College of Commerce and Business Administration
Charmie Anne C. Quino
A. New Product Development Process
Marketing in the 21st century may affect the stage on developing a new product in terms of how it attracts the customers or gets their attention. This process is a systematic way of condensing a large number of ideas into a small number of products that the firm can successfully launch. In here, marketing plays a vital role since nowadays, competition is very high and different new products were already out in the market. How does this product can get the attention and gain the trust of the target market especially it’s a new product and customers may seem to be hesitant at first and also how innovative your product is in the eyes of your consumers.
B. Product Testing
The firm must test its new product for functional, aesthetic and use characteristics. Considering marketing in the 21st century, a firm can use virtual testing in testing the product. In here, the firm creates an online shopping display and customers shop as in a real store. One important benefit of virtual testing is that the firm can modify displays quickly and analyze results instantaneously and due to high-technology, product testing can be done easily, faster, more effective and more accurate.
C. Commercialization: Test Marketing and Launching a New Product
The firm now assigns resources to build a plant and expend marketing effort. The firm’s launch strategy considers issues like forecast sales, time to build the plant, production and inventory requirements, competitive lead time, competitive response, and available resources. Nowadays, the firm can do such things easily because of the technologies being used by lots of firms. The use of such technologies and other new activities towards commercialization helps the firm to be more effective and efficient.
D. Managing a Mature Product
In managing a mature product, 21st century...
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