Question

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.

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?

Answer 1

I have chosen the Samsung Galaxy S10 as my product.

1. Attributes: Curved screen, in-display ultrasonic fingerprint sensor, 3 different cameras. Wi-Fi 6, 8GB of RAM, lightweight, compact, best display in the class, blue light filter.

Benefits: Competitively priced according to the competitors, the ability to pay wirelessly, ease of use, various financing options, etc.

2. Core Benefit: Ability to make phone calls, HD phone calls based on VoLTE or VoWiFi. Ability to send text messages.

Actual Benefits: Taking photos, using various messenger platform to send messages and media, better battery life, listening to music, Fast Charging, etc.

Augmented benefits: Wireless Charging, AR emojis, Using Google Maps for getting directions, Etc.

3. The new product development process:

• Idea generation: The cycle of innovative product creation starts with the production of ideas. Idea generation relates to the organized quest for ideas surrounding new goods. An organization usually produces hundreds of proposals, perhaps even thousands, to end up with a handful of decent ones. Two origins of fresh ideas can be recognized: internal origins of innovation:

  • Internally, the organization is seeking new innovation. That means R&D but also employee contributions.

  • External origins of innovations: the organization seeks outwardly fresh ideas. This applies to all sorts of public outlets, but also rivals, e.g. retailers and manufacturers. Customers are the most significant external source, as the current product creation phase will rely on generating value for the consumer.

• Idea screening: The next step in the cycle of new product creation is sampling the concepts. Screening ideas means nothing more than filtering out the suggestions to choose good ones. In other terms, all produced ideas are screened for spotting good ones and dropping bad ones as quickly as possible. If the concept creation intent was to produce a large variety of ideas, the goal of the subsequent stages is to which that number. The explanation for this is that in later stages, the costs of drug production increase considerably. The organization will then only want to go ahead with certain new concepts which would transform into successful goods. Consequently, removing the bad ideas as early as possible is crucially necessary.

• Concept development and Testing: Appealing concepts need to be shaped into a design model to proceed with the current product creation process. A product definition is a comprehensive representation of the revolutionary idea presented in concrete terms to the user. One must differentiate.

  • A product idea
  • A product concept
  • A product image

A design is either a comprehensive plan or a model of the project. Essentially, as an idea is created to make it approachable in any way, it's considered a definition. All the concepts going through the screening phase are turned into a research definition. You wouldn't want to market a drug without testing the definition.

The idea is being introduced into the target market now. To check the idea, some chosen clients from the focus community are picked. They will be given details to help them envision the drug. Interrogations on both parties are observed. The company wants to consider what the consumer is thinking about the product. Does the commodity satisfy the desires or wishes of the customer? Would they be buying it before it finally starts?

• Marketing strategy development: The next step in the new product creation process is the creation of a marketing plan. When designing and researching an innovative idea, it is time to formulate an overall marketing plan for the new product depending on the product idea and bring this revolutionary product into the market.

  The marketing strategy plan is comprised of three sections that will be specifically formulated:

  • a description of the target audience, the expected value proposition and the revenue, market share and benefit goals for the first five years

  • An overview of the projected quality, delivery and marketing expenditure of the company for the first year

  • The planned long-term revenue, benefit goals and marketing mix stratum

• Business Strategy Analysis & Development: The results of the tests allow the company to turn the final design into a product.

  Now that the company has a finished plan, it is time to evaluate and determine which promotion, branding and other business tactics to use. The result is calculated by projected sales productivity, brand mix, and other company strategies.

• Product Development: If all the techniques have been accepted, the idea of the product is turned into a real physical product. This stage of the development of new technology results in the design of a concept or an initial production model. At this point, all the labeling and other techniques previously agreed upon are checked and implemented.

• Test Marketing: Unlike design development, the product is implemented during the project promotion process for analysis and reviews. Feedback is obtained from consumers and further improvements are rendered to the product as necessary. This method is of paramount significance as it reinforces the whole project and trains the business for production.

• Commercialization: The company is ready and the campaign strategy will be. The product combination is now being manipulated. You have to make the final decisions. Markets are expected to launch the drug in. This stage includes reporting on the roles and goals of various divisions. Before the final launch phase of the new product production, each minor and significant decision is made.

4. Product Life Cycle: The life cycle of the drug is the period that a drug follows through when it is first launched into the market until it fails or is withdrawn from the market. There are four phases in life cycle-initiation, development, maturity, and decay.

Introduction: When a product is developed, it is the first stage of its release. The drug is being launched into the market at this time. Once a new product is launched, it is always a moment of high risk in the life cycle of the product-though it does not automatically make or break the ultimate popularity of the company.

Marketing and marketing are at a high degree during the launch period - where the organization also spends the most on selling the commodity were bringing it into customers' hands. Perhaps that is best illustrated in Apple's iconic launch events, showcasing the latest features of their latest (or soon to be released) goods.

At this point, the company will first get a sense of how customers are reacting to the product, how they like it and how popular it can be. However, for the corporation, it's often also a heavy-spending time with no assurance that the commodity can pay for itself by sales.

Costs are usually very large, so the market is normally low. The key goals of the launch stage are to create demand for the drug and bring it into customers' hands, aiming to cash in on its increasing success later on.

Growth: Consumers are now taking to the drug during the growth period and are gradually purchasing it. The principle of the drug is known and is ever more popular-and sales are growing.

Other firms are becoming aware of the drug and its retail room, which is starting to draw interest and gradually drawing in sales. If demand for the product is particularly high, the business could also spend aggressively in ads and product marketing to edge out rivals. The demand itself is starting to increase as a result of the increasing commodity. The software is usually tweaked to boost functionality and functions in the development period.

When the economy expands, more rivalry also drives down prices to keep the individual goods affordable. Sales, though, typically rise in volume and produce sales. Throughout this point, marketing seeks to increase the market share of the drug.

Maturity: When a commodity hits maturity, it appears to delay or even cease its selling-signaling a relatively competitive market. Sales might also start to go down at this stage. Pricing will begin to get volatile at this point, signaling profit narrowing as costs continue to decline due to the weight of external forces such as inflation or reduced demand. At this point, marketing is oriented towards fending off competition, and businesses often introduce new or altered goods to target specific consumer segments.

Given the increasingly competitive market, it is usually in a product's growth period where less successful rivals are forced out of business-also considered the "shake-out phase." Exhaustion is achieved at this level and sales volume is maxed out. Many businesses start innovating in order to retain or increase their market share, alter or expand their product to reach different audiences or improve innovations.

Depending on the substance the maturity period will last a long time or a short time. The maturity stage for certain brands, including Coca-Cola, is quite drawn out.

Decline: Although businesses may usually seek to keep the product going as long as possible in the development period, deterioration is inevitable for any company.

Consumer prices are declining dramatically in the decline period and customer behavior shifts as there is less competition for the drug. The company's product is losing more and more market penetration, and pricing is starting to exacerbate the losses.
In the rising stage, promotion is always limited or aimed at already existing consumers, and rates are reduced.

The company will ultimately withdraw from the market unless it can re-design itself to stay competitive or on-demand. Items such as typewriters, telegrams, and muskets, for example, are deep in their periods of deterioration (and are in turn nearly or entirely withdrawn from the market).

Dimensions on which Samsung manages its product portfolio:

Environment:

• Rivals like Apple, Huawei, etc.
• Prices
• Customers
• Quality
• Substituents
• Liquidation

Business Strength:

• Strong innovation
• Strong cash flows
• leading supplier of components to other businesses like Apple