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Name: Naqash Ahmad Roll No: 14 Semester 4 Subject: Marketing Submitted To: Sir Asif Yaseen

The document contains answers from a student named Naqash Ahmad to two marketing questions. For question one, the answer discusses issues around socially responsible product decisions, including public policy, regulations, product quality and safety, and international considerations. For question two, the answer outlines the eight major steps in new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. The focus of the process is on creating superior customer value.

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Ayyan Malik
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39 views

Name: Naqash Ahmad Roll No: 14 Semester 4 Subject: Marketing Submitted To: Sir Asif Yaseen

The document contains answers from a student named Naqash Ahmad to two marketing questions. For question one, the answer discusses issues around socially responsible product decisions, including public policy, regulations, product quality and safety, and international considerations. For question two, the answer outlines the eight major steps in new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. The focus of the process is on creating superior customer value.

Uploaded by

Ayyan Malik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name : Naqash Ahmad

Roll no : 14
th
Semester 4
Subject: Marketing
Submitted to: Sir Asif Yaseen

Question No .1:
Discuss issues relating to socially responsible
product decision?
Answer No.1:
• Social responsibility
• Public policy issues and regulations
involving acquiring or dropping products,
patent protection, product quality and safety,
and product warranties.
• International product and services economy
• Economists decide how much they
need to adapt their offerings for world
economies.

Question No .2 :
What are the major consideration in managing the
process of new product development?
Answer No .2:
There are eight major steps in the new product
development which are as follows:
• Idea Generation
Idea generation refers to the systematic search for
new-product ideas.  Two sources of new ideas can
be identified:
• Internal idea sources: the company finds
new ideas internally.
• External idea sources: the company
finds new ideas externally.
• Idea screening
 Idea screening means nothing else than filtering
the ideas to pick out good ones. In other words, all
ideas generated are screened to spot good ones
and drop poor ones as soon as possible.
• Concept development and testing
Imagine a car manufacturer that has developed an
all-electric car. The idea has passed the idea
screening and must now be developed into a
concept. 
 Possible product concepts for this electric car could
be:
Concept 1: an affordably priced mid-size car
designed as a second family car to be used around
town for visiting friends and doing shopping.
Concept 2: a mid-priced sporty compact car
appealing to young singles and couples.
• Marketing strategy development
The marketing strategy statement consists of three
parts and should be formulated carefully:
• A description of the target market, the planned
value proposition, and the sales, market share
and profit goals for the first few years
• An outline of the product’s planned price,
distribution and marketing budget for the first
year
• The planned long-term sales, profit goals and
the marketing mix strategy.
• Business Analysis
The fifth step in the new product development
process involves a review of the sales, costs and
profit projections for the new product to find out
whether these factors satisfy the company’s
objectives. If they do, the product can be moved on
to the product development stage.
• Product development
The new product development process goes on
with the actual product development. If the product
concept passes the business test, it must be
developed into a physical product to ensure that
the product idea can be turned into a workable
market offering.
• Test marketing
 The product and its proposed marketing
programme are tested in realistic market settings.
Therefore, test marketing gives the marketer
experience with marketing the product before going
to the great expense of full introduction. 
• Commercialisation
 Commercialisation means nothing else than
introducing a new product into the market.  Large
amounts may be spent on advertising, sales
promotion and other marketing efforts in the first
year. At this point, the highest costs are incurred:
the company may need to build or rent a
manufacturing facility.
• In all of these steps of the new product
development process, the most important focus
is on creating superior customer value. Only
then, the product can become a success in the
market.

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