(a) Explain the various sources of new product ideal used by a firm which you are associated or familar with. What factor’s determine the decision to offer new product by the marketer? 

 

(b) Discuss the major concept generation methods that you are familiar with. What is Test marketing? Discuss the various issues associated with test marketing. 

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(a) Sources of New Product Ideas and Factors Determining New Product Decisions

In product management, new product ideas can come from various internal and external sources. These ideas are essential for firms to remain competitive and meet changing consumer demands. In the company I am familiar with, new product ideas emerge through the following key sources:

1. Internal Sources: 
   - R&D and Innovation Teams: These departments are often at the forefront of generating new product ideas through ongoing research, technological advancements, and innovations. They constantly work on developing new concepts, improvements to existing products, or exploring new applications for current technologies.
   - Employees: Staff members across various functions, from customer service to marketing, can provide valuable insights into potential new products based on their interactions with customers and their knowledge of the market.
   - Management and Leadership: The leadership team may identify new product opportunities through market trends, competitive analysis, and strategic goals. Senior managers often push for product diversification to enter new markets or cater to underserved customer segments.

2. External Sources: 
   - Customer Feedback: Listening to customer complaints, suggestions, and needs often leads to product ideas. Companies can gather this feedback through surveys, focus groups, online reviews, or direct interactions with customers. Customers are usually the most direct source of insight into what features or products they would like.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master in Business Administration
Course Code : MBA
Subject Name : Product Management
Subject Code : MS 63
Year : 2022