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New Product Development and Managing Innovation December 2024

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Assignment Sample Solution: New Product Development December 2024

NMIM$ Global Access

School for Continuing Education (NGA-SCE)

Course: New Product Development and Managing Innovation December 2024

Internal Assignment Applicable for December 2024 Examination

1. Horizon Health is a leading global pharmaceutical company. Imagine you are
managing a project to introduce a groundbreaking new medication designed to
compete with existing top treatments in the market. Describe how you would
develop your strategy using the two strategic planning models: the Ansoff Matrix
and the BCG Matrix. (10 marks)

2. What are the four stages of the product lifecycle? Using examples from the long distance communications industry, describe each stage with a specific product that
has experienced or is currently experiencing that stage. (10 marks)
3.
a) As a product manager responsible for launching a new product in an existing
market, what are the primary types of products you might introduce? Provide an
example for each type to illustrate your explanation. (5 marks)
b) One of the steps in new product development is Concept Testing. Describe the
importance of Concept Testing within the context of any industry of your choice. If
you were managing the new product development process, what typical steps
would you follow as part of Concept Testing? (5 marks)
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