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New Product Development and
Managing Innovation
April 2025 Examination
1. An important aspect of launching
new products is defining a ‘new product strategy’ before delving into idea
generation. Imagine that you are part of the Product Strategy team for a global
electric vehicle manufacturer. The company plans to introduce an affordable,
entry-level electric car for the Southeast Asian market. Using the Ansoff
Matrix and the BCG Matrix, analyze the strategy for this product launch. (10 Marks)
Ans
1.
Introduction
The
global electric vehicle (EV) industry is undergoing rapid expansion, driven by
rising environmental concerns, government incentives, and advancements in
battery technology. Southeast Asia presents a promising market for EVs due to increasing
urbanization, a growing middle class, and government policies promoting clean
energy transportation. However, the region also has unique
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2. Can you
explain the various
stages of a
product/technology
lifecycle? Use appropriate
examples of brands/products (from industries of your choice) to explain
different aspects of the product/technology lifecycle stages. (10 Marks)
Ans
2.
Introduction
Every
product and technology goes through a systematic lifecycle, from its
introduction to eventual decline. Understanding this lifecycle helps businesses
strategize their marketing, production, and investment decisions effectively.
The Product Lifecycle consists of four main stages—Introduction, Growth,
Maturity, and Decline—while the Technology Lifecycle includes stages
like Innovation, Early Adoption, Maturity, and Obsolescence. These cycles
determine how long a product remains relevant in the market and what strategies
companies should adopt
3a. Explain the
4 different types
of innovation (based
technology and market)? Provide a real-life example for
each. (5 Marks)
Ans
3a.
Introduction
Innovation
is a crucial driver of business growth and competitiveness. It enables
companies to differentiate themselves, meet evolving consumer demands, and
adapt to technological advancements. The four types of innovation—Incremental,
Disruptive, Architectural, and Radical Innovation—are classified based on
their impact on existing technologies and markets. Each type plays a
significant role in shaping industries and determining the success of
companies. By examining real-life examples, we can understand how businesses
leverage these
b) Why should companies do
competitor analysis & what are the benefits of it? Explain Porter’s 5
forces model with an example from an industry of your choice. (5 Marks)
Ans
3b.
Introduction
Competitor
analysis is essential for businesses to understand their market position,
identify strengths and weaknesses, and develop strategies to gain a competitive
advantage. By analyzing competitors, companies can anticipate market trends,
respond effectively to industry challenges, and
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