Marketing strategy

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 product. 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.

GENERATION OF NEW PRODUCT IDEAS:

a) Please list below all new product ideas that your company considered (minimum of

5, maximum of 10). These should be related in some way (i.e., same materials, same distribution structure, etc.) to the NewShoes product you are producing.

b) What method(s) did your company use in generating new product ideas?

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Student or Team Name:

2. SCREENING AND ANALYSIS: What product idea has your company selected for further development? Describe below the procedure your company used in eliminating new product ideas from further consideration and how you arrived at the new product idea you chose.

3. PRODUCT DEVELOPMENT: Explain the reasons for your choices of product features and describe the product attributes, engineering, packaging, name, etc.

4. TEST MARKETING: Explain how you would test market your new product.

5. COMMERCIALIZATION: Describe how your company would schedule the commercial introduction of your new product. What market segments did you consider? What marketing mix did you use? Be specific and detailed here.