Reference no: EM133699034
The Assessment task requires you to prepare a new product development plan for your new product/service idea from the Assessment 2 task. Assume this new product development plan will be for the senior management of your chosen Australian-based business/organisation. Your new product development plan will be written as a formal business report. This report should be 2000 words maximum excluding the title page and reference list.
Your new product development plan should include and address each of the following:
1. Title page
The title page will include the name of your Australian-based business/organisation and the proposed name of your new product/service, your name, student ID number and lecturer/tutor name and campus (for on-campus students) and course name and code.
2. Executive summary
The executive summary should not read like an introduction to an essay. You need to highlight only those critical aspects from your new product development plan.
Outline only the main findings and recommendations from the report.
Use of subheadings, dot, or bullet points is recommended to better present the required information.
3. Table of contents
The table of contents will present each section of the new product development plan, including subheadings, with their appropriate page number(s). Sections should be numbered (e.g., 1.0 Introduction). The introduction begins on page 1. Pages prior to the introduction use lower case Roman numerals such as i, ii, iii, iv, etc.
4. Introduction
The introduction should present a brief outline of the chosen Australian-based business/organisation and your proposed new product/service that is the major focus of this new product development plan. In addition, the aims and structure of the report should be presented.
5. Business analysis
Define or describe your idea. What exactly is the product/service you want to develop?
Identify your market. What will set this new product/service apart from your competition? What is the benefit of your proposed new product/service? What are your target customers' frustrations with similar products/services on the market?
6. Prototype testing
Provide some ideas for making/building and testing your new product/service.
7. Marketing strategy and plan
Provide a strategy for marketing your new product/service to your targeted customers. What is the USP? What will be the branding strategy adopted?
8. Product/service launch
When, how and where will you launch the new product/service?
9. Reviewing the product/service
How are you going to keep your share of the market after your product/service is launched? How do you innovate to keep yourself ahead of other products/services and businesses?
10. Intellectual property (IP) protection
How will you stop competitors from copying your new product/service?
11. Conclusion
In your opinion, why do you think your new product/service is likely to succeed? What might hinder the success of your new product/service?
12. Reference list
Using APA referencing style, the new product development plan should include at least ten (10) quality sources of information such as from academic journal articles, academic textbooks, trade journals, newspaper articles and industry/business websites.
Instructions
This is an individual assessment (no groups).
Submit your formal business report online through the Assessment tile on the unit Moodle site.
Your formal business report should contain the following:
A single Word document (no PDF) that includes and addresses all twelve parts above.
Use in-text of at least ten (10) quality sources of information such as from academic journal articles, academic textbooks, trade journals, newspaper articles and industry/business websites.
Use size 12 font with double line-spacing in this Word document.
Skills
A new product development plan is widely used by businesses/organisations to identify the process and timeline to design, create and build their products/services.