ASSIGNMENT - New Product Development You are the vice president of marketing at
ID: 332461 • Letter: A
Question
ASSIGNMENT - New Product Development
You are the vice president of marketing at Bottled Water Manufacturing company. The CEO of the company has assigned you to come up with a new type of _bottled water other than the one the company is currently producing.
Following the seven steps (1.Idea Generation,2.Idea Screening, 3. Concept Development, 4. Marketing Strategy, 5. Business Analysis, 6. Concept Testing, 7. Commercialization) , come up with an idea for a new _bottled water. It will be difficult to complete Step 5, Business Analysis, therefore, you may assume that your new product idea is commercially feasible and will pass through the Business Analysis screen.
Explanation / Answer
1.Idea Generation- Idea can be generated through brain storming, analysis of consumers demand towards different bottled water, contest in the organization among the employees for suggesting idea, market study of the pattern of drinking water bottled demand by people, what competitors are offering in the market.
2.Idea Screening-When idea will be generated, the next step will be screening of the ideas. There will be lot of idea hence everyidea will be put in a committe who will be incharge of screening idea and to recommend best ideas. we will zeroed down to 2-3 ideas in the idea screening process.
3. Concept Development- In the concept development, idea will be converted into concept and how to design the bottled water and how to change the ingredients in the water so that it will be different from the existing one.A clear cut concept for the idea will be developed.
4. Marketing Strategy- Based on the concept an effective marketing strategy will be devised. It will include pricing, distribution channel, promotion strategy etc.
5. Business Analysis-Based on the markerting strategy and the concept, a business analysis will be done to know the commerical viability of the product. How much will be the cost and how much will be the revenue. what will be the impact of the product in the value chain of the business etc.
6. Concept Testing- When business analysis will concluded with positive result, the concept will be tested in the selected market to know how customers are reacting to the product and their feedback will be noted for further development of the product.
7. Commercialization- When concept testing will yield positive result, the final step will be commercialization and it will formally lunch the product in the market.