Reflection, Discussion and Homework
New Products and Innovation
Learning Objectives:
• Understand the importance of new products.
• Identify the process of new product development.
• Understand the stages of the product life cycle.
• Explain the diffusion of innovation and its implications.
• Stress the relationship between new products and marketing strategy.
• Examine trends in the global marketplace and their potential impact.
Reflection and Discussion 550 to 600 words
Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.
Also, provide a graduate-level response to each of the following questions:
Consider the trends described in the chapter (e.g., aging, heightening environmental concern, or China). How will each affect the business you are in (or were in before coming to b-school)?
Make a list of 3 of your favorite brands. What would be a great brand-, or line-extension that you would like to see developed as a new product?
Homework
Activity: Find four different products that are in the four different phases of the product life cycle. Give your opinions on the product in the market decline phase: whether the company should divest, harvest, or rejuvenate the product and the reasons behind your choices.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.