Question

Although there are numerous stages in the new-product process, firms develop a strategy, then start ________ and continue the process through the final step of ________, idea generation; commercialization alternatives evaluation; market testing business analysis; screening and evaluation protocol development; failure analysis

Answer 1

Answer:

1. Concept/Idea generation

2. Commercialization

Explanation:

The whole concept of idea generation is basically hinged on identifying and/or spotting a particular problem. The task here is how an apt individual will suggest solutions to the identified problem, while having in mind that people will pay for such. Thus, to be effective at this, individual must operate at an impressive level of product solving skills activities. Problem solving involves combination of critical thinking and evaluation tools and could take considerable timing and resources where necessary.

Commercialization is the procedure an entity undertake to market and/or sell a product to earn a price and ultimately profit. This represents the final phase of a development process. It also involves the combination of critical tools to ensure a successful outing. Various marketing mix /strategies could be adopted here. A critical appraisal could also be noted in a bid to detail the whole performance of the product in subsequent undertakings.