New product development (NPD) covers a complete process of bringing a new product to the market, a central aspect of NPD is product design, along with business and marketing considerations. It's described as the transformation of a market opportunity into a product available for sales boost. The product can be promoted as tangible or intangible (services) and other means. This new phase requires an understanding of customer desires and needs in the competitive environment, especially in cost, innovation, and quality measurements that drive customer demands.
There are many uncertainties and challenges that companies must face throughout the process, PMC uses the best practices and eliminates barriers in managing NPD when transforming market opportunities into a product available for sale, PMC assists clients with innovative strategies in continuous practices to maximize profits and opportunities, increase market share while satisfying customer requirements.
PMC defines the goals and objectives of clients for the new product, then brainstorm ideas followed by screening and narrowing down to feasible strategies to develop different concepts by structuring ideas and creating innovative strategies. Meanwhile, business analysis will be applied to understand the cost and profits and determine if they meet company objectives. Marketing plans and business development strategies to guide clients from the pilot test to the commercialization stage.
PMC will develop, and manage the NPD project, and risk evaluation via measurements of KPIs, helping clients to gain reputation and improve competitive performance in seizing new opportunities to expand new customer segments and maximize profit with new revenue streams through wider distribution to increase market share in the global markets.
PMC provides strategies for clients to respond quickly and produce niche products that can stay one step ahead of the competition by taking advantage of AI technology to improve and respond to market changes, such as customer preferences, pricing, or new legislation. Design business models and frameworks to manage and measure new products (services) for continuous improvements to build the company's reputation, reduce costs to improve competitiveness, and identify potential risks in the market when keeping pace with new marketing insight.