CRITICAL WRITING Today, there is a great multitude and varieties of new products available in stores...
CRITICAL WRITING
Today, there is a great multitude and varieties of new products available in stores and online, from which consumers can choose. Think about the new products you've seen in the past two or three years, then choose a new product from any category.
Questions (2×5 = 10 Marks)
1. How would you define the attributes and benefits of the chosen product?
2. Define the core, actual, and augmented product benefits.
3. Briefly describe the steps in the new product development process.
4. Each product will have a life cycle, although its exact shape and length are not known in advance. Explain each step in the PLC.
5. What are the dimensions upon which a company manages its product portfolio?
I need the answer to write on the computer not paper
Homework Answers
1- attributes and benefits of Honda Amaze
- new big shape
- spacious interior
- digi pad
- i- vtech petrol engine
- rear parking camera
2- a- core benefit of Honda Amaze
- standard abs with ebd
- rear parking camera
- spacious interior
- in hand price
- advance infotainment system
b- actual benefit
- sleek stylish headlamps
- front fog lamps
- roof antenna
- body colored door mirror
- shift position indicator
c- augmented benefit
- 90@6000 power
- 110@4800 torque
- 18.6km/l mileage
3- steps in new product development process
- Idea generation
- screening
- concept testing
- business analysis
- product development
- commercialization
- review of market performance
4- 4 steps in product life cycle
- development or introduction - the product is officially launched into the market
- growth - the product gains popularity and sales start booming
- maturity - sales and demand fairly remains constant and the management can effectively predict sales figures
- decline - decline in demand and overall sales and consumer grow tired of the product and move on to something else.
5- dimensions upon which company manages its product portfolio:
- improve competitive positioning
- maximize product investments
- ensure that product investment align with business objectives
- prioritize product focus
- improve communication and collaboration
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