Product Development

MKTG 2101: NewShoes PRODUCT DEVELOPMENT

MKTG 2101 Sec (001 or 002):

Team #:

Leader’s Name:

DUE: MONDAY, NOV 26 @ 11:59 PM

Submit Digitally (on Canvas) to: NewShoes ASSIGNMENTS / NewShoes PRODUCT DEVELOPMENT

1 Submission per NewShoes TEAM

New product development is critical to the long-term success of a company. As a product reaches the end of its life cycle, a new or improved product must be ready to replace it. Having multiple products on the market reduces the risk of depending on a single offering. And being the first to market with new products can provide an advantage over competitors. In this assignment, you will go through the process of new product development, from generating ideas to commercializing the new product.

(1) IDEA GENERATION: List below at least 10 NEW PRODUCT ideas that your TEAM has considered (use additional space as needed). These should be related in some way to the NewShoes’ product you are already producing (e.g., same target market, same usage, same materials, or same distribution structure).

1) 6)

2) 7)

3) 8)

4) 9)

5) 10)

How did your team generate these NEW PRODUCT ideas? What method(s) did you use?

(2) IDEA SCREENING & ANALYSIS:

a) Describe the procedure your TEAM used to eliminate some NEW PRODUCT ideas from further consideration. How did you arrive at the idea you chose?

b) What NEW PRODUCT idea did you select for further development? Why?

MKTG 2101: NewShoes PRODUCT DEVELOPMENT (page 2 of 2)

MKTG 2101 Sec (001 or 002):

Team #:

Leader’s Name:

(3) PRODUCT DEVELOPMENT: Describe your NEW PRODUCT’s features, branding, packaging, support, and other key characteristics.

(4) TEST MARKETING: How will your TEAM test market your NEW PRODUCT? What will your TEAM do to help ensure that your NEW PRODUCT will be a success?

(5) COMMERCIALIZATION: Describe how your TEAM will introduce your NEW PRODUCT. What market segments will you pursue? What marketing mix will you use? Will these be the same as – or different from – your current marketing strategy and mix (pricing, distribution, promotion)? Why (or why not)?

+ + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + ++ + + + + + + + + + ++ + + + + + + + + + + +

REQUIREMENTS

· Final written submission should NOT exceed two (2), double-spaced pages

· Submission must include your SECTION #, NewShoes TEAM #, and TEAM LEADER’s name

· DUE: MONDAY, NOV 26 @ 11:59 PM; submit on CANVAS

GRADE

· 1 POINT for complete document submitted before the DEADLINE

· Work that is incomplete or not submitted in proper form may receive partial credit or zero (0)

LATE SUBMISSION PENALTIES

· −50% If submitted AFTER DEADLINE, but BEFORE 11:59 AM on TUESDAY, NOV 27

· −100% If submitted AFTER 12 N on TUESDAY, NOV 27

MKTG 2101: NewShoes PRODUCT DEVELOPMENT 11.26.2018