Product Development Plan for a New Pump Concept in North America

Abstract

The pump market in North America could be considered bland with regards to innovation in the major industrial markets. In 1990, Igor Karassik asked at the 7th International Pump Users Symposium “And What of the Future?” with regards to centrifugal pumps. He provoked the pump industry to consider innovation and change.

With a new concept, XYZ Corporation has an opportunity to bring about innovation and change in the market. With product modification for one of XYZ’s existing products, they could position themselves in the market with an innovative product for which the market has asked. As this new product utilizes existing technology, the new product can provide XYZ a more complete portfolio. As an additional benefit, this new product may assist XYZ in gaining additional market share.

The intent of this project has been to research and develop the product concept for a modification for the North American market. The information in this report provides a recommendation to proceed with the additional research and development stages to continue with the advancement of this new product in the XYZ product development process.