HargravesDMBA5150-8-4-1 (1).docx

HargravesDMBA5150-8-4-1 (1).docx - NORTHCENTRAL UNIVERSITY...

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NORTHCENTRAL UNIVERSITY ASSIGNMENT COVER SHEET Learner: Daryale Hargraves Course: MBA 5150 Mentor: Assignment #: week 4 assignment 1 Faculty Use Only: <Faculty comments here> <Faculty Name> <Grade Earned> <Writing Score> <Date Graded> MBA5150-8
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Week 4 Assignment 1: Explain the Challenges of the New Product Development Process Determine Innovation Sources Daryale Hargraves March 18, 2018 Introduction
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There are so many challenges that arise when implementing a new product that an organization will have to overcome to be successful. The four P’s or the marketing mix help analyze the market, the four P’s are product, price, promotion, and place (distribution). This mix describes things as tangible or intangible, this satisfy the customers needs. Products can be goods, services, ideas, or experiences. New product development, is the systematic approach used to bring a new product into the market. I will include a chart that shows the 8 steps and the main tasks that have to be completed in the new products development. Eight Steps of New Product Development Process Steps in the New Product Development Process Stage Main Tasks to be Completed Importance of the Step Challenges Idea Generation Search for new product opportunities Delineate sources and methods of new idea generation Encourage, support, and reward new ideas Communicate new ideas Idea generation allows you to expand your range of ideas beyond your range of thinking. Obtaining an idea for a new product can bridge an existing gap in the market (Badrinarayanan & Arnett, 2015). If ideas are gathered carelessly, they may not be an accurate reflection of the company’s goals Ineffective approaches can be costly Idea Screening
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