Answer to Question #121869 in Marketing for khan

Question #121869
Assume yourself as a Marketing Specialist of a Company and Determine the New Product Development Process by manufacturing a New Product for your company.
1
Expert's answer
2020-06-21T14:22:41-0400

This is the process of determining and manufacturing a new product new product

1. Determining the innovation goal. This preliminary analysis is your opportunity to figure out what problem you need to solve for your customers before you make a product. For example, one big failure in the annals of product history is Google

2. Figuring out what your customers think about this goal. People will buy a product or service that solves a problem for them, but the problem itself must be present.

3. Reviewing other market segments for possible connections or technology to get ideas. When thinking about new products, it’s important to collect data on how people are using the product, how much they will pay, and whether the price for the benefit is reasonable

4. Reviewing other market segments for possible connections or technology to get ideas. When thinking about new products, it’s important to collect data on how people are using the product, how much they will pay, and whether the price for the benefit is reasonable

5. Prototyping your ideas. A prototype is a mockup of the proposed product, intended to verify your design

6. Testing your ideas with your customer base. You should conduct a customer value assessment to obtain the opinion of a sample of your target market.

7. Planning how to funnel these potential products into your product development process. Planning is the initial stage of deciding how to develop, mass produce, and market the new prototype. This is your opportunity to conduct a technical assessment, and also your source-of-supply assessment.


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