A CONCEPT BASED MODEL FOR PRODUCT DEVELOPMENT IN THE EMERGING MARKET

Navdeep Singh Turna, Tejwant Singh Grewal

Abstract: Emerging market like Asia and Africa are opening a big room of opportunities to do business. The companies which are already globally recognized have started acknowledging this issue and they are making their product and business strategies according to the user perceptions of these growing markets. In these markets where the bigger players are already present, how the local players and new companies can survive and harness the market profits in this competitive environment. This research work provides a conceptual model which can help the local and new companies in increasing their market share and profits within a short time period. This model listen’s the voice of customer and it also accounts the market trend, while designing or planning a product. Multi-factor evaluation process (MFEP) is used in this product development model and an exploratory example of mobile product is also given to clarify the implementation of this model.

Keywords: Product technical specifications, New product development, Product design strategy, Voice of customer, Multi- Factor evaluation process (MFEP)

DOI: https://doi.org/10.15623/ijret.2015.0404134