Long term success and survival is heavily dependent on the ability of the organisation to innovate. One approach to managing innovation is through a new product development (NPD) framework. The goal of an NPD framework is to bring products to the market in on time and to optimise business results by reducing cycle times and costs. A Structured Development Process (SDP) is a sequence of steps or stages to conceive design and commercialise a product.

Using the seven (7) stages of the SDP, explain how you would launch a new product or service for your organization or one that you are familiar with.