Explain the concept of crowd sourcing

Assignment Help Operation Management

Reference no: EM132234968

Imagine you have been asked for marketing advice by Healthy Toys. They are a new manufacturer and marketer of high quality children’s toys. So far they have only made wooden toy train sets, but they know that new products are the lifeblood of an organisation. They are seeking advice on a systematic process that they could use for developing and introducing successful new products.

a) Explain the concept of crowdsourcing and describe how Healthy Toys could use crowdsourcing to generate new product ideas.

b) Explain each of the EIGHT steps of the new product development process. Give examples relevant to Healthy Toys to support your main points in each step.

Reference no: EM132234968

Questions Cloud

Determine the following if the firm p-e ratio : The 90-day government T-bill yield is 5.25 percent. Determine the following if the firm's P/E ratio is 10:

Current year cash flow : The current year's cash flow is $50,000. If the firm's cost of capital is 20%, what should its fair market value be? Round your answer to the nearest dollar.

How have social trends affected businesses : How have social trends affected businesses in the high tech industry? Please give a list of opportunities and also threats.

What is the appropriate tax treatment available : Bernie sold the stock for $50,000. What is the appropriate tax treatment available to Bernie upon sale of the stock?

Explain the concept of crowd sourcing : Explain the concept of crowdsourcing and describe how Healthy Toys could use crowdsourcing to generate new product ideas.

Write essay on what drives globalization : Write a 300 word essay on what drives Globalization and its impacts on the economy. The response must be typed, single spaced, must be in times new roman font.

What is the required rate of return on stock : What is the required rate of return on this stock? That is, solve for r.

Marketing of services very different from physical goods : The sports shoe and gym industries to illustrate how the four characteristics of services make the marketing of services very different from physical goods.

What is the expected value of this stock five : What is the expected value of this stock five years from now?

User Account

All Pages