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Product Lifecycle And Product Innovation

Introduction

Product life cycle is basically refers to the process of a particular product through which every products and there innovation procedure must go through (Bouncken et al., 2017). The product development life cycle for a particular product is related to the management and marketing decisions inside the commerce and in this procedure all the product should go through the main phases of the product development like: Development, Introduction, Growth, Decline and Maturity (Bouncken et al., 2017). In this research, Handcrafted Ice-cream is taken into consideration for an innovative product.  

Problem Statement

Problem Investigation:

In this product development of Handcrafted Ice-cream the key problems can be described as follows:

  • Raw material collection (e.g. Cream, Different favors and others)
  • Monetary budget collection (Bouncken et al., 2017)
  • Selection of the proper marketplace for the product

Aim:

The main aim of this research of “Handcrafted Ice-cream” product development and innovation research is to identify the key issues and challenges that will be faced by the researchers.

Objective:

The primary objectives of the research can be described as follows:

  • To investigate the issues during the product development
  • To identify the probable solution for overcoming this issues

Methodology

The methodology portion of a particular project is a process, which help to describe about the phases of a research development and implement. This procedure is applied to gather data and information for making the business decisions. The methodology section of the research includes different publication researches, ........

the commerce and in this procedure all the product should go through the main phases of the product development like: Development, Introduction, Growth, Decline and Maturity (Bouncken et al., 2017). In this research, Handcrafted Ice-cream is taken into consideration for an innovative product.  

Problem Statement

Problem Investigation:

In this product development of Handcrafted Ice-cream the key problems can be described as follows:

  • Raw material collection (e.g. Cream, Different favors and others)
  • Monetary budget collection (Bouncken et al., 2017)
  • Selection of the proper marketplace for the product

Aim:

The main aim of this research of “Handcrafted Ice-cream” product development and innovation research is to identify the key issues and challenges that will be faced by the researchers.

Objective:

The primary objectives of the research can be described as follows:

  • To investigate the issues during the product development
  • To identify the probable solution for overcoming this issues

Methodology

The methodology portion of a particular project is a process, which help to describe about the phases of a research development and implement. This procedure is applied to gather data and information for making the business decisions. The methodology section of the research includes different publication researches, interviews, surveys, and other different techniques that might also consist of both the current and previous data and information. In order to complete the research the methodology segment of the project should be consisted of following procedures:

  • Research Approach
  • Research Design
  • Research Philosophy
  • Data Collection
  • Data Analysis

Research Approach: Research Design is of two types such as: Deductive research and Inductive Research. For this research Deductive research approach should be applied so that the existing models and theories related to product development and innovation can be applied (Chang and Taylor, 2016).

Research Design: There are three types of research design such as: Descriptive, Exploratory and Explanatory (Sekaran and Bougie, 2016). For completing this research, descriptive design should be applied so that the research can be completed by using in-details study.

Research Philosophy: Research Philosophy is of three types like Positivism, Realism and Interpretivism. Positivism Philosophy should be applied for this research so that the research can be completed based on the logical facts.

Data Collection: The data collection method are of two types like Primary and Secondary (Sekaran and Bougie, 2016). In case of secondary data collection method, all the required data and information should be gathered by using different types of journals, articles, books, internet sources and others. In this project Primary Data collection method should be applied as in the primary data collection, all the required information and data are collected through conducting interviews, survey to collect the required data about the product development procedure. 

Data Analysis: In the process of data analysis the mixed approach (Qualitative and Quantitative both) should be applied as the primary data collection method is selected (Sekaran and Bougie, 2016). Through the Qualitative research, the required information can be analyzed through verbal or written communication and in case of quantitative research; the statistical data should be collected in order to complete and analysis the gathered information. 

Conclusion

From the above discussion it can be stated that the research procedure of a product development and innovation should follow the above procedures in order to complete the research along with identifying and overcoming the issues of the research