Discuss the below in detail:
New product development
1. List the four components that describe the entrepreneurial innovation model. Which component is the most critical to success? Defend your choice
2. One search strategy used to discover innovation opportunities is termed Deep Dive. Define Deep Dive as a search strategy and briefly describe a limitation associated with it. Illustrate one way in which advocates of the Deep Dive approach to innovation can mitigate the significant limitation associated with this methodology.
3. Analyze the importance of overall business advertising and government regulation (local, state, and federal) as tools for generating new concepts. Provide an example of how advertising or government regulation generated an innovative product or service.
4. We live in an environment characterized by increasing complexity in the legal and regulatory environment as efforts are made to marry concerns about social responsibility with a responsive regulatory environment. We often see concerns in this area when we look at big business operations. Why is it important to demonstrate concern for communities in which we operate as well as comply with appropriate regulations?
5. Explain the differences between a blue ocean strategy and a red ocean strategy. Why would a management team choose a blue ocean strategy over a red ocean strategy
6. When developing products, what does the term relative advantage mean? Explain why management teams should be concerned about a new product's relative advantage.
7. There are at least nine components to a formal business plan for a new product. Consider four of those components: (a) product or service details, (b) market opportunity details, (c) identification of target market, and (d) competitor analysis and identification of entry barriers. Which component of the plan do you feel is the most important? Explain why the component you selected is more important than the other three components. Offer three reasons to justify your selection.
8. When developing a marketing plan, we should consider market differentiation. What does market differentiation mean? Explain why relative quality in conjunction with market differentiation is important to our marketing effort.
9. Prototyping is often used to test products and product ideas. Define prototyping and explain the benefits obtained from prototyping. What limits the number of iterations associated with a prototyping test? How would you use a prototype model in an operation for which you were responsible?