Marketing Management MK 323
16th Edition
ISBN: 9781308856322
Author: Grewal
Publisher: McGraw Hill
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Question
Chapter 12.3, Problem 1CY
Summary Introduction
To determine: The steps in the development of a new product.
Introduction: Companies introduce several new products on the market with the help of consecutive steps to be followed that begins with a new idea for the product.
Expert Solution & Answer
Answer to Problem 1CY
The steps are that carried forward by the firms to develop a new product are the generation of a new idea for product, test the concept developed, develop the product as decided, focus on its marketing, launch of the product in the market and evaluate the success or the result from the market reviews as well as sales.
Explanation of Solution
The six major steps involved in the development of a new product are given below:
- Generation of idea: Idea generation for the development of new product in the market include the idea about the inputs required for development and its outsourcing, the formalities for the license for the launch of a new product in the market, analyzing the customers and competitive firms in the market and also the idea about overall purchase of inputs from various sources and the profit margin after sale.
- Test the concept: The concept or the idea is generated that is it is further elaborated as to what technology and principles to be used in its production, the demand or the consumer needs as well as the consequences of failure.
- Development of the product: The product development refers to the design of a product after considering all the manufacturing, economic or market features for the product. The product development tests include three types of tests that are first, prototype that is the decision about the design of the product, second is alpha testing which involves the test of the working of the product that is if the product will work as per the designed format and third is the beta testing that helps to examine the potential customer base for the designed product in the market. It helps to determine the issues if any and find the solution for the same.
- Test the product in the market: The market test of a product involves the test at two different stages. Firstly, the premarket test and secondly the test of the marketing of a product. The premarket tests involve the testing of the product in the market to analyze the reaction of the customers and its use by the potential customers in the market. On the other hand, the market test involves a check over the success of the test of a product in the decided geographical area. This is an indicator of the success of the product designed prior to the final launch of the product in the market.
- Launch of the product: The launch of the new product in the market is the most important step for the success of the product. It requires huge capital investment and coordination among all the market policies. The launch if fails results in the failure of expected sale in the market.
- Evaluation of results: The evaluation product is done after a while that product enters the entire market. This is the main source to gain feedback about the product and consider changes to be made in the product as per the reviews.
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Chapter 12 Solutions
Marketing Management MK 323
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