The product being launched in the market is an innovative product called Idea Paint. It is a revolutionary product and has a lot of market available. This is an innovative product and the current market doesn’t have any product which is same as the Idea paint. The students of the Faculty of Business and Law of the Edith Cowan have come up with this innovative idea of IDEA PAINT.
Productivity is the key factor for the success of any product. Productivity is of two types, first the production of existing products and second is the production of new products. Production of new products involves the whole process of New Product Development cycle. New product development is a very sophisticated process, it involves various stages. A small mistake at any one of the stage can lead to the complete failure (Baker & Hart, 2007). The planning of new product development decides whether the company is going to get success in it or not.