New product development APRIL 2025

Description

New Product Development and Managing Innovation

April 2025 Examination

 

 

1. An important aspect of launching new products is defining a ‘new product strategy’ before delving into idea generation. Imagine that you are part of the Product Strategy team for a global electric vehicle manufacturer. The company plans to introduce an affordable, entry-level electric car for the Southeast Asian market. Using the Ansoff Matrix and the BCG Matrix, analyze the strategy for this product launch. (10 Marks)

Ans 1.

Introduction

The global electric vehicle (EV) industry is undergoing rapid expansion, driven by rising environmental concerns, government incentives, and advancements in battery technology. Southeast Asia presents a promising market for EVs due to increasing urbanization, a growing middle class, and government policies promoting clean energy transportation. However, the region also has unique

 

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2. Can you explain  the  various  stages  of  a  product/technology  lifecycle?  Use appropriate examples of brands/products (from industries of your choice) to explain different aspects of the product/technology lifecycle stages. (10 Marks)

Ans 2.

Introduction

Every product and technology goes through a systematic lifecycle, from its introduction to eventual decline. Understanding this lifecycle helps businesses strategize their marketing, production, and investment decisions effectively. The Product Lifecycle consists of four main stages—Introduction, Growth, Maturity, and Decline—while the Technology Lifecycle includes stages like Innovation, Early Adoption, Maturity, and Obsolescence. These cycles determine how long a product remains relevant in the market and what strategies companies should adopt

 

3a. Explain  the  4  different  types  of  innovation  (based  technology  and  market)? Provide a real-life example for each.   (5 Marks)

Ans 3a.

Introduction

Innovation is a crucial driver of business growth and competitiveness. It enables companies to differentiate themselves, meet evolving consumer demands, and adapt to technological advancements. The four types of innovation—Incremental, Disruptive, Architectural, and Radical Innovation—are classified based on their impact on existing technologies and markets. Each type plays a significant role in shaping industries and determining the success of companies. By examining real-life examples, we can understand how businesses leverage these

 

1. b) Why should companies do competitor analysis & what are the benefits of it? Explain Porter’s 5 forces model with an example from an industry of your choice. (5 Marks)

Ans 3b.

Introduction

Competitor analysis is essential for businesses to understand their market position, identify strengths and weaknesses, and develop strategies to gain a competitive advantage. By analyzing competitors, companies can anticipate market trends, respond effectively to industry challenges, and