In today’s date, as consumerism grows, so do opportunities for a company to take command over its market. Whether it decides to expand its consumer base or enter a new market, it has to cater its 成人用品 or service to the target market. Consumer habits are evergrowing and everchanging, therefore to keep their loyalty intact and to increase profits, companies must continue to innovate (“New Product Developments”). This is why, product development is necessary (“New Product Developments”).
The Toy Market in particular, is an interesting market to study the importance of new product development and branding. Toys are essential in a child’s life to help them grow, along with their imagination (“Global Toy Market (2021-2026)”). Toys have evolved over the years, from dolls and cars, to toys that aid with learning and motor skills, as well as digital play: this highlights the trend and importance of new product introduction, as it has helped the market develop. Early on, the target market for toys were mainly children. However, as parents were the ones purchasing toys, the market learned to cater their branding and advertising to them. Lately, the market for adult/teen collectors have been ever growing, which has indicated the need to cater to this additional segment as well. Additionally; the population of children is expected to increase in the coming years, which displays a need to expand the market, thus dictating a need for New Product Development and Introduction (“Global Toy Market (2021-2026)”).
Delving into New Product Introduction, the process must be cross functional across several internal departments, in order to keep the process smooth to avoid bottlenecks (“Understanding the New Product Introduction (NPI) Process”). The benefits of NPI include a faster time to market, lower costs, smoother manufacturing, and higher quality (“Understanding the New Product Introduction (NPI) Process”). The steps for NPI in order, include: Solidifying the Plan, Determining Feasibility, Developing the Product, Running a Pre-Production Test, Manufacturing the Product, and Evaluating the Result (“Understanding the New Product Introduction (NPI) Process”).
