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Ram Lakhan

In: Religion Topics

Submitted By dhiraj2016
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Product and Brand Management (MGMT-MKTG-638) - Revision Exercises -

1. “Customer analysis & competitor analysis are necessary for developing product strategy”. Comment. 2. Explain the steps involved in developing a new product with suitable examples. . Idea Generation

The development of a product will start with the concept. The rest of the process will ensure that ideas are tested for their viability, so in the beginning all ideas are good ideas (To a certain extent!)

Ideas can, and will come, from many different directions. The best place to start is with a SWOT analysis, (Strengths, Weaknesses, Opportunities and Threats), which incorporates current market trends. This can be used to analyse your company’s position and find a direction that is in line with your business strategy.

In addition to this business-centred activity, are methods that focus on the customer’s needs and wants. This could be:
•Under-taking market research
•Listening to suggestions from your target audience – including feedback on your current products’ strengths and weaknesses.
•Encouraging suggestions from employees and partners
•Looking at your competitor’s successes and failures

#2. Idea Screening

This step is crucial to ensure that unsuitable ideas, for whatever reason, are rejected as soon as possible. Ideas need to be considered objectively, ideally by a group or committee.

Specific screening criteria need to be set for this stage, looking at ROI, affordability and market potential. These questions need to be considered carefully, to avoid product failure after considerable investment down the line.

#3. Concept Development & Testing

You have an idea and it’s passed the screening stage. However, internal opinion isn’t the most important. You need to ask the people that matter – your customers.

Using a small group of your true...

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