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New Product Development and Managing Innovation

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Description

1. Explain the different product lifecycle stages. Describe the characteristics of each phase
in terms of product familiarity, sales etc. and provide a product example for each stage.

2. Creating a ‘new product strategy’ prior to initiating the concept development phase is a
fundamental component of launching new products. Picture yourself in the Product division of a leading multinational automotive manufacturer. The company intends to introduce a
moderately priced mid-range version specifically designed for the Indian market. In this
example’s context, assess the strategy utilizing two strategic planning models: the Ansoff
Matrix and the BCG Matrix.
3a. What are the advantages for companies in conducting competitor analysis? Elaborate on
Porter’s Five Forces model with an industry-specific example to illustrate its application.

3b. List and elaborate the 4 different types of innovation? Explain by providing an example
from products/industries of your choice for each type.

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