Description

New Product Development and Managing Innovation
June 2024 Examination
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)
Ans 1.
Introduction:
The product lifecycle serves as a foundational framework for understanding the trajectory of
a product from its inception to its eventual decline. Comprehending the nuances of each stage
in this lifecycle is essential for businesses to effectively manage their products and remain
competitive in dynamic markets. Each phase presents unique challenges and opportunities,
influencing decisions regarding marketing, production, and innovation. Through a
comprehensive understanding of the product lifecycle stages, companies can optimize their
strategies to maximize profitability and mitigate risks associated with product development.
This essay will delve into the characteristics of each product lifecycle stage, exploring
examples to illustrate their significance in managing innovation and new product
can empower businesses to thrive in dynamic and competitive environments.
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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)
Ans 2.
Introduction:
In the automotive industry, developing a comprehensive new product strategy is essential for
successfully launching a new vehicle model. This is particularly crucial when targeting
specific markets, such as the Indian market, which has unique preferences and demands. As a
member of the Product division in a multinational automotive manufacturer, the task at hand
involves introducing a moderately priced mid-range version tailored specifically for the
Indian market. To assess this strategy effectively, two strategic planning models will be
utilized: the Ansoff Matrix and the BCG Matrix. The Ansoff Matrix helps evaluate growth
opportunities by considering market penetration, product development, market development,
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)
Introduction
Ans 3a.
Competitor analysis is a crucial practice for companies seeking to gain a competitive edge in
their respective industries. By understanding their competitors’ strategies, strengths,
weaknesses, and market positioning, companies can make informed decisions to improve
their own performance. One widely used framework for competitor analysis is Porter’s Five
Forces model, which provides a structured approach to assess industry competitiveness. This
model examines five key forces that shape competition within an industry, helping companies
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)
Ans 3b.
Introduction:
Innovation is a cornerstone of progress in any industry, driving growth, competitiveness, and
customer satisfaction. Within the realm of new product development, four distinct types of
innovation emerge, each contributing uniquely to organizational success. These include
incremental innovation, disruptive innovation, architectural innovation, and radical