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Homework answers / question archive / Assume we are planning for a new product development for: • A Bank
Assume we are planning for a new product development for: • A Bank. Thinking of Services like a bundle credit card access to a savings account & add an Individual Retirement Account investment option. A Flight Airlines. Thinking of services like Inflight entertainment, Inflight child care services & inflight bedrooms cabins. • A Hotel. Thinking of services like a Conference and meetings facilities & Catering services. Explain how the new products process is relevant in one of those industry, (such as the examples above) through a real example. In other words, we need you to research how any of the above industries introduced a new service to the market and explain it while relating it to the below figure. List all references and sources you used. → Use this figure as explanation to the questions you need to ask yourself and answer in each phase of the new product development process. (chapter 2) Evaluation Task New Product Process Phase Opportunity identification and selection Direction Where should we look? Concept generation Initial review Is the idea worth screening? Concept project evaluation Full screen Should we try to develop it? Development Progress reports Have we developed it? If not, should we continue to try? Launch Market testing Should we market it? If so, how?
The industry chosen is the hotel industry, the company chosen is Capella Ubud, Bali. First of all they would need to identify the exact correct time to enter into the market. This would be when there would be high holiday season or increase in demand of corporate meetings at the hotel. This would thus lead them to identify the need to introduce catering and conference room services along with their ongoing services.
However, before starting their services they need to first identify that whether there is the need to introduce catering services? This is because if there are companies that are doing well already in this field then entering this segment would not lead to any result.
Further, if the company identifies that the caterjng segment and the hospitality segment has scope for their entry, then also, the first and foremost thing that the company needs to do is to determine the process of developing the entire service. This means to say that, in case of catering services, the company needs to do considerable research on different cuisines, their needs, the chefs that the company would need to hire, the pricing of the meals, and many more areas.
Once the company's has assigned tasks to the people responsible for research it also needs to develop an appropriate follow up system. This is needed in order to identify the progress of the research and development phase and whether the segment is ready to be launched and tested for the market.
Once the research phase is completed and the product is ready to be placed in the market, there needs to be a pilot run of the service. For example, in case of Capella Ubud should try it's cuisines on a few of its customers and then decide in return by evaluating their feedback as to whether the service is capable of being started in full swing or not.
Once the service is begun, it requires aggressive marketing and promotion techniques, some of them include, including catering as a complementary service in their tour packages, giving attractive discounts to the customers who enroll for stays in the hotel, and including catering for all the events that happen at their conference rooms as a complementary service.
