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- New Product Introductionidentify a new product your company will introduce.Address each of the following in your paper:Identify your company and give a short background on the business including their mission, vision, goals, and objectives.Identify the new product you will develop and roll out to the customer.Describe how the design team will include the following functions and organizations, explaining the role for each team member:MarketingEngineeringOperationsSupply ChainQualityKey SuppliersHow will you use technology in the development, manufacture, and supply chain of your new product?How will you ensure the quality of the product in its design and production?Discuss the stages involved in new product development. Explain the roles that research and information systems can play in the process. Especially consider how decision support systems (DSS), data analytics, and big data can make this process more efficient.Background: The product life cycle shows us that markets and competition are dynamic. Over time old products are replaced with new ones. And as markets mature, firms usually face increasing price competition and erosion of their profit margins. To succeed in spite of these pressures, firms must constantly look for new market opportunities-and that often means identifying and developing new product ideas and effective strategies to go with them. While the new product development process is crucial to the survival and success of most firms, it is also a challenge. Even the best run companies sometimes miss opportunities that-after the fact-seem obvious. And too often companies go ahead and introduce new products that turn out to be costly failures. Marketing managers can increase the odds of success in this area by really understanding the steps of the new product development process-and what it takes to generate and screen new product ideas, This exercise is intended to help develop…
- 1. What do you think are the challenges and risks associated with developing new products and services? Give at least five challenges and risks. 2. Identify the three product attributes - Quality, Features, Style and Design of a Laptop product. 3. Identify the three product attributes - Quality, Features, Style and Design of an Internet Service Provider product.What are the key challenges in identifying and prioritizing new product or service ideas?What is the product-process matrix and what does it detail?