week 5 project

The development of new product for the Samsung consumers will have an impact on the performance of the company in the markets. These impacts includes a rise in the market shares, dividends, share prices and net prices. These will have a direct on the stakeholders of the company categorized by either owner or non-owners of the company. The key stakeholders includes the product management and development, who defines the product qualities, future development and high priorities and objectives of developing the new products for the company (Majava & Haapasalo, 2015). There is also the research and development who are able to offer insight information on the emerging trends and how to improve the products to meet the market needs and expectations. Thirdly, there is the management of the company. The management has the ability to protect the company from making poor strategic decisions by offering guidance on the strategic investment planning and development of the new products. There are also different stakeholder such as consumers in the market, the sales team and marketing in the markets.

Impacts of Key Inputs from Stakeholders

The stakeholders hold the needed resources such as leadership and guidance on the importance of meeting the objectives of the company’s business operations. For instance, inputs and feedback form the research and development helps the management to develop business objectives which meets the organization performance and future direction (Majava, & Haapasalo, 2015). The research and development helps in the innovation and creating cutting edge products which will meet the low and high ends in the community. On the other hand, the management is also able to offer their inputs in offering guidance and realization of the resources which can be effectively improved and integrated to meet the demands and expectations of the company. Project management also has the importance of meeting the expectations of the project till a successful completion of the project can be realized. The aim of the functionality of the project also helps to meet and improve resources successful operational effectiveness (Majava & Haapasalo, 2013). Success can only be achieved through increased performance and productive allocation of resources for the development of the products.

Role in Success of the new Product

Stakeholders hold vital roles to ensure the successful development of the new product. The project management works hard in hard with management to establish standards for the new product. These standards are information obtained from the marketing and users for the new products. For example, Samsung has an ordering systems which collects consumer and end user information. The importance of the system is meeting the processes, development and allocation to meet and improve operational effectiveness(Majava, Harkonen, & Haapasalo, 2015). It is important to use the information and roles of the sales and marketing to generate products which meet operational objectives and specifications. They are able to ensure the products meet the market quality assurance and consumer needs. This is the value generated by the research and development. They are able to use the strategic position, technology and create designs to improve on the allocation of products for the low and high end markets. As a result, stakeholders maps the path for a future development of project and operational effectiveness.

Persuasive Strategies

Some of the critical persuasive strategies for engaging stakeholders in the process for developing new products includes negative and positive motivation. The threat of negative persuasion is offering an incentive and condition. For instance, Samsung should engage research and development in development of designs which will overcome the market shares of the predecessors. Technological giants such as Apple, Microsoft and Nokia have been in the market due to development of new versions which beats the predecessors in the market value and share prices. The research and development, product management and all other stakeholders should be challenged through negative motivation to ensure they do not fail to meet their predecessor’s goals and performance (Ulrich, 2003). There is also a positive motivation strategy which will encompass the importance of meeting technology and resources such as increase in dividends, promotions and rewards. These are some of the conditions which will help in the engaging of stakeholders for a maximum performance.

Current Trends in Technology

Technology has changed the effectiveness of integrating technology, applying resources and integrating the process for marketing and product development. Consider companies such as Toyota and Ford, who develop automotive through just in time systems which applies the principles of Total Quality Management (TQM). The process of using technology will improve and engage consumption to meet the processes, trends and resources such as effective allocation of performance, planning and process integration (Majava, Harkonen, & Haapasalo, 2015). Collection of consumer needs is also made easier due to the applications of technology and its resources in the market. Market analysis and research has become easier due to an increase in operational effectiveness. As a result, it is also important and effective to ensure there is a logical solution to implement and engage in operational effectiveness and successful development of new products.

References

Majava, J., & Haapasalo, H. (2015). The Roles of Stakeholders in an NPD Project: A

Case Study. In Managing Intellectual Capital and Innovation for Sustainable and Inclusive Society: Managing Intellectual Capital and Innovation; Proceedings of the MakeLearn and TIIM Joint International Conference 2015 (pp. 199-205). ToKnowPress.

Majava, J., Haapasalo, H., Belt, P., & Mottonen, M. (2013). Product development drivers

inLiterature and practice. International Journal of Product Development, 18(6), 512-530.

Majava, J., Harkonen, J., & Haapasalo, H. (2015). The relations between stakeholders

andproduct development drivers: practitioners' perspectives. International Journal of Innovationand Learning, 17(1), 59-78.

Ulrich, K. T. (2003). Product design and development. Tata McGraw-Hill Education.