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Part II: Answer all of the following questions:

1. List the steps of the new product development process and discuss them in detail by providing relevant examples. (2.5 Pts)

2. Discuss the types of new-product approaches. (2.5 Pts)

3. Define the terms productivity, strategy, core competency, mission, and capacity appropriately. (5 Pts)



Answer :

GinnyAnswer

Final answer:

The answer details the steps of new product development, types of approaches, and definitions of key terms in product management.


Explanation:

New Product Development Process Steps:

  1. Ideation - generating new product ideas.
  2. Concept Development and Testing - testing ideas with consumer feedback.
  3. Business Analysis - assessing market potential, costs, and competition.
  4. Prototype Development - creating a working model.
  5. Market Testing - launching the product in a limited market.
  6. Commercialization - full-scale production and marketing.

Example: Apple's new product development process for the iPhone involved ideation, prototype development, market testing (beta versions), and then a full commercial launch.

Types of New-Product Approaches: They include product improvements, line extensions, new product lines, repositioning, and cost reductions.

Definitions:
Productivity: Efficiency in producing goods/services.
Strategy: Plan to achieve a goal.
Core Competency: Unique strengths of a company.
Mission: Purpose or reason for existence.
Capacity: Maximum output a system can produce.


Learn more about New product development and business management here:

https://brainly.com/question/30158056


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