New product development for Zomato

Abstract

In today’s diverse and mostly digital economy, firms need to innovate constantly and quickly in their consumer offerings. It holds for both big companies and startups. New product/service development is the key that unlocks customer value proposition, which drives the market, i.e., products that fulfill customer needs. Thereby, in new product development, we need to think about the core idea, feature set, revenue models, go-to-market strategies, and business ecosystem setups. We chose ‘new product development’ as a project goal since it encapsulates almost all the major elements of creating and running a business. Most bachelors living away from their families crave home food but fail miserably to cook as their mothers do. Some get inspired by cooking videos on YouTube; however, they often cannot follow the instructions correctly, involving only one-way interaction. The idea is to develop a product that provides a solution for this unmet need. We plan to develop an Artificial Intelligence enabled cook-along feature in the existing application, enabling the users to learn and cook along.