New Product Development questions
1. 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 adovcates of the Deep Dive approach to innovation can mitigate the significant limitation associated with this methodolgy.
2. Compare and contrast assembly customization with design customization. Why are efforts to maintain barriers to existing or new competitors using assembly customization of limited effectiveness?
Question 3. Analyze the statement, "The poor have no purchasing power and do not represent a viable market." In addition, "The poor are hard to reach." Why do you agree or disagree with each statement?
Question 4. 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?
Question 5. Understanding our market and estimating future demand is required when formulating recommendations for a product launch. You are charged with selecting a method to solve some specific problems with a new product. These problems must be resolved before sales forecasts can be made and development activities planned. What method would you select (market surveys, brainstorming, expert opinion, or developing scenarios)? Why is your selected method most appropriate for the situation described?
Question 6. 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.
Question 7. 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.
Question 8. You are presenting a plan to your senior management team about market tests and risks. Risk testing is important and a suggestion has been made for you to consider the following risk categories: market-based risks, technological risks, manufacturing risks, and design risks. Would you include any or all of these additional categories as risk-testing categories? Defend your decision.