New product development June 2024

Description

New Product Development and Managing Innovation

June 2024 Examination

 

 

1. Explain the different product lifecycle stages. Describe the characteristics of each phase in terms of product familiarity, sales etc. and provide a product example for each stage. (10 Marks)

Ans 1.

Introduction:

The product lifecycle serves as a foundational framework for understanding the trajectory of a product from its inception to its eventual decline. Comprehending the nuances of each stage in this lifecycle is essential for businesses to effectively manage their products and remain competitive in dynamic markets. Each phase presents unique challenges and opportunities, influencing decisions regarding marketing, production, and innovation. Through a comprehensive understanding of the product lifecycle stages, companies can optimize their strategies to maximize profitability and mitigate risks associated with product development. This essay will delve into the characteristics of each product lifecycle stage, exploring examples to

 

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2. Creating a ‘new product strategy’ prior to initiating the concept development phase is a fundamental component of launching new products. Picture yourself in the Product division of a leading multinational automotive manufacturer. The company intends to introduce a moderately priced mid-range version specifically designed for the Indian market. In this example’s context, assess the strategy utilizing two strategic planning models: the Ansoff Matrix and the BCG Matrix. (10 Marks)

Ans 2.

Introduction:

In the automotive industry, developing a comprehensive new product strategy is essential for successfully launching a new vehicle model. This is particularly crucial when targeting specific markets, such as the Indian market, which has unique preferences and demands. As a member of the Product division in a multinational automotive manufacturer, the task at hand involves introducing a moderately priced mid-range version tailored specifically for the Indian market. To assess this strategy effectively, two strategic planning models will be utilized: the Ansoff Matrix and the BCG Matrix. The Ansoff Matrix helps evaluate growth opportunities by considering market penetration, product development, market development, and diversification, while the BCG Matrix aids in assessing the product portfolio’s strategic position based on

 

 

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3a. What are the advantages for companies in conducting competitor analysis? Elaborate on Porter’s Five Forces model with an industry-specific example to illustrate its application. (5 Marks)

Introduction

Ans 3a.

Competitor analysis is a crucial practice for companies seeking to gain a competitive edge in their respective industries. By understanding their competitors’ strategies, strengths, weaknesses, and market positioning, companies can make informed decisions to improve their own performance. One widely used framework for competitor analysis is Porter’s Five Forces model, which provides a structured approach to assess industry competitiveness. This model examines five key forces that shape competition within an industry, helping companies identify opportunities

 

 

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3b. List and elaborate the 4 different types of innovation? Explain by providing an example from products/industries of your choice for each type.    (5 Marks)

Ans 3b.

Introduction:

Innovation is a cornerstone of progress in any industry, driving growth, competitiveness, and customer satisfaction. Within the realm of new product development, four distinct types of innovation emerge, each contributing uniquely to organizational success. These include incremental innovation, disruptive innovation, architectural innovation, and radical innovation. Understanding these types is pivotal for businesses seeking to navigate the dynamic landscape of innovation effectively.

Concept and application

Incremental