MKTG851 : New Product and Service Commercialisation - Management Assignment Help

Assignment Task:

Task:

Topics/parts that must be covered in your individual written report:

1. Opportunity Identification

• Identify the firm for whom the new product idea will be developed.

• Discuss your recommended NPD growth strategy for the firm (i.e. Ansoff Matrix), and the type of innovation (4P’s / incremental or radical innovation) focussed upon.

• Identify the area of opportunity for the firm that will direct your new product concept development. E.g. unmet need, product/service improvement, emerging trend etc. Ask yourself, what problems are consumers trying to find a solution to?

• Validate the area of opportunity by identifying the factors driving demand for this new product or service, and the type of competition that may exist in the current or future product or service market in which the new product/service competes.

• Develop the firm’s product innovation charter (PIC), showing how this opportunity fits with the overall business strategy of the firm you have chosen and supports the product/ service portfolio already being offered and resourced by that firm.

2. Concept generation/ evaluation

• Briefly Introduce the new product/ service concept you propose.

• Prepare a concept board for use in researching consumer reaction to this new product or service innovation, explaining the objectives behind this proposed research.

3. Concept development

• Outline the technique you would recommend for prototype testing, critically evaluating its role in commercialisation process.

• Discuss the strategic benefit of strategic alliances that may be necessary or perhaps the role of open innovation in the commercialisation process for your new product/service.

4. Launch Planning • Outline the proposed business model.

• Identify and justify the proposed brand architecture strategy.

• Identify the target audience and positioning for your new product or service.

• Propose a pricing strategy for the new product/service.

• Propose a communication strategy for the new product or service, also outlining your strategy for the pre-launch.

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