Week 5 Homework - Chapter9:...

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Chapter 9: Developing New Products and Services: HW:pp. 221 - 223 Questions 1, 5, 7, and 9 and Case: 9.1. 1. How does the new product development process differ from different types of products? The new product development process consists of the interrelated stages of idea generation, idea screening, concept  development, business analysis, prototype development, test marketing and commercialism. As a firm moves through this  process, cost rise substantially. A prime objective is to eliminate potential product failures as early as possible and to  spend time and resources on the ideas with the largest chances for success. The new product development process  differs from different types of products in that the traditional approach, where typically each functional area works on  specific stages of a process in isolation, causing this process to be slow and costly. On the other hand, the new product  development process, the lines between each step are often blurred as companies are involved in different stages at the  same time. 5. What should be included in a business analysis for a new product? A new product development process can be conceived as consisting of seven stages. The lines between these seven  steps/stages, are often blurred as companies are involved in different stages at the same time. Ideas that survive concept  development and testing are subjected to detail business analysis. The business analysis stage of a new product calls for  preparing of initial marketing plans for the product, which requires developing  a tentative marketing strategy and  estimating expected sales, costs and profitability for the product. This allows the purpose of the business analysis which  is to determine if it makes business sense to introduce the product.  7. Describe the use of marketing research throughout the new product development process.
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