ASSIGNMENTS: NewShoes PRODUCT DEVELOPMENT
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 offering. 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 at least 10NEW PRODUCT ideas that your TEAM has considered (use additional space as needed). These should be related in some way to the NewShoes' product you are already producing (e.g., same target market, same usage, 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:
a) 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?
(3) PRODUCT DEVELOPMENT: Describe yourNEW PRODUCT'sfeatures, branding, packaging, support, and other key characteristics.
(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 (pricing, distribution, promotion)? Why (or why not)?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.