Product and Service Innovation Management
Evaluate your ability to write a product plan for a new product. The new product can be any of the following:
- A new to the world product or service
- A new product line (new to the business)
- A new addition to an existing product line (line additions)
- An improvement and/or revision of an existing product or service.
This assessment task is to be undertaken in pairs, where you assume the role of new product managers who were given the task of developing a new product for a business. This business must be real, NOT fictional.
Each team is required to prepare a new product plan for ONE product or service item. Whilst you may do this within the context of an existing product or service or with the intention of launching later formats, it is essential that for the purpose of this assessment task only ONE product or service item is chosen.
1. Company description
2. New Product concept overview
Describe your product concept, giving a clear functional definition. Ideally, you should be able to describe your concept in a few clear sentences:
- What is it called?
- What does it do?
3. Rationale of the new product development
- How did you come up with the new product concept? Describe the process you went through from Idea -> Concept -> Product.
- Apply the new product development (NPD) process as described in the learning materials or other models in the literature.
4. Target market and value proposition
- Describe your target market.
- Use segmentation table and identify clear positioning strategies for the new product or service.
- Explain how the consumer benefits from your product or service. What current exists in the market space, and how is your product different from that? What compelling reasons exist for why consumers might need your product or service?
5. Commercialisation
- Product launch
- Pricing
- Distribution strategy
- Communication strategy
6. Designing and managing service processes
Explain how you will design and manage service processes that will complement or support the launch of your new product or service.
7. Conclusion
Provide a summary of your findings to make compelling arguments as to why the business should go ahead with the development of your new product or service.
1. Analysis and discussion in relation to the literature.
2. Application of concepts from learning materials and other sources.
3. Referencing.
4. Collaboration and presentation.