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Do you know product management jobs are regarded as one of the most demandable professions in Australia? Those who are studying the MKT6304 New Product Development course can get a handsome salary job. Product management is a well-paid position with a high work satisfaction rating. The income of a product manager is determined mostly by years of experience, location, and talents. Product managers might earn anything from $61,000 to $200,000 per year on average.

You can also have a promising career. In that case, we are always there to help you out with all your assignments and projects. Students who are enrolled in this course often ask us to serve them MKT6304 assessment answers help.

The function of innovative goods in the organisation and society is the emphasis of this course. It delves into the discovery, testing, profit management stages, strategy, opportunity, discovery, and design of the new product development process. New Product Development (NPD) theory is studied, with students putting these principles into practice with their own new product initiative.

This postgraduate marketing course takes a management approach to the creation and execution of new products. It is assumed that you have a basic grasp of marketing and management fundamentals. Students will be constructing and justifying a marketing plan for their new product, thus they should be familiar with marketing research.

MKT6304 assessment answers'

What are the Learning Outcomes of this Course?

Our MKT6304 New Product Development assignment help providers say that completing this course can help you to understand the importance of project management and understanding the process of product development as well as maintenance. To get a clear understanding of course objectives, take a look at the learning outcomes jotted here -

  • Design a marketing strategy using and justifying phases of the NPD process
  • Apply practical ideas and techniques involved in NPD planning, development, implementation, and control; synthesis principles of product innovation management into a marketing plan;
  • Acquire an understanding of the function of NPDs in organisations and society;
  • Display the methodical scientific analysis and the creative art of judgement involved in NPD management, and use written communication skills and critical thinking abilities.
MKT6304 assessment answers

What Topics are covered in the Course Syllabus?

If you are not aware of the course syllabus and are a little bit worried about it then we are here for that. Our MKT6304 dissertation help providers have jotted here to topics covered in this course outline. Take a quick look at it-

  • The importance of the NPD process.
  • Corporate strategy and NPD implementation.
  • Generation of idea
  • Screening
  • Test of concept.
  • Business analysis.
  • Product development.
  • Test marketing.

What are the Steps of New Product Development?

Our MKT6304 academic assistance says that the entire process of product development is very essential for the development of the company. There are various steps or phases incorporated in the product development process. Here are some important steps added for your understanding. Take a look at it-

  1. Ideation - This is the first step of the product development process, where a company looks for new product ideas. Customers, rivals, newspapers, journals, workers, and suppliers are all good places to look for fresh product ideas. When it comes to technical research-based idea creation methodologies, small firms may be constrained. This stage is critical because it establishes the basis for all subsequent stages; the concepts created will influence the full product development process.
  2. Screening - The produced ideas must go through a screening procedure to exclude the ones that aren't practical. To avoid pursuing costly and unworkable ideas, the company solicits feedback from employees, customers, and other firms. Small business decision criteria are influenced by external industry issues such as competition, law, and technological advances. The company is left with only a few viable ideas from the enormous pool created at the conclusion of the screening procedure.
  3. Developing concept - In the third stage, the company conducts research to find out the sales, profit and expenditure of the product. Here they mostly prefers to do SWOT analysis in order to determine the strengths, weaknesses, opportunities, and threats of market.
  4. Product development - this is fourth stage where the company starts manufacturing the product. With the creation of a prototype the product development process starts which is mainly used in the product testing.
  5. Commercialization - commercialization is known as the last stage of product development. In this stage, the company gives emphasis on market it. Here, the company does an extensive market research to finalise the location and timings of the product launch.
MKT6304 assessment answers

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MKT6304 assessment answers sample question

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The Study Material for Completing the Course

  • Krishnan, Viswanathan, and Karl T. Ulrich. "Product development decisions: A review of the literature." Management science 47, no. 1 (2001): 1-21.
  • Brown, Shona L., and Kathleen M. Eisenhardt. "Product development: Past research, present findings, and future directions." Academy of management review 20, no. 2 (1995): 343-378.
  • Wheelwright, Steven C., and Kim B. Clark. Creating project plans to focus product development. Harvard Business School Pub., 1992.
  • Takeuchi, Hirotaka, and Ikujiro Nonaka. "The new new product development game." Harvard business review 64, no. 1 (1986): 137-146.
  • Gerwin, Donald, and Nicholas J. Barrowman. "An evaluation of research on integrated product development." Management Science 48, no. 7 (2002): 938-953.
  • Muffatto, Moreno. "Introducing a platform strategy in product development." International Journal of Production Economics 60 (1999): 145-153.

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Frequently Asked Questions

There are four types of products - unsought goods, shopping goods, speciality goods, convenience goods etc.

Product development is the best way to expand your business and gain more and more customers. This also helps to enhance your sell and generate more income or profit. Meanwhile, doing modification in the existing product can help you in cost saving, gaining more profit, higher margins and so on.

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