Why do most new products fail? (6) - correct answer 1. Little or no market research
2. The customer does not exist (overestimation of
market size/demand)
3. There is no value proposition (or poor match
between product features and customer desires)
4. The p...
6. Price is too low or too high, depending on customer
Why did the Segway fail? - correct answer - no problem identified
- developed as a stand alone, not built as solution
- the context for the product didn't exist, no clear target market
- pricey product for value that cannot be identified
- no user feedback, internally driven
New Product Process - correct answer Phase 1: Opportunity Identification/Selection
Phase 2: Concept Generation
Phase 3: Concept/Project Evaluation
Phase 4: Development
Phase 5: Launch
Phase 1: Opportunity Identification/Selection - correct answer - Active and passive
generation of new product opportunities as spinouts of the ongoing business
operation
- new product suggestions/ change in marketing plan
-Evaluate, rank and validate product opportunities (not as specific concepts)
, Sources of Identified
Opportunities - correct answer • An under utilized resource (a manufacturing
process, an
operation, a strong franchise)
• A new resource (discovery of a new material with many potential uses)
• An external mandate (stagnant market combined with competitive threat)
• An internal mandate (new products used to close long
-term sales gap,senior management desires)
Gap Analysis/Conceptual Mapping - correct answer Perceptual mappiung
Phase 2: Concept Generation - correct answer - Select a high potential/urgency
opportunity, and begin
2. Concept testing (on customers) - first formal evaluation
3. Full screen - all info got on potential product, decision to go ahead or not
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