Business Finance
MKTG408 Solar Powered Toothbrush New Product Development Paper

MKTG408

Question Description

Please provide a comprehensive answer to the real world question posed. There is no word limit to your answers. You are free to use any resource to research your answer. Cite any sources you use in your answer. However, collaborating with your fellow students is NOT permitted. Work must be written by you and NOT someone else. We will be using a plagiarism algorithm to insure your work is original.

The test consists of a single question. Your answer is worth 100 points. The rubric for the test is as follows:

- Thoroughness of coverage of concepts covered in the course: 25%

- Accuracy of understanding of concepts as expressed: 25%

- Logical flow of answer: 25%

- Grammar, spelling and effective use of language to explain your position: 25%


Question :

You have been hired to manage the new product development process at a major consumer products company.The vice president of research and development comes up to you in the company cafeteria one day.She says this to you:

“The other night my friends and I were having a few beers and came up with a new product idea for a solar-powered electric toothbrush. We did some sketches of how it might look and came to the conclusion that it could be manufactured by us at a reasonable cost. Moreover, we probably could get a patent on it. What do you think of the idea? Should we bring it out?”

Based on all you have learned this semester about the new product development process, how would you go about answering her questions?

Final Answer

Hello, I have finished and attached the answer.

Running Head: NEW PRODUCT DEVELOPMENT PROCESS

New Product Development Process: Solar-Powered Toothbrush
Name
Institution
Instructor

1

NEW PRODUCT DEVELOPMENT PROCESS

2

Successful development and introduction of new products into the market are one of the
key strategies that a firm competing with others can achieve a competitive advantage over the
competitors. To meet and satisfy consumers unmet needs and demands, firms have to constantly
innovate and come up with new products. Firms that constantly innovate and introduce new
products into the market are better placed to increase their market share, revenues and
profits(Leonard‐Barton, 1992). Despite the promise of financial payoff that comes with the
successful launch of new products into the market; a failure in the process of launching a new
product is a costly affair. Failure is likely to result in reduced market trust in a company’s
products, and financial losses in terms of sunk costs used in R&D, production and marketing of
new product(Leonard‐Barton, 1992). For this reason, it is important to follow the due process
when planning to launch a new product into the m...

MrMark (18591)
UCLA

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