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Q12. Dormentor Inc. produces, converts, and markets packaging products including boxboard, container board, and numerous other...

Q12. Dormentor Inc. produces, converts, and markets packaging products including boxboard, container board, and numerous other specialty packaging products. In an attempt to increase its organic growth, the company decides to introduce new products. It asks the managers and employees to send in ideas for new products. Before launching products based on any of these ideas, what are the stages that the company has to go through? (1 point, word limit: 100 words)

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Expert Solution

Examples of a new product include the below mentioned items . Kindly note the below mentioned list is not an exhaustive one .
1 Making Tetra pack like packaging product
2 Making heatproof packaging material packing food items or durable products
Stages to be considered before the launch of the product include
1. Idea gathering stage
The first stage is the idea gathering stage and all the different ideas are invited from the employees advisors top management etc
2. Idea selection stage
The Idea selection stage is the stage of screening of the various ideas obtained to narrow down the best product idea to implement
3. Research stage
Once the idea is selected the R & D department shall carry out the testing of the product if it is possible to make and market the product
4. Preliminary testing phase
The preliminary testing phase involves the entity to evaluate the if the product is functioning as per the desired traits and meets the required target of the product
5. Feasibility study
The next stage is the feasibility study of the product and it is evaluated how the product would incurr cost and revenue will be generated . This stage also requires to make a forecasted PL of the product proposed ti be launched
6. Commercial production and pricing
This stage involves setting up of a factory or machines in order to mass-produce the product and reduce the cost to sustainable levels and also to evaluate the pricing strategy either cost leadership,
7. final stage - launch of the product
This involves actual launch of the product in the consumer market

jeff jeffy answered 1 month ago
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