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New Product Development
and Managing Innovation
September 2023 Examination
Q1. Explain the
different product/technology lifecycle stages. List an example for a
product/company and use it explain different aspects of the product/technology
lifecycle stages (10 marks)
Ans :
Introduction:
The
product/technology lifecycle is a crucial idea that outlines the various ranges
a product or technology is going through from its inception to its eventual
decline. Understanding those levels is critical for organizations to make
informed decisions about their merchandise, strategies, and investments. Each
stage poses precise, demanding situations and opportunities, making it vital
for groups to evolve their approach accordingly.
The journey of a
product or era Dear students, get fully solved assignments by professionals
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Q2. An important aspect
of launching new products is chalking out a ‘new product strategy’ for the
product even before getting into idea generation. Imagine that you are in the
Product division of a large multi-national premium mobile manufacturer. The company
would like to launch a mid-level cheaper version for the Indian market. In the
context of this example, analyse the strategy using 2 models of strategic
planning - Ansoff Matrix and BCG matrix. (10 marks)
Ans :
Introduction:
Launching
new merchandise in the dynamic business world is critical for organizations
searching for growth and market expansion. A nicely-defined product approach is
crucial to succeed within the highly aggressive landscape. A big multinational
top-rate mobile producer must explore possibilities and tailor products to
different markets. This analysis makes a specialty of releasing a mid-stage,
less expensive version of a premium cellular for the Indian market.
This
report will use strategic planning fashions, the Ansoff Matrix, and the BCG
Matrix to analyze and understand the ability approach for the company's product
launch. The Ansoff Matrix enables perceived increase strategies primarily based
on present and new products and
Q3 a) What are the 4
different types of innovation-based technology and market? Provide a real-life
example for each. (5 marks)
Ans:
Introduction:
Innovation
is the lifeblood of progress and prosperity in our ever-evolving world. It
fuels creativity, drives trade, and leads to the development of groundbreaking
technology and markets that shape how we stay, work, and engage. At some point
in records, societies have witnessed incredible transformations driven by the
aid of innovative ideas and inventions. Every advancement has left an indelible
mark on humanity, from the wheel to the internet.
Concept &
application:
We
will discover the four different kinds of innovation-based technology and
market:
Q3 b) Why should
companies do competitor analysis; what are the benefits? Explain Porter’s 5
forces model with an example from an industry of your choice. (5 marks)
Ans:
Introduction
Competitor
analysis is a critical business practice that includes identifying, comparing,
and knowing the strengths and weaknesses of rival agencies operating in the
same industry or market. It's a vital part of strategic planning and
selection-making for any business. Companies can gain valuable insights into
their competitive panorama by using competitor analysis, enabling them to make
knowledgeable and statistics-driven choices that enhance
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