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product and price elements marketing mix
The New Product Development Process
In preparation for a presentation to the CEO of the organization next week on a product development strategy, prepare the following paper:
Choose a product (not a service) which means it must be tangible. Prepare a paper addressing the following tasks on your selected product.
- Describe your new product. You have many choices. It could be a classically innovative product, new-category entry, an addition to the product line or line extension. It could even include more minor product changes like product improvements, repositioning, or cost reductions.
- Discuss the new product development process.
- Discuss your new product launch strategy. Recall, launching requires that objectives be set, the strategy be developed, and that the implementation be planned and executed. Implementation is often a key factor in product failure.
- Discuss the pricing strategy for your new product
- You will provide a 3–5 page (APA formatted) paper with at least three supporting references. You should include at least one illustration which can be included in the body of your paper or appendix.