Mba Sem2 Mb0046 Spring2013
MBA Semester 2 MB0046 –Marketing Management
Q1. Explain the stages in the new product development process.
Ans: The stages in the new product development process are as follows:
1. Concept generation and market structure identification
Idea generation
The first stage of new product’s evolution begins with an idea for the product. Hence this stage is also termed as ‘idea generation’. Ideas may originate from the following sources:
Sales personnelMarketing personnelResearch and development department,
Top management executivesProduction departmentCustomer service decisionsEmployee suggestion systemCustomersCompetitive products Foreign products etc.
Market structure analysis
This process delineates the consumer’s perception of market by building a map outlining the critical consumer dimensions, positioning existing brands on the perceptual map, and indicating favourable new product opportunities.
Sales potential
In this step, the potential of a new product entry into the market structure is estimated.
Concept screening
At this stage, the ideas collected are scrutinised to eliminate those inconsistent with the product policies and objectives of the firm.
2. Advertising development
This stage of new product development involves the development of advertising and formulation of the product. All the advertising and technical developments of the product concept have a greater focus due to the results from the earlier stages.
3. Product formulation and testing
This stage is also termed as technical development. It is during this period that all developments of the product, from idea to final physical form, take place. The final decision whether a product should be developed on a commercial scale or not is decided at this stage.
.
4. Testing the product
In this stage of product testing, the new product manager can check the feasibility and accuracy of product performance.
5. Commercialization
Q1. Explain the stages in the new product development process.
Ans: The stages in the new product development process are as follows:
1. Concept generation and market structure identification
Idea generation
The first stage of new product’s evolution begins with an idea for the product. Hence this stage is also termed as ‘idea generation’. Ideas may originate from the following sources:
Sales personnelMarketing personnelResearch and development department,
Top management executivesProduction departmentCustomer service decisionsEmployee suggestion systemCustomersCompetitive products Foreign products etc.
Market structure analysis
This process delineates the consumer’s perception of market by building a map outlining the critical consumer dimensions, positioning existing brands on the perceptual map, and indicating favourable new product opportunities.
Sales potential
In this step, the potential of a new product entry into the market structure is estimated.
Concept screening
At this stage, the ideas collected are scrutinised to eliminate those inconsistent with the product policies and objectives of the firm.
2. Advertising development
This stage of new product development involves the development of advertising and formulation of the product. All the advertising and technical developments of the product concept have a greater focus due to the results from the earlier stages.
3. Product formulation and testing
This stage is also termed as technical development. It is during this period that all developments of the product, from idea to final physical form, take place. The final decision whether a product should be developed on a commercial scale or not is decided at this stage.
.
4. Testing the product
In this stage of product testing, the new product manager can check the feasibility and accuracy of product performance.
5. Commercialization