Brainstorming

Screening of proposed new product ideas

Business analysis of best new product ideas and final choice of which new product idea to be developed first

Development of test models and prototypes accompanied by lab testing with resultant product features and form determined

Test marketing and concluded, final decisions about final product form and characteristics

Product introduction / rollout and plans for same

In order to complete the team term presentation, each team term must select a real-world company as the context for their project.

Step One - Brainstorming

Based upon the students' choice of a real-world company context, the students should, within that context, propose various new products that could be developed by that company. Each product possibility should be identified and described briefly. Be creative!

Step Two - Screening of New Product Ideas

Students should evaluate the various ideas proposed in step #1 above, and give reasons why (or why not) each of the product ideas should be retained for further development. Explain and defend your decisions.

Step Three - Business Analysis of Best New Product Ideas

Students should use business tools to analyze each product proposed (those that remain) such as cost estimations, forecasted sales potential, competitive analysis, market needs, and other more qualitative reasoning techniques to determine which ONE of the proposed will become the focus of further product development activities. The result of this process should be that the student must make a firm decision about which proposal will actually be developed into a real product.

Step Four - Development of Test Models and Prototypes

In this step, students should come up with a sketch or photo (even if made from cardboard, Styrofoam...or just rough illustrations that reveal the product's form. The kind of testing and the anticipated problems that should be the focus of the testing should be identified and discussed.

Step Five - Test Marketing, Final Product Form and Characteristics, and Initial Rollout Marketing Mix

In this step, students should talk about their choice of a test market they believe would give them the necessary feedback about the product and its viability for future introduction. Defend your decision of test market choice. What will be the final form and the characteristics of the product (features)? Be as specific as possible.

Step Six - Product Introduction / Rollout and Plans for Same