Marketing of New Products

1001 Words5 Pages
MARKETING OF NEW PRODUCTS ASSIGNMENT 1 Q1. New Product Development has a unique vocabulary, please explain. Answer: The New Product Development has a unique definition . The main reason for this is that it is an evolving and expanding field. It involves taking on new tasks and performing them in unique ways. Secondly it involves people from different departments. This cross departmental co-working includes employees from departments like marketing, sales, law, quality service, engineering, design etc, bringing them all together towards a common business model and strategy. Due to this collaboration between so many departments within a company and in many cases different departments may be in different countries or continents, communication is bound to be difficult and strenuous. The solution for this is to come up with common acceptable terms and to urge acceptance of one term for each new concept or activity as it arises. There is constant contradiction about the two terms sometimes incorrectly used as synonyms: invention and innovation. For managers invention is the dimension of uniqueness which includes the form, formulation, and function of an object . It is mostly something that can be patented whereas innovation refers to the overall process whereby an invention is transformed into a commercial product that can be sold profitably. The new products field has no definitional authority, as the accounting and legal professions have. 2.What are the career tips mentioned in the reference book? Answer: The career tips mentioned are: 1. Be multifunctional, not functionally parochial. Have experience in more than one function (marketing, manufacturing, and so on). This is extremely important so as to effectively involve each department in fulfilling the main goal, wherein each department knows clearly and specifically what their role
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