New product development is critical to the long term success of a company. As a product reaches the end of its life cycle, a new or improved product must be ready to replace it. Having multiple products on the market reduces the risk of depending on a single product.
And being the first to market with new products can provide an advantage over competitors. In this assignment, you will go through the process of new product development, from generating ideas to commercializing the new product.
(1) IDEA GENERATION: List below 5 to 10 NEW PRODUCT ideas that your TEAM has considered (use additional space as needed). These should be related to the NewShoes' product you are already producing (e.g., same target market, same materials, or same distribution structure).
1) 6)
2) 7)
3) 8)
4) 9)
5) 10)
How did your team generate these NEW PRODUCT ideas? What method(s) did you use?
(2) IDEA SCREENING & ANALYSIS: Describe the procedure your TEAM used to eliminate some NEW PRODUCT ideas from further consideration. How did you arrive at the idea you chose?
b) What NEW PRODUCT idea did you select for further development? Why?
NewShoes PRODUCT DEVELOPMENT (page 2 of 3)
TEAM #:
(3) PRODUCT DEVELOPMENT: Describe the NEW PRODUCT's attributes, branding, packaging, and support, etc.
(4) TEST MARKETING: How will your TEAM test market your NEW PRODUCT? What will your TEAM do to help ensure that your NEW PRODUCT will be a success?
(5) COMMERCIALIZATION: Describe how your team will introduce your NEW PRODUCT. What market segments will you pursue? What marketing mix will you use? Will these be the same as - or different from - your current marketing strategy and mix? Why (or why not)?