BBMK403: New Product Development -Greenfield’s Markets - Six Societal Trends- Assessment Answer

December 20, 2018
Author : Ashley Simons

Solution Code: 1CBD

Question: New Product Development

This assignment is related to ”  New Product Development” and experts at My Assignment Services AU successfully delivered HD quality work within the given deadline.

New Product Development Assignment

Assignment Task

In the written overview you should:

  • Opportunity Identification and Selection:  identify and explain your opportunity/ies through applying the Greenfield’s Markets or Six Societal Trends (Session 2.1; figures 3.2-3.3 of Crawford & Di Benedetto (2011, pp. 65-67)). Approx 150-175 words.

  • Concept Generation:  

  • detail the method through which you developed the new product concept/s e.g. form; technology; benefit/need (Session 2.2; Crawford & Di Benedetto (2011, pp. 69-81))

or

  • detail the method through which you found (e.g problem or scenario analysis etc), and solved (brainstorming or group creativity etc) a consumer problem (Session 3.1; Crawford & Di Benedetto (2011) Chapter 5).

  • Stages 3-5:  Outline the headings for the concept/project evaluation, development and launch sections of your new product development plan.

Concept/Product Evaluation:  concept test design

Development: design of product use testing

Launch:  strategic launch plan for your proposed new product

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Solution:

Introduction

Problem Statement

Although there is a lot of advancement in the technology but still it is difficult to remember each and everything and to perform all of the tasks of the day on time. To make the life of human easier the concept of contextual intelligence in the cell phone will be introduced which can help the human not only to perform their all task on time but also help in making the life easier. Contextual intelligence in the cell phone is a new idea and is an innovation so this will be an opportunity for the company to gain profit. It is being decided finally to build a cell phone which have contextual intelligence in it.  (Kiernan, & Aizawa, 2004).

Concept Generation

The main concept is to make more advancement in the technology.

Concept

Contextual intelligence in smart phones is always an innovative and a very attractive idea for the users. The main concept is with the objective of making human life easier through introducing the artificial intelligence in the cell phones. This is going to predict the behaviour of the person through his online presence.

Development

Contextual intelligence is a feature which can actually make transformation in the mobile technology. This is going to behave more digital assistance which going to serve the humanity in many different ways. In the program the contextual intelligence will actually try to understand the user’s contextual situation which is going to give suggestions or service that is going to help the user to accomplish the goals and task of every day. In order to create digital assistance it is very much important to understand the physical environment of the user and to learn how person behave in certain situations.

Launch

The product after passing through all possible test is going to be introduced in the local market first and after the success the marketing campaign will be started to promote this product all around the world with the objective of serving the humanity.

Opportunity Identification

If we look at the 5c’s of opportunity identification it includes circumstances, context, constraints, compensating behaviour, and criteria. All of the 5c’s include first identifying the problems of the customer which they are facing and further this leads to explain what are the basic needs and wants of the customers. This explains how this is important to understand first the circumstances on the basis of which the consumer wants a new product or something innovative. These 5c’s will help in defining the opportunities which any company can avail by introducing new concept which make it entirely different from the other (Füller, Bartl, Ernst, & Mühlbacher, 2006).

Here the concept of contextual intelligence is entirely a new and innovative idea which is not being launched by any company yet. This idea will be introduced for the very first time. And thus this will be considered as the big opportunity for the company because this is an innovation which is not being introduced by any other mobile phone company. This product will actually help the user in making their life easier and stress free. The company after introducing the cell phone will be able to generated large revenue because of its different software system (Anthony, 2012).

How It Works

Most of the researcher has been working on this project to identify how contextual intelligence in cell phones will work and it also explains how this will be beneficial for the mobile users. The phone basically use its contextual intelligence after identifying the behaviour pattern of the user like from the online behaviour and the way the person usually respond on certain situation or how he/she will behave in different circumstances. As the activity level can help in determining the level of happiness. It is seen that unhappy people get much less expressive here automatically the amount of sentiment goes down it can be positive and negative. Once the phone understand the behaviour pattern and the way person respond to the situation the contextual intelligence will do the activity on behalf of the user, this can actually help them a lot (Dichinson, 2012).

Not only the mobile users but government and business will also get a lot help from the cell phones which contains contextual intelligence.

Product Evaluation

Once the phone is prepared with all these facilities, the software which is being installed is going to be tested which this step will be known as the product evaluation. The phone is being distributed among some of the employees to see whether phone is up-to the mark and is performing all the tasks which were actually expected from the cell phone.

As this device is going to facilitates its users from many build-in features such one the mobile user hold the phone in hand the phone will rapidly present five most likely things which the user wants to do next. Hence this will be tested by introducing the cell phone in the local market first. In the section product evaluation the software of the product is also tested to check whether they are functioning according or not (Ozer, 2009).

Product Use Testing

As innovation and new product development involves three major types of testing. Once the phone is being prepared the phone will be tested by these three methods in order to measure the accuracy of the phone. The first method is

  • Concept testing: this step occurs in the early part of NPD process as after the firm identified the competencies and narrow market opportunity where the phone can serve. Here the feedback is gathered from different customers about the functions features and benefit of the phone.
  • Product use testing: once the concept test results are in and the product is developed, prototypes are made and pilot production might also take place
  • Market testing: As the phone is developed and is being tested next the product is introduced into the market to know the success and failure of the product on a bigger platform. This step usually takes place after the success of first two steps (Ozer, 2011).

This entire test phenomenon is necessary for new product development. Once the product is ready it is passed through all of these stages in order to ensure the success of the product.

The phone after passing through all of the testing parts is being tested by the employees of the company. Ten phones is being given to them in order to know whether the contextual intelligence is helping them to make their life easier. After few days it is being asked by them about the remarks and ten out of 8 customers were actually satisfied from this cell phone.

Thus the company after knowing the success decided to launch the product into the market to gain large market share and revenue, thus now the next step will be designing a strategic plan (Williams, 2012).

Strategic Launch Plan

After the success of the product development process the next step is to launch the product in the market, so that the product becomes available for all of the customers. The product launch strategy involves several stages which are development of the phone, internal testing, and external testing of the cell phones, objective and goal setting.

These all step will be followed while launching the cell phones (Grant, 2010).

The team will develop the phones in such a way which is going to completely satisfy the customer through its contextual intelligence feature it will give an extra comfort to their users. The objective may also include setting the sales and the revenue goals with the purpose of launching event and also the future data. Marketing team positions the product relative to the competition and begins the marketing tactics which is going to bring excitement in the idea. For the maximization of sale it is very much important to launch the product at the right time as this will ensure the success of the product, thus analysing this phone will be launched at the right time as this is an innovative product so this will gain the attention of the consumers quickly (Grant, 2010).

Conclusion

Cell phones with the contextual intelligence can actually help human in many perspectives of the life, the idea is innovative so it will be very much beneficial for the company and can generate large revenue. The product will be developed and launched through proper strategic planning. The strategic planning will help the company to launch the product on the right time and in a successful manner. Thus this will ensure the success of the project and the percentage of failure will be very low.

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