Explain the importance of developing new products.

Writing by Geoffrey

   Purpose of this Assignment:

To study and apply the concepts of Developing and Managing Products

 

 

Assignment Instructions:

  • READ and STUDY the Chapter to prepare for this assignment.
  • READ the Case Study associated for this assignment.
  • YOU are required to type your responses using THIS WORD Typing Template – Do Not delete anything from the template.
  • TYPE your Name at the TOP of the assignment.
  • After you read and study the chapter, type up detailed quality answers to the following questions. College level writing is expected and required.
  • Make sure the Line Spacing is at least 1.5 before you save it.
  • TURN in by the DUE DATE and Time.

 

Questions:

 

  1. List and Explain each of the 7 steps in the new-product development process. Number them 1-7.
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  1. List 3 advantages of simultaneous product development. Number them 1-3.
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  1. Explain the importance of developing new products.

 

  1. List and Describe the 6 categories of new products. Number the 1-6.
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  1. What are some of the global issues in new-product development?
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  1. What is the diffusion process through which new products are adopted and HOW is it spread?

 

  1. Using the chart below List each of the 5 categories of adopters who participate in the diffusion of innovation process.

Include the percent (%) who adopt in each category and the characteristics of each.

 

Adopter Category Percent (%) who adopt products Characteristics of Adopters
1)    
2)    
3)    
4)    
5)    

 

 

  1. What type of adopter behavior do you typically follow? Explain with a personal example or two.
  1. What are the 7 characteristics of Successful Product Introductions that companies practice? Number them 1-7.
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  1. List and define the 5 Product Characteristics used to predict and explain the rate of acceptance and diffusion for a new product.

 

Product Characteristic Definition
1)  
2)  
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4)  
5)  

 

 

Watch the following video to help you understand Product Life Cycle – PLC:

 

  • Traditional Product Life Cycle, 10:53 min, Jason Richea

(Note: You do NOT need to do the requested activity at the end of the video.)

http://www.youtube.com/watch?=wYeXCeBZhjE

 

  1. Using the chart below list the 4 stages of the Product Life Cyle and the characteristics of each stage.

 

PLC Stage Characteristics of PLC Stage
1)  
2)  
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4)  

 

 

  1. What is Cheerios doing to compete successfully in the maturity stage?

Go to its Web site, http://www.cheerios.com, to find out. You gotta check out the “It’s All Family” video (1 min) too cute!

 Refer to the Chapter Case and Videos for the following questions:

 

 

  • (2012) Tesla Motors Spotlight: Brand Strategy & Marketing, 5 min.

https://www.youtube.com/watch?v=xLOpuXNrBmI

 

  • (2017) Three Ways Tesla’s Marketing Strategy is Leading the Way, 1.54 min.

https://www.youtube.com/watch?v=B4lkWO1TC5c

 

  • Tesla Vehicle Engineering – Part 1, 3.26 min.

https://www.youtube.com/watch?v=TrbOLHW8Pec

 

  • The Tesla Roadster – In Their Own Words, Part 1 (2010), 2.32 min.

https://www.youtube.com/watch?v=VQfHOqJtVZ8
Tesla, Published on Jul 13, 2010

 

  • Model 3 Surprise, 1.53 min.

https://www.youtube.com/watch?v=e_Wnwb_cC3g

 

  • TESLA – Check out their Website!

https://www.tesla.com/

 

 

  1. Telsa’s new products have been successful, in part, because they have a well-defined new product strategy at their core and are driven by the corporate objectives and strategies of using electricity over gasoline when designing automobiles. True or False? Explain.
    • TRUE or FALSE –
    • Explain –

 

  1. Tesla employed simultaneous product development by having their hardware and their software design teams work together on the autonomous automobile initiative. True or False? Explain.
    • TRUE or FALSE –
    • Explain –

 

  1. New products are important because they do all of the following EXCEPT which of the following? Explain your response. BOLD the correct response.
  2. sustain growth
  3. increase revenues and profits
  4. extend resources
  5. replace obsolete items

 

  1. Answer –
  2. Explain –

 

  1. The Tesla Model 3 is what category of new product? Explain your response. BOLD the correct response.
  2. improvement/revision to existing product
  3. new-to-the-world product
  4. new product line
  5. repositioned product
  6. lower-priced product

 

  1. Answer –
  2. Explain –

 

  1. New product ideas can come from all of the following sources EXCEPT: BOLD the correct response.
  2. employees
  3. customers
  4. distributors
  5. competitors
  6. New product ideas can come from all of these.

 

  1. Answer –
  2. Explain –

 

  1. The addition of the self-driving hardware to Tesla cars in considered a(n) __________. Explain your response. BOLD the correct response.
  2. diffusion
  3. experiment
  4. commercialization
  5. innovation

 

  1. Answer –
  2. Explain –

 

 

  1. Which of the following characteristics will NOT have an impact on decisions for early adopters of the Tesla Model 3? Explain your response. BOLD the correct response.
  2. compatibility
  3. observability
  4. complexity
  5. relative advantage

 

  1. Answer –
  2. Explain –

 

 

  1. What have you personally learned and taken away from studying the concepts in this unit of study?

 

 

 

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