The new product development process includes seven steps. These steps are the following: (1) new product development strategy, (2) idea generation, (3) screening and evaluation, (4) business analysis, (5) development, (6) test marketing, and (7) commercialization. From a marketing viewpoint, price is the money exchanged for ownership or use of a product. Four common approaches to finding an approximate price level are (1) demand-oriented, (2) cost- oriented, (3) profit-oriented, and (4) competition-oriented approaches. 2 Cost-oriented approaches include (a) standard markup pricing and (b) cost-plus pricing. 3 Profit-oriented approaches include (a) target profit pricing, (b) target return-on-sales pricing and (c) target return-on-investment pricing. 4 Competition-oriented approaches include (a) customary pricing, (b) above-, at-, or below- market pricing, and (c) loss leader pricing. Students will do the following: 1. Choose a new product that you want to bring to market. Provide a short description of the product. The product can be a good or service. a. Note that this new product does not have to be new to the world. Rather, it can simply be new to the company in which you are working for the purposes of this assignment. b. Examples of new products include, but are not limited to, the following: a new smartphone, a new computer, a new car, a new toothbrush, new mouth wash, a new food service, a new soft drink, a new chocolate bar, new laundry detergent or a new streaming service. It can be one of these or a different one. 2. Select 3 of the 7 steps listed above for the new product development process. For each of the selected steps, give a brief description of the step and explain how it is relevant to the specific new product you selected. Demand-oriented approaches include (a) skimming pricing, (b) penetration pricing, (c) prestige pricing, (d) price lining, (e) odd-even pricing, (f) target pricing, (g) bundle pricing and (h) yield management pricing. 3. Select one of the 4 common approaches to finding an approximate price level listed above. Then, identify and describe one of its pricing strategies. Why do you think that this approach to pricing will be successful?

The assignment should have a short introduction and conclusion.