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One way to identify a competitive advantage is new product development. The new product development process requires a significant amount of company resources, both in the form of people and funding.
One accepted method was developed by Dr. Robert G. Cooper and is called the “Stage-Gate” method of product development. You can Google this model and see that there is a plethora of opportunity for the company to cancel the new product development.
Part I. Initial Post
Using the course materials (and conduct additional research if desired):
Explain why it is imperative a company continue to offer value and identify a competitive advantage.
Determine how the company will determine if there was a market demand for a new product innovation. If not, what steps might be taken to halt the new product development process?
Identify and describe a new product innovation that failed and compare it to a new product innovation that succeeded. List one product failure and one product success, and discuss the potential impact the marketing strategy might have had on both outcomes.
