Identify and Describe a Specific New Product Development Opportunity
New Product Development Working Session: Instructions
1) Identify and Describe a Specific New Product Development Opportunity:
In this section, you identify a new product development opportunity, and describe it (e.g., what it is, why it has a competitive advantage, how it stacks up to its competition, what target market is interested in it, etc.).
Example: One possible opportunity would be a superlight “disposable” running shoe meant for races. It would be meant for a “very serious” target market, that would be willing to spend money for a shoe that would help them run faster. This target market would be willing to sacrifice “durability” for “performance.” Most running shoe companies (e.g., Nike, Adidas, Asics, Saucony, New Balance, etc.) have very light “racing” shoes that would compete with this product.
2) Identify Three Online Sources Providing Knowledge that would be Beneficial in Developing this New Product Opportunity:
In this section, you would look for sources that would help us in developing the new product. For example, in the superlight running shoe mentioned above, we might need to know the weight of existing running shoes (see https://runblogger.com/choosing-a-running-shoe-drop-weight-price) , you might want to know about various materials that could be used to make the shoe lighter (see https://www.keller-sports.com/guide/comparing-the-technologies-in-different-manufacturers-running-shoes/), and you might want to know how the weight of shoes might affect runners’ ability to run without injury, as you wouldn’t want to offer a product that might contribnute to injuring runners (see https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4550712/) .
The purpose of this portion of the exercise is to look at several factors that might influence the new product development.
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