MKTG7505 Product Strategy & Development, Semester 2, 2021
REFLECTION – Critical analysis of New Product and Service Development Process of Business Firms’
产品战略与开发报告 As you know, in our seminars we had comprehensive discussions on the sequential stages of new product and service development.
(Individual – 35% marks)
（1）Task purpose andlogic
As you know, in our seminars we had comprehensive discussions on the sequential stages of new product and service development. These discussions provided us with concepts and frameworks that can be used to critically analyse how NPD/NSD is undertaken in real world business organizations.
Accordingly, in this assessment you will critically analyse how the NPD/NSD stages are handled by business organizations using research evidence. As indicated at the beginning, in our course we discussed the ideal NPD/NSD process to be followed by firms aspiring market success. However, the evidence you may find may either confirm those stages/descriptions or differ in some aspects – not exactly follow each section as discussed in seminars.
Do they exactly undertake each stage as discussed in this course? If they differ, how do they differ? For example, some small firms may be undertaking some of the stages in an informal way. 产品战略与开发报告
(1)You will research for evidence from firms that have undertaken NPD/NSD activities and those that will provide the evidence you require for each section. For this you will search for information from all published sources such as books, case studies, journal articles, new paper articles,etc.,
(2)You will provide evidence from at least two firms for each section. The selected evidence must provide a good amount of details – not a mere two line description.
Submission format: You must adopt following format in your analysis. Use the headings and sub- headings as applicable to improve presentation structure and readability.
(1) Opportunity identification, idea generation and screening
- What opportunity/ies led to develop the product/serviceconcept
– internal and external factors framework–and the corporate product strategy framework (eg: product innovation charter, product/service platform strategy,).
(2) Idea and concept generation 产品战略与开发报告
- How was the product idea conceived – identification of problems with existing products and services or extending an existingproduct?
- How is the creativity is built and nurtured in thefirm?
- Developing the product/service concept
-Market driven – Solving a customer problem that was identified through market scanning
-Market driving – first developing cutting-edge technology and applying to solve a customerproblem
-Or combination ofboth
- How were the three components of the new concept developed- NEED/BENEFIT, FORM and TECHNOLOGY? What is the sequence followed (eg: need → technology →form?)
(3) Concept testing process (potential customer feedback and full screen process)
- Broadly how was the concept tested for its feasibility?
To what extent the firm followed the process discussed in seminars?
- developing a concept statement with a price or used a prototype of theproduct concept or virtual design? 产品战略与开发报告
- undertaking a survey with potential customers or focusgroups?
- worked with lead users of theirproducts?
- What were the findings of the concept testingprocess?
- If the findings were positive, what changes were suggested by potentialcustomers
- Were there any suggestions for possible product usewarnings?
- Any feedback on the likely marketsegment?
- Other..?
- Any evidence of full screen process e. evaluating technical and commercialfeasibility
(4) Sales forecasting 产品战略与开发报告
- How was the sales forecasting undertaken? What methods? To what extent the cases used the methods discussed in seminars or did they follow a different way to determine sales potential of the product/serviceconcept?
(5) Product design
- To what extent product design was important to thefirm?
- Design process – issues encountered and innovative aspects of product/service design?
- See the applicability of frameworks discussed in seminars (eg: functionalityvs aesthetics, contributions of design to new product goals, design goals and constraints, product architecture))
(6) Product use testing:
- To what extent they used the methods discussed in seminars? (Alpha, Beta and Gamma testing) or did they adopt different ways of product usetesting?
(7) Product launch and marketing strategy 产品战略与开发报告
- How was the product launch done? Was there a formal productlaunch?
- How was the first sale achieved? How did it help in subsequentsales?
- Subsequent modifications/improvements to theproduct
Any evidence of ‘entrepreneurial marketing strategies’
(8)Public liability and environmental/ethical/societalissues
Was the product’s marketing campaign affected by any product liability or environmental/societal issues? (use the concepts and frameworks discussed in seminars)
References: only those used in the report do not add extra/irrelevant references to the list!!
Online Submission
Word limit: 3500 words excluding references. You must indicate all sources of evidence within the report and in the list of references. Pl use Times Roman 12 point.
Referencing style: APA or Harvard
Online submission: You will submit using the link on Blackboard. Pl indicate ‘Reflection of NPD- NSD – your name’ (example)
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