Effective Steps in Developing a New Product- Instructions
Overview:
In 4 pages, write an explanation of the process of bringing a product or service to market and of the most important steps in developing the product or service.
In the health care field, the new product development process is an evolving platform where errors will be made, designs will get trashed, and losses will be recorded. Having a marketing team working collaboratively utilizing established processes can facilitate the successful launch of goods or services.
- Competency: Analyze market research in the health care environment to develop a marketing plan that is in line with a strategic plan.
- Explain the marketing definition of a product or service.
- Describe the process of idea generation.
- Describe the process of product design.
- Describe the process of detail engineering.
- Competency: Analyze competitive forces in the market place in determining strategy.
- Describe the process of market research.
- Explain the process of marketing analysis.
- Competency: Analyze common internal sources of quantitative information utilized in strategic decision making.
- Analyze the internal sources of quantitative information utilized by health care companies in generating and commercializing new products.
- Analyze the internal sources of qualitative information utilized by health care companies in generating and commercializing new products.
Suggested Resources (Not Required):
Internet Resources
- Brands & Company, LLC. (2014). 8 step process perfects new product development. Retrieved from
- Centers for Medicare & Medicaid Services: Medicare.gov. (n.d.). Find a hospital. Retrieved from
- American Hospital Directory. (2010). Retrieved from
- Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS). (2010). Retrieved from
Instructions:
For this assessment, select a pharmaceutical company or a hospital and a product or service it provides. Write a 4-page assessment that contains the following:
- Marketing definition of the product or service.
- The idea-generation process utilized to market that product or service.
- The process of product design.
- The process of detail engineering.
- The process of market research.
- The process of marketing analysis.
- An analysis of internal sources of quantitative information utilized by health care companies in generating and commercializing new products.
- An analysis of the internal sources of qualitative information utilized by health care companies in generating and commercializing new products.
Next, select one of the following eight steps to develop a new product (Brands & Company, 2014). In your opinion, which of the following steps is most important to your product or service? Explain why.
- Screening the idea.
- Testing the concept.
- Business analytics.
- Beta/marketability tests.
- Technicalities and product development.
- Post-launch review and perfect pricing.
Additional Requirements
- Include a title page and a references page.
- Include an introductory paragraph and a concluding paragraph.
- Include a minimum of three research resources.
- Follow APA guidelines for style and formatting.
- Ensure your finished assessment is 4 pages in length, excluding the title page and references page.