7.3 Discussion Questions and Activities
- Who owns an idea? If a customer comes up with an innovation involving your product, and your company thinks that innovation can be commercialized, who owns the new product?
- Assume you come up with an idea for a new electronic product you think your fellow students would really like. How would you go through the product development process? How would you accomplish each step within that process?
- Select a product you are familiar with and explain the stages of the product’s life cycle and different ways in which a company can extend its mature stage.
- Take two existing offerings and combine them to create a new one. What type of offering is it? To whom would you sell it? What new benefits does the product offer, and how would you communicate them to potential buyers? What evidence could you generate to predict the likelihood of the new offering being successful?
- Identify two new consumer products sold in a grocery store or by a mass merchandiser such as Walmart. Explain the strategies used to introduce each of the products and which strategy you feel will be most successful.
- Identify three products that are sold in international markets and explain any differences in how the products have been changed to meet the needs of consumers in the international markets.