Steps in New Product Development
Step 1: Generating. …
Step 2: Screening The Idea. …
Step 3: Testing The Concept. …
Step 4: Business Analytics. …
Step 5: Beta / Marketability Tests. …
Step 6: Technicalities + Product Development. …
Step 7: Commercialize. …
Step 8: Post Launch Review and Perfect Pricing.
MBA Question on this topic:
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Q) M/s Joy Corporation wants to enter into the production, marketing and distribution of Mobile Phones. The company is a market leader in Washing Machines and Refrigerators. The company wants to penetrate into the ever increasing Mobile Market. It plans to sell mid-range mobile phones where the major competitors are Oppo, Vivo and Xiaomi.
a. Explain various steps involved in the new product development of Joy Mobile Phones.
b. Explain various marketing strategies that Joy mobile phones should undertake during the time of launch i.e. introduction phase of Joy Mobile Phones.
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