Product Development – Assignment Example
The paper "Product Development" is a great example of a marketing assignment. Product development is quite a tough task for a company as it involves not only the production and development department but requires participation and input from every department of the company. Following are the things that a company should consider before developing a new product
• The Core idea behind the company and the type of product.
• The prevailing trends in the market.
• The condition of the market.
• The scope of the product
• Target audience of the product
• Costing benefit analysis of the product.
• Norms and Culture of the selected market
• Government rules and regulations.
• Budget required for marketing and promotion of the product.
• Future of the product in the long run.
Crystal Pepsi, Cocaine energy drink, Colgate kitchen entries, Bic underwears etc. The causes of their failures were the mismatch of associations, un-necessary extensions, and violations of ethical norms. I would have conducted a need analysis for an extension also market researches and prototype testing of the new product before the actual launch. Also would have aligned my product with my brand image and essence.
b) Give an example of a successful product? (50 Words)Apple’s IPAD is an example of the successful product. The scenario in which IPAD was launched it can be clearly identified that it was a breakthrough product. No competition was there and the product in alignment with the brand image of APPLE. It replicated the design and functionality of iPhone in many ways so testing and response could be predetermined.