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MGT211 ASSIGNMENT 1 SOLUTON SPRING 2021 Virtual University

MGT211 ASSIGNMENT 1 SOLUTON SPRING 2021



Question:

A product development process for creating and launching a new product passes through a number of stages this stage from brainstorming and ends on launching the new product. Suppose there is a dire need of some portable product Cooling machine that dispense water in an office or drawing room immediately you get an idea that there should be a lightweight small water dispenser that can be introduced in the market to feel this gap.


Describe your plan of launching a water dispenser in the market following the new product development process


Steps for product development


Following are the important step any product development process

  • Recognition of unsatisfied needs
  • Idea generation
  • Idea screening
  • Prototype (physical shape of the product)
  • Product testing (Laboratory Test, Test marketing)
  • Commercialization


Recognition of unsatisfied needs


some portable cooling machine that could dispense water in an office or a drawing room


Idea Generation


Idea generation refer to the search for new product ideas a company 800 of idea for a new product there are two source of Idea generation:


  • Internal ideas
  • External ideas


Idea Screening


The next step in the product development process is idea screening Idea screening means thinking deeply about those ideas that we generate for a new product.


Prototype physical shape of the product


In this stage we appear a portable and light-weight and small water dispenser in physical shape


Product Testing (laboratory test, test marketing)


when we develop dispenser in physical shape then the next is testing.

there are two type of testing


  • Laboratory test
  • Test marketing


Commercialization


Here the dispenser is ready for sale in market the dispenser sold on commercial basis






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