Business 330 Marketing: 200 Words Responding To The Topic Pr

Business 330 Marketing200 Words Responding To The Topic Presentedass

Develop an idea for a new product that falls into the category of "Gee, I wish someone would develop...". Follow the 7 stages in the new product development process (from chapter 10), providing one explanatory paragraph for each stage. Identify the stage, page number, and specific application to your product idea. If data is lacking for any stage, explain what would be necessary or what is known about that stage as it relates to your product. Be creative and specific, imagining or creating information if necessary. Maintain standard formatting, proper spelling, and grammar. Additionally, provide and explain a relevant Scripture reference related to the subject studied this week. The total length should be approximately 200 words for the main response.

Paper For Above instruction

Developing a new innovative product requires a strategic approach through the seven stages outlined in the new product development process. The first stage, idea generation, involves brainstorming unique concepts inspired by consumer needs or gaps in the market; for this product, I envision a smart, eco-friendly personal hydration device that monitors water intake and environmental factors (Page 251, Ch. 10). At the screening stage, potential ideas are evaluated for feasibility and market potential; for my product, this would involve assessing technological requirements and consumer interest. The concept development and testing phase entails creating prototypes and gathering feedback; this step would include developing a working model and testing its usability with target users. During business analysis, sales forecasts, profit margins, and costs are calculated to ensure profitability—additional data on manufacturing costs and market size would be needed here. The product development stage involves actual creation and refinement of the prototype, integrating user feedback. In market testing, the product would be introduced to a small segment to gauge demand and refine marketing strategies; for my idea, a limited release at fitness expos might be ideal. The final stage, commercialization, involves full-scale production and marketing—this requires strategic planning, distribution channels, and promotional campaigns. Throughout, a Scripture that resonates is Proverbs 16:3, "Commit your work to the Lord, and your plans will be established," emphasizing the importance of faith and diligent planning in innovation.

References

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