Develop a presentation that summarizes your efforts for each of the following phases of new product development:
a. Phase 1: Idea generation: Create (in your mind) a new product item that might be of interest to college students such as yourself. Develop a writ-ten description and possibly a drawing of this new product. Describe the three layers of the product.
b. Phase 2: Product concept development and screen-ing: Describe what features the product should have and the benefits those features will provide for consumers. Estimate both the technical success and the commercial success of the product.
c. Phase 3: Marketing strategy development: Develop a simple marketing plan that identifies the target market and how you can position the product to meet that market’s needs. Assume now that you have undergone a thorough business analysis (phase 4) and have built a prototype of the product (phase 5).
d. Phase 6: Market test: Describe your product to five other college students, as if you had an actual prototype of the product. What is their overall opinion of the new product? Would they try the product? How could you influence them to buy the product?
e. Phase 7: Commercialization: Based on the informa-tion you have collected, determine whether you are ready to launch the product. If not, describe the reasons why.
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