What are the seven steps in the offering development process? What are the key activities in each step?Who are lead users?How should a company evaluate new ideas? What are the criteria?How does quality function deployment work?

1. The seven steps in the offering development process are- Idea generation Idea screening Feature…

Answered: What are the seven steps in the…

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

What are the seven steps in the offering development process? What are the key activities in each step?
Who are lead users?
How should a company evaluate new ideas? What are the criteria?
How does quality function deployment work?

Expert Solution

Step 1

1. The seven steps in the offering development process are-

The key activities in each of the steps are-

Idea generation is where the basic idea or description is created
Idea screening where costs, profits, and potential sales offering are calculated and from there the company considers how well it will fit in the market.
Feature Specification is where the detailed specification of the product like features and pricing are being made
In product development, the actual development or the prototype is being made.
Then the offering is being tested in the lab and then it will be trialed with the customers.
The offering will be commercialized for the customers.
In the stage of evaluation, it will be analyzed whether the product is being able to meet the customer expectations and achieving the firm's goal or not.