Name.

Moin Khan
Roll no. 12
Subject. International business
Assignment No.3
Submitted to .sir zafar iqbal.

Product development, innovation and the product life cycle Product Development,
innovation and the product life cycle :

1. Describe four main factors to take into account when designing

a new product?
 Ans = Customer requirements. Product design has to give due respect to
the requirements of customers. …
Facility to operators. …
Functionality. …
Cost/Price ratio. …
Product quality. …
Process capability. …
Material requirements. …
Work Methods and equipment.

2.Explain two benefits of new product

development to a business in a competitive
market.
Ans Developing new products provides a means to target new markets,
increase market share, sell more and increase revenue streams. Meanwhile
redesigning existing products enables costs to be cut, margins to be increased
and ultimately more profits to be made. Commercial business aside,
developing great products is hugely rewarding and something most design
engineers strive for; products that are desirable, totally reliable and are
intuitive and user-friendly. Having good ideas is one thing, possessing an
effective process to deliver a great product the way you conceive it, is
something quite different. High performing small manufacturers are
proactively planning and managing their product development activities. They
have developed product develop processes tailored to their needs and are
using techniques that add real value. They are listening specifically to what
customers want in terms of functions, new products and complimentary
customer service. This also involves seeking ideas and opinions from all those
who interact with the product throughout its life cycle. The best small
manufacturing businesses are also collaborating and working with a range of
individuals and organizations, to learn and improve their product development
processes. All of this is aligned to the broader aims of the business. It should
be noted product develop carries some risk. If executed poorly it can have
potentially significant consequences for a small manufacturer. The good news
 is small manufacturing businesses naturally have some great advantages to
increase the probability of success. .

3.Analyse the role of promotion in extending a

product’s life cycle?
When a product reaches the decline stage, a business can act to extend its life
cycle. There are a number of extension strategies that they can use to prevent
their product from becoming obsolete
Extension strategies:
Change product–
Change price
Change place
Change promotion
Change packaging
Change usage
Change name

4.Evaluate the extent to which constant innovation

guarantees business success?
Ans, Portakabin is a great example of a profitable and innovative
commercial business that provides customers with exactly what they need
and want. In this case we were told that Portakabin has been the UK’s
market leading modular building innovator for more than 50 years, operating
in 6 countries and employing more than 1,300 people. Portakabin’s constant
innovation and expansion in the market has proven to show success for
Portakabin.

5 What is USP?
 Ans = In marketing, the unique selling proposition (USP), also called the
unique selling point, or the unique value proposition (UVP) in the business
model canvas, is the marketing strategy of informing customers about how
one’s own brand or product is superior to its competitors (in addition to its
other values).It was used in successful advertising campaigns of the early
1940s. The term was coined by television advertising pioneer Rosser Reeves
of Ted Bates & Company. Theodore Levitt, a professor at Harvard Business
School, suggested that, “Differentiation is one of the most important
strategic and tactical activities in which companies must constantly engage.
“The term has been extended to cover one’s “personal brand”.

6. Describe the difference between a

product-orientated and a marketing-
orientated business?
Ans = Product orientation: When a business focuses its
efforts into creating the product, rather than focusing on what the market
wants and needs. The business wants to make a product the way they want to
and then try and sell it after it has been made.

Market orientation: When a business focuses on what the market

wants and needs, and the customer preferences. The product is made based
on a good understanding of the products target market, and is usually backed
up by primary research (collecting new data from original sources.

7.Explain why NPD is important for Portakabin?

Ans= ust as businesses go through stages, so do products and services. The
product or service life cycle is determined by how long it’s marketable. Tracking
the life cycle of your product or service is key to determining performance and
profits. Product life cycle also plays a critical role in marketing strategy.
Depending on the stage your product or service is in, you’ll refine your marketing
accordingly to help ensure optimal performance and results in each stage .

THE 4 STAGES OF THE PRODUCT LIFE CYCLE

GROWTH.
MATURITY.
DECLINE .
INTRODUCTION
8. Analyse the reasons why a business might
monitor what stage of the product life cycle its
Products are in?
When a product reaches the decline stage, a business can act to extend its life
cycle. There are a number of extension strategies that they can use to prevent
their product from becoming obsolete
Extension strategies:
Change product–
Change price
Change place
Change promotion
Change packaging
Change usage
Change name

THE END.