Product Planning and Development of Bucket Type Strainer Used In Thermal Power Plant

Abstract

A New Product Introduction and Development process is one of the Corner stone’s towards a competitive advantage in any market place today. A fully optimised process in combination with other lean and agile manufacturing techniques and systems is guaranteed to reduce lead-time and save on cost. New product development is a means for a company to gain advantage, secure a position, or win a new customer. The more successful and timely an organization can develop new products, the more likely it is that organization will not only survive but prosper. (2)As suggested by review of the literature’s and studies, there are several factors that significantly affect a product’s chances of succeeding or failing. Many of these factors are associated with resources resulting from marketing activities that integrate the user/customer needs into the process. There is a significant amount of research that indicates that Conducting early stage marketing activities greatly improves the likelihood of new product success, yet the deficiency of these activities is one of the most commonly stated reasons for product failure by New Product Development members.