In previous blogs I’ve touched on the importance of building brand and being seen as specialists in the sectors that CPS operates within. Product innovation or new product development (NPD) is a key area of the overall business strategy for CPS and ties in nicely with brand and being industry specialists.
Established back in 1966, do you think CPS would still be here today if it still sold the same products it manufactured 52 years ago? Probably not. And would Apple be where they find themselves today if it didn’t develop and improve their original iPhone? I doubt it very much.
In principle, if you don’t move with the times you run a risk of being left behind and will eventually end up being obsolete. Just look what happened with Blockbuster Video and more recently Toys R Us - two global organisations and household names went under because their business model didn’t adapt to modern times and meet the needs of their customers.
An effective NPD programme will cater for a change in consumer or end-user preference, take advantage of any advances in new technology, help capitalise on any new market opportunities and will assist to negate any threat from an increase in competition or a price war.
Innovative businesses thrive and increase their market share by understanding what their market and customers want, making smart improvements to their products and develop new products that not only meet their customers' expectations but exceeds them. This is why the NPD department should be closely aligned with the marketing department so any new product launches can be built into the marketing plan.
The NPD team at CPS is currently working on a number of exciting developments and product improvements which we hope to share with you in the coming months before they are released to the market.
From concept to completion we've had it covered since 1966.