Business & Finance - Financial markets Assignment 4: Create Your New Product. Create an infographic, a visual representation and 10 – 12 slides, excluding the cover & references pages. See Instructions for more details

Assignment 4: Create Your New Product

Instructions

You must engage in the new product development process in developing your new product. Since the procedure for marketers tends to be the worst executed, it is also important to understand the risks and pitfalls in each stage. In this assignment, you will: 

· Introduce your new product, 

· Develop an infographic for the new product development process, and 

· Identify the steps you would go through to complete the development process for your new product 

Identify the steps in the new product development process and evaluate the challenges. 

A. Create an infographic, a visual representation of your information. Your infographic should (i) show the steps in the new product development process and (ii) identify the challenges of each step. Use the Process Infographics format from Vismo.co's  What Is an Infographic? blog. Use boxes to illustrate the steps in the process. Label each box clearly to correspond with each step in the new product development process. Within each box, briefly describe the step and the associated challenges.   

B. In addition to the infographic, explain each step in the new product development process in a PowerPoint presentation and evaluate the challenges. In your PowerPoint, identify each stage and the associated challenges for your new product. Be sure to provide the needed details in each step. Each slide should include a minimum of 100-150 words in the slide notes. 

Your audience for your infographic is the team that will likely be tasked with the new product development initiative. You will give them your infographic, something for them to have as a quick reference. Be sure to save a copy for yourself since you anticipate being a team member. Include your infographic as one of the slides in your presentation.  

Requirements

Length: 10 – 12 slides, excluding the cover & references pages. 

References: Include a minimum of 5 scholarly references. 

The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards.

Lesson 4: New Product Creation

To maintain their competitive edge, marketers work to provide their customers with value. If they fail to do so, customers will move on to their competitors, where they see better value in what they purchase. To provide added value, marketers engage in the new product development process to develop products and services that are either new or find new applications for their existing products. This is especially important, as marketing activities are the worst-executed activities when developing new products (Cooper, 2019). 

Various authors have offered models with differing numbers of systematic steps that must be followed in the new product development process. The number of steps in the process can vary because of the nature of the industry (Singh, 2021; Adams, 2019). It takes two years to get a product from the drawing board to the consumer’s hands. 

The Steps of New Product Design 

Regardless of the number of stages of the new product development process, there are important drivers of success. First, the process must have effective tactics, such as meaningful front-end research and developing a solid value proposition. Second, Strategic and environmental factors must be considered, including corporate climate and culture and the organization’s innovation strategy. Finally, organizational systems that are used for new product development are essential. Some plans include stage-gate processes and ideation methods (Cooper, 2019). 

Developing a new product is time-consuming and risky and needs funding. Not all new product launches succeed, leading to poor financial returns. Some of the examples of why a new product launch fails are simple. On the one hand, a reason for failure could be that consumers did not require the product. Another reason could be that the new entrant failed to distinguish itself from a competitor’s existing brand. To avoid these pitfalls, Marketers must engage in the new product development process to launch a competitive product that consumers desire. 

References 

Cooper, R. G. (2019). The drivers of success in new-product development.  Industrial Marketing Management,  76, 36-47. 

Singh, S. (2021).  What are the Seven Stages in the New Product Development Process?  

Adams, Daphne (2019).  Five phases of the New Product Development Process.  

Tech in 5 Minutes. (2020, June 24).  7 Stages of Product Development Process [Video]. YouTube. https://www.youtube.com/watch?v=k9qOo09KG_I 

Criteria	Exceeds All Expectations (94-100%)	Exceeds Most Expectations (90-93%)	Meets Expectations (83-89%)	Below Expectations (73-82%)	Does Not Meet Expectations (0-72%)	Criterion Score
Develop infographic	5 points Student developed a clear infographic with appropriate text and images.	4.65 points Student developed an infographic with images but a text that requires more substance.	4.45 points Student developed an infographic with images and limited text.	4.1 points Student developed an infographic without explanation of the challenges of each step.	3.6 points Student did not provide an infographic.	Score of Develop infographic, / 5
Identified the steps and challenges of the new product development.	5 points Student developed a clear discussion with sound support for the choice.	4.65 points Student developed a discussion with an explanation which needed more substance.	4.45 points Student developed a discussion with no support for its appropriateness.	4.1 points Student developed a discussion without accompanying explanations as to why the definition was appropriate.	3.6 points Student did not provide a discussion.	Score of Identified the steps and challenges of the new product development., / 5
Applies how the new product development process affects the student's new product.	3 points Student developed a clear discussion with sound support for the choice.	2.79 points Student developed a discussion with an explanation which needed more substance.	2.67 points Student developed a discussion with no support for its appropriateness.	2.46 points Student developed a discussion without accompanying explanations as to why the definition was appropriate.	2.16 points Student did not provide a discussion.	Score of Applies how the new product development process affects the student's new product., / 3
PowerPoint notes follow APA standards.	2 points Student used correct grammar, punctuation, and (when applicable) APA formatting, with no more than 1 or 2 errors.	1.86 points Student used correct grammar, punctuation, and (when applicable) APA formatting with only 3 or 4 errors.	1.78 points Student used mostly correct grammar, punctuation, and (when applicable) APA formatting, having less than 5 errors.	1.64 points Student used some correct grammar, punctuation, and (when applicable) APA formatting.	1.44 points Student needs to refine grammar, punctuation, and (when applicable) APA formatting because many errors were evident.	Score of PowerPoint notes follow APA standards., / 2