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Ekonomski fakultet u Subotici, University of Novi Sad , Novi Sad , Serbia
Visoka poslovna škola strukovnih studija , Novi Sad , Serbia
Ekonomski fakultet u Subotici, University of Novi Sad , Novi Sad , Serbia
In the modern world, in an economy that is experiencing rapid and unpredictable changes innovation are necessary. Each organization strives to introduce a new product, to improve and implement new manufacturing processes, management, as well as to conquer the new markets. Therefore, the driving force of any economic activity is a new product. In order to achieve a better market position, and thus better business results, companies are making great effors in order to meet the customer’s requirements more effectively, and therefore be more successful comparing the competition. The aim of this study is to analyze the process of new product development, positioning and implementing new market bids within the companies. After creating a prototype, there is a need for functional tests and customer tests as well. Consumer preferences are measured by the "conjoint analysis", the most popular tool for developing and testing the concept in the world. Owing that, two basic types of testing can be conducted, such as: alpha testing and beta testing. Special attention will be paid to procedures and processes for market placement of new products and ideas. We will talk about the commercialization and verification of innovations in the market as well as innovation’s ultimate success. At this stage, the company determines whether the product idea can become technically feasible and commercially profitable. Last, but not least important is the level of acceptance , which is measured with the so-called adoption curve, and it represents a procedure of specific innovation’s acceptance. At the end of each stage, senior managers are considering the criteria in order to assess whether the project can move forward to the next stage. In the future, companies should be more focused on understanding the needs of its customers, as well as monitoring the activities of competitors, to ensure a better innovation performance and to achieve a better business results.
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