What criteria are most important when considering whether a supplier should be involved in a new product development effort?
New product development is a crucial part of the business process in any organization. The creation of new products ensures that the company can offer its customers additional benefits while allowing them to increase the level of profits and production (Nilsen, 2019). Therefore, all company stakeholders should be involved in this process, especially the suppliers.
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Several factors need to be taken into consideration when including suppliers in the product development | PLACE YOUR ORDER NOW AT writtask.com | first factor is the cost of the raw | PLACE YOUR ORDER NOW AT writtask.com | the suppliers are offering the | PLACE YOUR ORDER NOW AT writtask.com | the creation of any product requires capital, ensuring that the charges are affordable | PLACE YOUR ORDER NOW AT writtask.com | the company is essential in keeping up its | PLACE YOUR ORDER NOW AT writtask.com | factor is product quality, which plays an important role in ensuring long-term | PLACE YOUR ORDER NOW AT writtask.com | and revenue for the company. Choosing quality raw materials helps in satisfying and retaining the organization’s customers, hence directly affecting the success of any | PLACE YOUR ORDER NOW AT writtask.com | delivery is the third essential factor involved in product development. The timely development and release of new products into the market by an organization is critical in maintaining their clientele base. Therefore, the timely delivery of the raw materials by the suppliers plays an important role in ensuring the company’s business processes run according to schedule and meets the set standards of design and quality. The last factor is the supplier’s | PLACE YOUR ORDER NOW AT writtask.com | is developed by the company, they will need to keep up production | PLACE YOUR ORDER NOW AT writtask.com | suppliers that are consistent and dependable is just as important, in keeping the company’s business running, while keeping its customers happy and satisfied as well.
References
Cheng, C. C., & Krumwiede, D. (2018). Enhancing the performance of supplier involvement in new product development: the enabling roles of social media and firm capabilities. Supply Chain Management: An International Journal.
La Rocca, A., Perna, A., Snehota, I., & Ciabuschi, F. (2019). The role of supplier relationships in the development of new business ventures. Industrial Marketing Management, 80, 149-159.
Nilsen, A. W. (2019). The role of suppliers in contract product development-A categorization of supplier roles including success factors and information sharing guidelines for supplier involvement in contract product development (Master’s thesis, NTNU).
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