Discussion Board Post

Topics: Innovation, Personal life, Lifestyle Pages: 1 (442 words) Published: January 30, 2015
Chapter 2 gives details on the five phases of the new products process. In Phase 1 opportunities are identified and selected. There is a great deal of research conducted in this phase to select the greatest opportunity. In Phase 2 high potential opportunities are selected and customer involvement begins. New product concepts that fit the opportunity are collected. In Phase 3 new product concepts are evaluated and ranked. Phase 4 is the development stage where the full development process is specified and marketing tactics are prepared. Phase 5 is the launch phase. The launch program is managed and observed, comparing results to previous set goals. Tastykake Sensables creation followed along the five phase new products process. They identified the opportunity of a changing market geared towards healthier eating. New product concepts were collected and a lineup of healthier low carb snacks were chosen to represent the Sensables line up. The products went through consumer testing and changes to the lineup were made. Finally after the final adjustments were made to the product line Sensables were launched in 2004. I believe this product line will be successful. Tastykake identified a growing market, and followed the steps to the new products process. The fact that the lineup was launched in 2004 and is still around today proves their success. One of the interesting concepts covered in chapter 3 is the product innovation charter. The PIC is a document prepared by a senior management designed to provide guidance to the business units on the role of innovation. The PIC stresses that the strategy is for the product and its innovation. Studies point that the innovation rates are substantially higher in cases where the PIC has detailed and specific content. The components of a PIC include background, focus, goals-objectives, and guidelines. The company I work for has a PIC, but they don’t call it that. According to the text most firms don’t necessarily refer to it as...
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