NMIMS – New Product Development and Managing Innovation
New Product Development and Managing Innovation
1. Explain the different product lifecycle stages. Describe the characteristics of each phase in terms of product familiarity, sales etc. and provide a product example for each stage. (10 Marks)
2. Creating a ‘new product strategy’ prior to initiating the concept development phase is a fundamental component of launching new products. Picture yourself in the Product division of a leading multinational automotive manufacturer. The company intends to introduce a moderately priced mid-range version specifically designed for the Indian market. In this example’s context, assess the strategy utilizing two strategic planning models: the Ansoff Matrix and the BCG Matrix. (10 Marks)
3a. What are the advantages for companies in conducting competitor analysis? Elaborate on Porter’s Five Forces model with an industry-specific example to illustrate its application. (5 Marks)
3b. List and elaborate the 4 different types of innovation? Explain by providing an example from products/industries of your choice for each type. (5 Marks)