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Many scholars have studied the theory related to New Product Development (NPD) and all the literature formed on NPD has laid great importance on forming new products in the market for the success of the company. The involvement of NPD in success of companies and its impact on the financial performance of the company has been explained in an effective manner in the present assignment. New products have always attracted financial growth, employment and technological advancement. Thus, it can be concluded that the analysis and investigation of NPD is a very important factor for the growth and development of a company

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Coles Supermarket Australia Pty Ltd is a supermarket in Australia that deals in retail, consumer services chain. The headquarters of Coles is located in Melbourne and is part of Coles Group. The company was founded in the year 1914 by George Coles and has many outlets in Australia. The company has more than 10,000 employees and is in constant competition with Woolworths that accounts for more than eighty percent of the Australian market. The company operates online as well and it is expected that the company shall be growing extensively in the coming years as well.

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The new product development comprises of many actions that is carried out by the companies for the launch and development of new commodities. A product that is recently launched in the market undergoes many stages of development starting with the idea of its formation followed by its testing and final launch in the market. The series of different actions can be seen as an outcome of information gathering and investigation on the product that is to be launched (Geissdoerfer et al., 2018). As the product grows, the management of the company becomes responsible and informed about the product so that he investigate and undertake the responsibility of its development. Moreover, once the procedure of information is conducted it can lead to taking proper decisions on the part of the company by restricting the danger levels on the new product. The process of NPD differs from one industry to the other industry and from one company to other company.

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. It is important that Coles sets up the objectives in a very clear manner and also aims to meet the same. The purpose of new product development is to provide proper guidance for setting up of the new product. Moreover, it also helps to identify and understand the business requirements of the new product that is about to enter the market. The following is the suggestive framework for Coles:

| Stage | Critical success factor | Metrics | Tools and methods
| Development of idea of the  product | Concise concepts  | Return on investment | Money Analytics
| Formation of idea | Formation of idea based on consumer interests | Total ideas  | Policies and methods adopted
| Business case investigation  | Upfront work | Value of the total customers  | Evaluation of the financial method to be taken
| Development | Customer feedback and speed  | Integration of functions  | Time to come into the market
| Testing | Product analysis  | Performance of the product  | Testing or validation of the same