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MG 351 Park University Successful Product Development Questions

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Analysis Assignment 4
Jessica Agnew
MG351
Questions
Assume you come up with an idea for a new electronic product you think your fellow
students would really like. How would you go through the product development process?
How would you accomplish each step within that process?
Productivity is on of the key components for successful product development.
Generating: Using fundamental internal and external SWOT analyses as well as current
advertising trends. One can remove themselves from the competition by creating philosophies
which take affordability, ROI, and widespread cost into account. Lean, mean and scalable are
the key points to keep in mind”. (Brands, n.d.)
Screening: The next stage is screening of the idea generation. “Set specific criteria for ideas that
should be continued or dropped. Stick to the agreed upon criteria so poor projects can be sent
back to the idea-hopper early on” (Brands, n.d.).
Testing the concept: “Concept testing is done after idea screening.” And it is important to note,
it is different from test marketing. Aside from patent research, design due diligence, and other
legalities involved with new product development; knowing where the marketing messages will
work best is often the biggest part of testing the concept. Does the consumer understand, need,
or want the product or service”? (Brands, n.d.)
Business Analytics: This step includes building a system of metrics to monitor progress.
Include input metrics, such as average time in each stage, as well as output metrics that measure
the value of launched products, percentage of new product sales and other figures that provide
valuable feedback. It is important for an organization to agree on these criteria and metrics”.
(Brands, n.d.)
Trial Production: The new electronic item which is designed might be produced little on a
preliminary basis to check if the arranged model matches the executed outcomes or if any
changes are required in any parts or circuit of the item.
Commercialize: “Refreshing advertisements during this stage will keep your product’s name
firmly supplanted into the minds of those in the contemplation stages of purchase”. (Brands, n.d.)
At this point its important to keep the products filling the shelves so that competitors don’t have
any shelf space.
Follow-up: In this final stage, I’ll gauge overall value relevant to COGS (cost of goods sold),
making sure internal costs aren’t overshadowing new product profits. I’ll continuously
differentiate consumer needs as my products ages, forecast profits and improve delivery process
whether physical, or digital, products are being perpetuated.
Select a product you are familiar with and explain the stages of the product’s life cycle and
different ways in which a company can extend its mature stage.
There are four stages of my computer’s product life cycle; which are introduction,
growth, maturity, and decline. First, for example, computers are created or assembled, then they

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Analysis Assignment 4
Jessica Agnew
MG351
are introduced into the market. From the outset, this type of computer acquires more consumers
until it raises mature, and then competitors might start to overtake the market causing this
computer to depreciate. After a product, such as a computer starts to depreciate, the company
may decide to withdraw the product from the market.
During the maturity stages, there are various steps an organization can attempt to boost
their product, for example, computers. Ensure that the product is unique from the competitors; I
selected my computer out from different brands because it had what I needed in a computer. Try
to keep your price lower than your competitors because it has the potential sway business our
way. Organizations can offer incentives with their products persuading customers away from
competing products. A company could either change the package or change the product all
together, and reintroduce it, then the process starts all over.
Organizations know where their target market is based on studies, they incorporated in
the development stage and companies position themselves according to their analysis. Vitamin
water may target the health-conscious people, Monster beverages may target students, who think
they need the extra pick me up before exams. Gatorade clearly focuses on the sports market
based on that it hydrates better than other products. All of the soft drinks are mainly based
everywhere from grocery stores to restaurants. All of these companies go through the market
segmentation, target and position their products based on the analysis they administered.
What are some brands that you think use selective or exclusive channels? How does
channel choice, in those instances, influence consumer perceptions of value? In what
situations might selective or exclusive channels add real value?
Selective or exclusive channels are being utilized by portion of the famous brands for example,
Mercedes-Benz, Apple Inc, Gucci, Toyota, and Adidas, etc.
Channel selection lays a critical job in the perception of the brand value for the consumer. There
are numerous consumers who search for a status symbol in a certain product, for them if the
product is available everywhere, this will lose the exclusiveness or the value of the brand.
Selective distribution involves the use of more than a few, but less than all, of the intermediaries
who are willing to carry a particular product. These customers think that if the product is availed
a limited location, this will have a better reputation or brand image.
Selective distribution: selling only through those middlemen who will give the product special
attention. Selective distribution means “sell it where it sells best.” This exposure is typically
associated with shopping products. Selective distribution can reduce costs and get better partners.
Selective distribution often moves to intensive as the market grows.
Exclusive distribution means selling through only one middleman in a particular geographic
area. Exclusive distribution sometimes makes sense, especially when dealing with specialty
products.

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Analysis Assignment 4 Jessica Agnew MG351 Questions Assume you come up with an idea for a new electronic product you think your fellow students would really like. How would you go through the product development process? How would you accomplish each step within that process? Productivity is on of the key components for successful product development. Generating: Using fundamental internal and external SWOT analyses as well as current advertising trends. One can remove themselves from the competition by creating philosophies which take affordability, ROI, and widespread cost into account. “Lean, mean and scalable are the key points to keep in mind”. (Brands, n.d.) Screening: The next stage is screening of the idea generation. “Set specific criteria for ideas that should be continued or dropped. Stick to the agreed upon criteria so poor projects can be sent back to the idea-hopper ...
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