Business – 8.1 Marketing analysis – Product development | e-Consult
8.1 Marketing analysis – Product development (1 questions)
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Model Answer:
- Idea Generation: Sources new product ideas from internal and external sources; aims to create a pool of potential concepts.
- Idea Screening: Evaluates ideas against criteria such as feasibility, market potential, and alignment with company strategy; eliminates weak concepts.
- Concept Development and Testing: Develops detailed product concepts and tests them with target customers to gauge interest and gather feedback.
- Business Analysis: Assesses profitability, cost estimates, and sales forecasts to determine financial viability.
- Product Development (Design & Prototyping): Translates the concept into a tangible prototype; involves engineering, design, and technical specifications.
- Market Testing: Introduces the prototype to a limited market to evaluate performance, pricing, and promotional strategies.
- Commercialisation: Full‑scale production and launch; includes distribution, marketing, and post‑launch monitoring.