Think of a product (new or rejuvenated) that you would like to introduce into the market. Explain how you would test the concept and what test markets you would choose. Consider each step involved in the new product development process.
Give four different examples of products that are in the four different phases of the product life cycle. Give your opinions on the product in the market decline phase – whether the company should divest, harvest, or rejuvenate the product. Provide reasons behind your choice. Reflect on the important marketing decisions that must be made during the market decline phase.
Discuss three different instances where you played the role of innovator, early adopter, and non-adopter within the diffusion of innovation cycle. Elaborate on the factors that influenced you during each stage of diffusion.
Reflect on the “What Trends Should I Watch?” section of chapter 8. Marketing managers must keep close watch on how the world is changing and the direction the world is going before releasing new products in the market. Demographic, lifestyle, and cultural trends can boost or constrain the success of new products. Discuss in detail the importance of culture on product success and failures. Give examples for each.
Use a new blank Word document to write about the topic chosen. This should be approximately 1 page in length (maximum of 2 pages).
Include at least one outside source to support your analysis.
Utilize proper APA formatting in all areas of the report – cover page and reference page (neither counted in length of paper), running header, and standard 12 point font with 1 inch margins. (Refer to the Orientation course and the APA manual for proper formatting techniques.)
Show critical thinking, discernment, and problem solving regarding the topic and express thoughts clearly and coherently.