Markets and Product or Service Development

Question 1

What are the phases in Product planning and development?

Answer 1

1) Idea stage – trends, research, market info
2) Concept stage – determine market reaction, feedback
3) Product development stage – final version of product
4) Test marketing stage – final evaluation,

Question 2

What are the phases in idea development process?

Answer 2

Results in developing successful, sustainable, innovative new ideas composed of 6 stages:

1. Describe the idea and competition evaluate any products or services that are filling the same need; and determine the advantages, benefits, and features that provide these benefits of your idea.
2. Determine the need
   * description developed in stage one is as in-depth as possible
   * enlist at least three different groups of consumers or firms
   * customer profile for each group!
3. Modify and Validate
   * developing a prototype template of innovation
   * interviewing individuals concerning this prototype
4. Develop a Marketing Plan
   * pricing data - cost data to determine an initial price.
   * distribution plan - geographic area and distribution channel
   * communication tools - importance of social media
5. Develop the Final Product or Service
   * development of the features of the final idea
   * marketing theme - key benefits or unique selling propositions
   * naming and packaging
6. Launch the Idea
   * final stage, launch the final product or service
   * starts the product life cycle– today often very short

Question 3

What is the goal of opportunity assessment plan?

Answer 3

• Used to determine if the innovation has at least three to five unique features (unique selling propositions)
• Search for a competitive product or service presently on the market and filling the same need
• Determines if the product or service has a viable market that is large enough, growing, and accessible enough

Question 4

What are the 3 types of markets?

Answer 4

1. Consumer markets (B2C) - consists of private individuals who purchase products or services for personal satisfaction and use
2. Industrial markets (B2B) - consists of a variety of different entities involved in the purchase or resale of the product or service not for final consumption or use
3. Government markets (B2G) - composed of purchasers in different levels of government + state owned companies

Question 5

What is the definition of segmentation?

Answer 5

Further defining the market by some criteria, is important to focusing the efforts of the technology entrepreneur.