Topic starter
July 28, 2021 6:48 pm
Spring 2021 Introduction to Business (MGT211)
Assignment 1
Objective
To make the students learn the product development process for a new product.
Learning outcomes
After attempting this assignment, students will be able to apply their learnt knowledge for creating a new product through the product development process.
Question: A product development process for creating and launching a new product passes through a number of stages. These stages start from brainstorming and end on launching the new product. Suppose, there is a dire need of some portable cooling machine that could dispense water in an office or a drawing room; immediately, you get an idea that there should be a light-weight small water dispenser that can be introduced in the market to fill this gap.
Describe your plan of launching a water dispenser in the market following the new product development process. Marks 10
Instructions
- Avoid unnecessary details in answering the given question. Answer should be comprehensive and to the
- Assignment should be made in MS Word only. Font style “Times New Roman’ Font Size ‘12’
- Assignment must be submitted by uploading it against Assignment No. 1 on VU-LMS within due date (3rd August, 2021). Submission through E-mail will NOT be entertained.
- As you know that load shedding problem is also prevailing in our country. Keeping in view this fact, you all are advised to submit your assignment as early as possible without waiting for the due date. For your convenience; you have been communicated well before time so that you can manage your activities, therefore no excuse will be entertained after due date of
- 24 hours extra / grace period after the due date will be available for submission on VU- LMS. The purpose of providing grace period is to overcome uploading difficulties which may be faced by the students on due date. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
- Plagiarism is strictly prohibited. Any evidence of plagiarism (if found) shall be strictly dealt as per “ZERO TOLERANCE POLICY” of the University.
July 29, 2021 12:32 am
Topic starter
July 29, 2021 6:18 pm
MGT211 Assignment 1 Spring 2021
MGT211 Assignment 1 Spring 2021 solution idea:
STEPS FOR PRODUCT DEVELOPMENT
Following are the important steps any product development process
- Recognition of unsatisfied needs.
- Idea Generation.
- Idea Screening.
- Prototype (Physical shape of the product.)
- Product Testing (Laboratory Test, Test Marketing.)
- Commercialization
- Recognition of unsatisfied needs
Some portable cooling machine that could dispense water in an office or a drawing room.
- Idea Generation.
Idea generation refers to the search for new product ideas. A company generates hundreds of ideas for a new product. There are two source of idea generation:
- Internal ideas
- External ideas
- Idea Screening
The next step in product development process is idea screening. Idea screening means thinking deeply about those ideas that we generate for a new product.
- Prototype (Physical shape of the product.)
In this stage we appear a portable and light weight and small water dispenser in physical shape.
- Product Testing (Laboratory Test, Test Marketing.)
When we develop a dispenser in physical shape then the next is testing. There are two type of testing:
- Laboratory test
- Test marketing
- Commercialization
Here the dispenser is ready for sale in market the dispenser is sold on commercial basis.
Download attachment for MGT211 assignment 1 solution file.