MGT211 Assignment 1 Solution 2021 - VU Answer

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MGT211 ASSIGNMENT 1 SOLUTION SPRING 2021 

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Assignment Objective

To make the students learn the product development process for a new product. 

Learning outcomes 

After attempting this assignment, students will be able to apply their learnt knowledge for creating a new product through the product development process.

Question 

A product development process for creating and launching a new product passes through a number of stages. These stages start from brainstorming and end on launching the new product. Suppose, there is a dire need of some portable cooling machine that could dispense water in an office or a drawing room; immediately, you get an idea that there should be a light-weight small water dispenser that can be introduced in the market to fill this gap. 

Describe your plan of launching a water dispenser in the market following the new product development process.

Solution:

Steps for Product Development of New Product

Following are the important steps of new product development process

1. Recognition of unsatisfied needs. 

2. Idea Generation.

3. Idea Screening.

4. Prototype (Physical shape of the product.)

5. Product Testing (Laboratory Test, Test Marketing.)

6. Commercialization

Step 1:

Recognition of unsatisfied needs    

Some portable cooling machine that could dispense water in an office or a drawing room.

Step 2:

Idea Generation.

Idea generation refers to the search for new product ideas. A company generates hundreds of ideas for a new product. There are two source of idea generation:

1. Internal ideas

2. External ideas

Step 3:

Idea Screening

The next step in product development process is idea screening. Idea screening means thinking deeply about those ideas that we generate for a new product.

Step 4:

Prototype (Physical shape of the product.)

In this stage we appear a portable and light weight and small water dispenser in physical shape.

Step 5:

Product Testing (Laboratory Test, Test Marketing.)

When we develop a dispenser in physical shape then the next is testing. There are two type of testing:

1. Laboratory test

2. Test marketing 

Step 6:

Commercialization

The water dispenser is ready for sale in the market the dispenser is sold on commercial basis.

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