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Practical 4

This thesis develops a structured product development and launch process for Company X, a Finnish supplier of roll handling equipment, utilizing the Stage-Gate model to enhance product launch success. It emphasizes the importance of thorough research, strategic planning, and documentation in the product launch process while providing recommendations for improvement based on qualitative research findings. The final outcome is a customizable launch process tailored to the company's specific needs, aimed at optimizing market introduction and reducing the risk of failed launches.

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26 views7 pages

Practical 4

This thesis develops a structured product development and launch process for Company X, a Finnish supplier of roll handling equipment, utilizing the Stage-Gate model to enhance product launch success. It emphasizes the importance of thorough research, strategic planning, and documentation in the product launch process while providing recommendations for improvement based on qualitative research findings. The final outcome is a customizable launch process tailored to the company's specific needs, aimed at optimizing market introduction and reducing the risk of failed launches.

Uploaded by

shravanharpale50
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Practical Title

Development of new Product


By,

Sr.no name roll no

1 Dnyaneshwar More 27

2 Yash Kumtakar 24

3 Shravan Harpale 39

4 Sohel Sheikh 37

Page no . 1
Table of contant

Sr.No Contant Page no


1 Introduction 3
2 Stage gate model and product launch process 4
3 Research Approach and Methods. 5
4 Findings, discussions and recommendations 6
5 Main contributions and the learning outcomes 7

Page no .2
1. Introduction

This thesis aims to develop a structured product development and launch process
for Company X, a Finnish supplier of roll handling equipment for the paper
industry. The company, being young and innovative, requires a well-defined, easy-
to-follow process to manage its growing product portfolio and reduce the risk of
failed product launches. The research will explore existing product development
frameworks, particularly the Stage-Gate™ process, and adapt them to Company
X’s specific needs. The key focus is on the final stage of the product launch,
addressing challenges and improving the company's chances of success in the
market. The research will involve understanding the product launch process,
identifying success factors, and adapting them to Company X’s business context,
especially considering its B2B nature. The final outcome will be a customizable,
practical product launch process, serving as a checklist to guide future product
developments.

Page no .3
2. Stage gate model and product launch process

This chapter introduces the product development and launch process, emphasizing
its importance for a company's success. A successful product launch helps increase
sales, expand the customer base, and stimulate growth. It involves all departments,
from R&D to Sales and Marketing, and requires thorough research and strategic
planning. The product must meet customer needs and align with the brand promise,
with factors such as price, function, and status playing a key role in customer
decisions.

The chapter also discusses the Stage-Gate™ model, a structured process designed
to reduce product failures and increase launch success. The model consists of
stages and gates, with each stage representing key activities in product
development, and gates acting as decision points. The model is flexible and can be
adapted based on the project's complexity. The author emphasizes that a one-size-
fits-all approach is not suitable for all products, as each has unique requirements.
The chapter concludes by outlining the specific stages of the Stage-Gate model in
the product development and launch process.

Page no .4
3 . Research Approach and Methods.

This thesis follows a qualitative research approach, focusing on literature review


and in-depth interviews to develop a product launch model for Company X. The
data collection process includes interviews with the management and R&D teams,
review of internal materials, and feedback from sales and assembly partners.
Additionally, the author's work experience in the company contributes valuable
insights. The analysis compares the company's existing product launch process
with theoretical models, particularly the Stage-Gate model, and incorporates
feedback from external partners to ensure a practical and reliable launch strategy.
The commissioner plays a key role in evaluating and refining the process to
achieve optimal results.

Page no .5
4 . Findings, discussions and recommendations

In this chapter, the author discusses the findings from the analysis of Company X’s
product launch process, comparing it to theoretical models like the Stage-Gate
Process.

Idea Generation: Company X’s product ideas mainly stem from customer
requests (80%) and problem analysis (20%). The company uses customer visits as
the main method to generate new ideas, focusing on solving customer problems
rather than improving existing products. While the company does some
competitive analysis and applies VOC methods, it does not fully utilize all idea-
generation methods, such as patent searches or internal brainstorming.

Scoping and Business Case: The company conducts preliminary assessments


(market, technical, financial) but not always in a documented and standardized way.
These assessments are done informally and not always in-depth. The author
suggests combining these preliminary studies to save time and costs. The business
case is built by evaluating customer needs and competitor products, but there is no
consistent documentation for further evaluation.

Overall, the author recommends that Company X improve documentation and


complete assessments concurrently to streamline the process. The Stage-Gate
model should be adapted to fit the company's resources and product types.

Page no .6
5. Main contribution and the learning outcomes

In this chapter, the author outlines the key contributions and learning outcomes
from the thesis. The main contribution is the development of a tailored product
development and launch process for Company X, based on the Stage-Gate model.
The process aims to improve the company’s product launch, particularly in market
introduction, which had been a challenge.

The proposed model combines elements from the theoretical Stage-Gate model and
Company X's existing practices, optimizing them for the company’s size and
resources. The first phase focuses on idea generation and defining a product
strategy, while the second phase emphasizes scoping and building the business
case through market, technical, and financial analysis. Testing and development
phases are working well, with few improvements needed.

The final phase, commercialization (the launch), is where the company faces
uncertainty. The author stresses the importance of refining the launch process,
focusing on media channels and sales materials for successful market introduction.
A general marketing plan outline is provided in the appendix to guide the
company’s marketing strategy.

The thesis concludes with the author’s reflections on personal and professional
growth through the research process.

Page no .7

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