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Discuss the new product development process

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Reference no: EM131368579

Assignment 1: The New Product Development Process

In preparation for a presentation to the CEO of the organization next week on a product development strategy, prepare the following paper:

Choose a product (not a service) which means it must be tangible. Prepare a paper addressing the following tasks on your selected product.

Checklist:

1. Describe your new product. You have many choices. It could be a classically innovative product, newcategory entry, an addition to the product line or line extension. It could even include more minor product changes like product improvements, repositioning, or cost reductions.

2. Discuss the new product development process.

3. Discuss your new product launch strategy. Recall, launching requires that objectives be set, the strategy be developed, and that the implementation be planned and executed. Implementation is often a key factor in product failure.

4. Discuss the pricing strategy for your new product 4. You will provide a 3-5 page (APA formatted) paper with at least three supporting references. You should include at least one illustration which can be included in the body of your paper or appendix.

Assignment 2: Creating A Sound Promotional and Distribution Strategy

In this Assignment, you will be using the PowerPoint narration tool to create your own audiovisual presentation. Once you have done this, you can put this skill on your resume. Audiovisual presentations are used in everything from customer service response, training employees, solving problems in the workplace, explaining instructions to colleagues, and responding to stakeholders concerning business issues.

Scenario Marketing

You selected a company for which you chose a product or a service development strategy. Now, based on this same strategy, you recently reviewed last quarter's national ad campaign. All ads are tracked with your franchisees so you can tell what is working and what is not working. You noticed the numbers for most of the advertising had a low response. You also observed that the ads include some great features of your product (service) offered by your company but are not backed by benefits.

In this Assignment, you will engage in the development of the following professional competency: Interact with others in a professional manner using appropriate communication and presentation skills. Create a quarter page magazine ad that targets either the consumer or the business market. The ad should also include a coupon or some type of sales promotion to immediately generate revenue.

Checklist: Explain your advertising and promotion rationale in a PowerPoint to the CEO that includes audio explanations.

You should include the following:

  • One ad targeting either the consumer segment or targeting the business segment.
  • What are your advertising and promotion goals?
  • What magazine are you recommending to reach the segment?
  • What is the cost?
  • How will you track and measure response rates?
  • Elaborate on the bulleted points on each slide of 5-7 slides rather than just reading the slides (include no more than 4 or 5 bulleted points on a slide).

In other words, your PowerPoint provides an outline of what you will discuss in the audio portion of your presentation. You can include some notes below each slide. You can either record a narration before you run a presentation or record a narration during a presentation and include audience comments in the recording. If you do not want narration throughout the presentation, you can record comments only on selected slides or turn off the narration so that it plays only when you want it to play. You can also use Brainshark.com to record your presentation.

Assignment 3: Evaluating the Marketing Mix

Scenario: Problem-Solving as a Marketing Manager

Congratulations. You have just been named marketing manager of a major new startup company, Home Essentials Inc.

Your job will be to perform the daily tasks of a marketing manager.

The first day on the job you receive this problem. They know they have a problem but they are not sure what it is. They know it must be fixed very soon or they will be out of business. Everyone is looking to you to fix it.

This startup company management has noticed that there has not been the demand they anticipated for their practical but necessary product for new parents. They got rave reviews in the baby and home magazines as the "must have" product of the year. But yet no one seems to know their product or what it does.

The product is a baby gate/play area that is free form when unlocked, but once configured in the shape parents want, it can be locked into that shape and will not move or collapse anywhere you put it. The current price for the product is $100. Consumer Baby Products Safety Commission gave it 5 stars for safety. The startup has hardly any money and all managers are working for a potential slice of the company if successful.

They have a website that is good but hardly exciting and no advertising to speak of except word of mouth. Follow these Critical Thinking steps:

1. Determine the problem

2. Analyze the problem

3. Design possible solutions, including media to be used

4. Evaluate the solutions and recommend the most viable one while addressing the 4 P's.

Write a 3-4 page memo to the CEO of Home Essentials, Inc. detailing the following:

  • What you think the problem has been and what you think contributes to the problem.
  • Recommend a solution addressing the 4 P's in your response. Your solution can have multiple steps or considerations.

Reference no: EM131368579

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