24 Feb MRKT450:7:Online New Product Development (US & Global)

Look at these two methods of meeting the Criteria for New Products. What are your thoughts. How do we meet each of these requirements or Do we have to meet all of them. Picture this. You have a new Product to introduce to the Management. Is it important that your product meet ALL of the criteria?

Criteria Based on the NewProd Studies

• Must-Meet Criteria (rated yes/no):

– Strategic alignment

– Existence of market need

– Likelihood of technical feasibility

– Product advantage

– Environmental health and safety policies

– Return versus risk

– Show stoppers (“killer” variables)

· Should-Meet Criteria (rated on scales):

– Strategic (alignment and importance)

– Product advantage (unique benefits, meets customer needs, provides value for money)

– Market attractiveness (size, growth rate)

– Synergies (marketing, distribution, technical, manufacturing expertise)

– Technical feasibility (complexity, uncertainty)

– Risk vs. return (NPV, IRR, ROI, payback)

Writing Requirements

· APA format, 3 pages in length (excluding cover page, abstract, and reference list)

· Use the APA template located in the Student Resource Center to complete the assignment.

Discussion 7.1

Review Chapter 13 and discuss the following scenario:

“Most of our divisions believe in customer integration — involving the user in the new product process. I am a fanatic on it. But some people want us to carry this right into the technical design phase. This would be dangerous. A lot of what we do must be secret–we can’t patent most of our ideas, and timing is every¬thing. That’s why we put so much emphasis on speed of development. But I still get pushed to do more. Help me. Tell me all the things we might do to get integrated customers but at the same time minimize the risks of losing our secrets.”

Discussion 7.2

Corporate Design Foundation ( www.cdf.org): Follow the links to the on-line newsletter, @Issue. Browse the titles of articles in the current issue and recent back issues and select one that addresses some aspect of product design. Prepare a summary of the article. Discuss the important role of design in the success of the product discussed in your article.

Discussion 8.1

Procter & Gamble ( www.pg.com): Explore the P&G site and figure out how they test the likely market acceptance of their newest products. Is this an effective method? What are its pros and cons? What do you think of some of the newest products under consideration?

FINAL EXAM

You are going to be developing a new product for the company. You have to choose a team. Using the following format who would be on your team and what are the requirements you are looking for to develop your team.

Building a Team • Establishing a Culture of Collaboration • Team Assignment and Ownership – Empowered product champion • Selecting the Leader – A good general manager • Selecting the Team Members – Core and extended team members

Writing Requirements

· The questions need to be answered in paragraph format.

· Your final submission for each case study should be 2-4 pages in length with APA formatting for each case study.

· You will need to have a minimum of 2 web sources for each case study.

· Use the Databases and APA template located in the Student Resource Center to complete the assignment.