BCS 555, Current Issues in e-Business New Product Development Process Homework Assignment in a Group As Taught by Prof. Tim Richardson School of Marketing and e-Business, Faculty of Business,

.

1. Idea Generation

you think of an idea for a new product - remember, to differentiate between whether it is for consumer, or industry, and if it is a product, or a service - so decide among    o Consumer Product    o Consumer Service    o Industrial Product    o Industrial Service - usually the best way to go about this is think of selling something that will expand upon the existing capabilities of a current product (eg., like digital pictures on a cell phone in 2003) - or you can come up with a totally new situation - when you are thinking about this, the best thing to do is focus on a result which would cause people to pay you money - as in paying you money to use the product, or access the service

.

2. Screening - getting opinions

- think about what you might already know - who in the group knows something about your question - think about all the things we will deal within BCS 555 and consider how some of these can be used to allow you to get people's opinions - it is important to get honest and true opinions so you will know if your idea has an serious possibility of being successful

.

3. Idea Evaluation

Idea Evaluation is a fancy way of saying "deeply thinking about the idea to see if it really can be done" so, this means you - estimate costs, so you'll know how much money you might have to borrow to get it going - try to come up with a general idea of the revenue, to know      1. if you'll make enough to pay back the people you borrowed money from      2. will you have enough at the end to make it worthwhile to do this - find some sources (online, and offline) to help you know     1. if this has been done before, and if not, why    2. what would I need to know to be successful, eg. estimate # of customers

.

4. Development of Product - physically design and manufacture the product

If it is a product, you need to make a prototype, and then show it around to potential customers, use it aand abuse it to see if any modifications are required - study how you'd be able to make a large number, so you can profitably product it If it is a service, what intangible things need to be developed - do you need a website, domain name, hosting, etc. - sometimes services need physical infrasructure, like call centers, warehouses, etc. - did we find any new information we didn't expect - how can I use this info to solve the problem

.

5. Commercialization

This is the stage were you actually manufacture a large amount of the product and start shipping it out to the stores that will sell it. Or, in the case of an online service, you construct all the web pages, and get your payment  system sorted out and ready to respond to inquiries online.

What You do for BCS 555 Homework Assignment in a Group

- in a group of 3 or 4 or 5 people
- write your last name on the top of a piece of paper
- develop an idea for a new product or service,
- write a few sentance on how you would go through each of the 5 steps, using information you may deal with in BCS 555, or any other sources
 
 
 
 
 
 
 

witiger.com	CONTACTIMAIN PAGE I NEWS GALLERY IE-BIZ SHORTCUTS I INT'L BIZ SHORTCUTS  IMKTG&BUSINESS I TEACHING SCHEDULE  IMISTAKES ITEXTS USED IIMAGESIRANKI
	.

  Prof. W. Tim G. Richardson © www.witiger.com