Hypothetical new product

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naanoerjfgre

Business Finance

Description

Trace a real or hypothetical new product through the steps in the new product development process, including idea generation, concept verification and testing, actual development, and test marketing. Discuss the establishment of “go/kill” points, meaning the criteria used to determine whether to proceed with the new product idea or abandon it at various stages in the process.

The idea generation stage should include potential sources of ideas such as trend monitoring, serendipity, or customer focus groups. The concept testing stage should include possible modifications based on feedback from potential customers, such as asking customers how this new product idea compares with present ways of the need the new product is intended to satisfy.

The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response.

Your posting should be about 1 page (400 to 500 words) in length.

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Explanation & Answer

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Running Head: PRODUCT DEVELOPMENT PROCESS

Product Development Process
Name
Institution
Date

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PRODUCT DEVELOPMENT PROCESS

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Introduction
The product development process is a series of steps which are designed in a way that
develops, tests, and considers the viability of the a new product. A new product might be a
previously nonexisting product that is to be used marketed for the first time or an already
existing product that is offered to a new market. This paper explains the various phases of the
product development process.
The Proposed Product
The analyses describe the product development process of water resistant laptops.
Even though it is a virtual product, it is aimed at offering laptops whose operation will not be
affected by water.
Development Stages
The first stage in the product development process is the idea generation stage which
mostly revolves around delineating various sources of new information. Primary sources
include business research such as the SWOT analysis with special consideration to the
identified opportunities, trend monitoring where one projects changes in demands and makes
a product to cater to them, and also customer analysis in which a new product is generated by
considering the utility it will have on customers (Gopalakrishnan & Swenson, 2015).
The identified ideas are then screened so as to do away with the ones that are not wor...


Anonymous
Really useful study material!

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