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ESSAY: New Product Development

What criteria are most important when considering whether a supplier should be involved in a new product development effort? Your post should be in APA format with in-text citations and a reference list.

ANSWER

New product development is a crucial part of the business process in any organization. The creation of new products ensures that the company can offer its customers additional benefits while allowing them to increase the level of profits and production (Nilsen, 2019). Therefore, all company stakeholders should be involved in this process, especially the suppliers. Several factors need to be taken into consideration when including suppliers in the product development process. The first factor is the cost of the raw materials the suppliers are offering the company (La Rocca et al., 2019). Since the creation of any product requires capital, ensuring that the charges are affordable for the company is essential in keeping up its profitability. The second factor is product quality, which plays an important role in ensuring long-term profitability and revenue for the company. Choosing quality raw materials helps in satisfying and retaining the organization’s customers, hence directly affecting the success of any new products. The timely delivery is the third essential factor involved in product development. The timely development and release of new products into the market by an organization is critical in maintaining their clientele base. Therefore, the timely d…

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