Goodyear Tire & Rubber Company New Product Development Process Essay

Goodyear Tire & Rubber Company New Product Development Process - Essay Example Goodyear is amongst the leading tire manufacturing company in the world. It has made its presence felt in every corner of the world. The company started its journey with 13 employees at its manufacturing plant in Ohio, USA and since then has grown into a company which is home to more than 70,000 employees across the world. The company with its continuous hard work has risen from scratch to become a billion dollar company. Goodyear with net sales of $22.8 billion (as of 2011) is surely leading the way to not only be the top tire manufacturing company in North America but also in the world (Goodyear, n.d). This project report on Goodyear will identify the prospects related to new product development. New product development is a critical aspect for the company in the cut throat competitive market. Product development is always based on certain criteria’s which otherwise can benefit Goodyear as a company in terms of market share and revenue generation. The purpose of this project is to analyze Goodyear’s strategy and methodology in developing new product. This project emphasizes on the need of new product development and its importance. Goodyear has been in the business for a long time and the project will evaluate the company’s future prospects in context to new product development. Tire market is a huge market with many competitors. The project will answer certain questions such as why new product development is the need of the hour and how can it change the fortune of a company?... The company with its continuous hard work has risen from scratch to become a billion dollar company. Goodyear with net sales of $22.8 billion (as of 2011) is surely leading the way to not only be the top tire manufacturing company in North America but also in the world (Goodyear, n.d). This project report on Goodyear will identify the prospects related to new product development. New product development is a critical aspect for the company in the cut throat competitive market. Product development is always based on certain criteria’s which otherwise can benefit Goodyear as a company in terms of market share and revenue generation. Purpose The purpose of this project is to analyze Goodyear’s strategy and methodology in developing new product. This project emphasizes on the need of new product development and its importance. Goodyear has been in the business for a long time and the project will evaluate the company’s future prospects in context to new product devel opment. Tire market is a huge market with many competitors around which makes the new product development even more important for Goodyear. The project will answer certain questions such as why new product development is the need of the hour and how can it change the fortune of a company? Tire market is no more confined to the developed nations as the emerging economies of the world are leading the way in terms of tire consumption with the rise in number of vehicles plying on the roads. It comes as an opportunity for the company and the project analyzes what are the ways Goodyear can cope with the rise in demand by offering cutting edge technology to its customers. Background Goodyear Tire & Rubber Company was founded in the year 1898 by Frank A. Seiberling in Ohio, USA.