Task Description: | The essay will assess your ability to apply your knowledge of new product development and service theory to a real market product failure example. This is an individual assessment. The failure rate for new products and services has increased by 30 – 80 per cent for several decades. This suggests the value of learning about this enduring and costly marketing problem more intensively. To accomplish this, you may select a product/service/brand that entered the marketplace (Australia or global) within the past ten years and subsequently failed. “Failure” is defined broadly and includes situations in which the product
(1) has been withdrawn from the market,
(2) achieved only a fraction of its pre-launch sales forecasts, or
(3) remains unprofitable. There are lessons learnt from failed products.
You will use UTAS library portal and Google search to identify such products/services.
Resources to assist you to support your search will be provided on MyLO. You must not select situations that are covered in workshop cases for this unit.
You will evaluate the products/services/brand on the basis of:
• Target market and need for product or service
• Situation analysis – what went right or wrong regarding the industry/market, competition, company capabilities, positioning, and/or the 4 P’s
• Metrics of success
• Marketing implications
Using the evaluation criteria listed above, you must identify the primary target market and the need that it met or was intended to meet, analyse the situation to determine what went right or wrong, discuss metrics that determined its failure and then state your marketing implications and recommendations on what the organisation could have done differently to have made the product/service/brand successful or more successful. |
Task Description: |
The new product development pitch and proposal focuses on providing you with experience in the new product development process. The project focuses on market analysis, concept generation, design, testing and marketing for the new product or service. This project is developed to enhance both your learning and professional market value through direct, hands-on experience with the key managerial activities that are involved in moving a new product, service, or other marketing innovation from its early inception through the development stages that help refine and optimise it.
The assessment has two parts: 1) pitch and 2) proposal
The project is done in groups of 4 students, which will be established in the 1st workshop. Student groups are expected to work collaboratively using technology tools such as Zoom, G-meeting, Skype etc.
Student groups must register their product/service concepts by Week 4 on MyLO. More instructions will be posted on MyLo. This is a project based assessment students are expected to engage in through research, application of theory, demonstration of creativity, problem solving and critical thinking skills; as well as team work and professionalism.
New Product/Service Pitch
Coming up with creative product or service ideas is easy, but selling it to corporate decision makers is hard. In this stage of the assessment, student groups will pitch their new product/service concept to a panel in Week 13. A review panel will assess the project concept on the basis of NPD opportunity identification and market analysis (industry, competitive, consumer and other factors that support its potential), concept generation and evaluation, development and strategy evaluation (feasibility analysis, perceptual map, target markets, risk assessment, etc.) and recommendations (marketing mix objectives, marketing strategies, implementation plans and contingency planning), and their ability to convince the panel members. Students are expected to develop prototypes of their new product/service concepts (in the form of mock-ups, drawings, demo web pages, etc.) An Online ‘Pitchfest’ Event will be organised in WEEK 13. Student groups will pitch their ideas to an expert panel. An assessment rubric will be posted on MyLO. The best pitch will also receive a panel choice award. Information about Pitchfest will be provided on MyLO.
Students will be assessed individually on their contribution to the development of new product/ service concepts. Group marks will be allocated for the management of the project, which will be 10% of the assessment.
Distance students will submit pre-recorded pitch to MyLo and are not expected to participate in Online Pitchfest event.
New Product/Service Proposal
The new product/service proposal will include the nature and rationale of the proposed product or service, alternative product or service concepts, consumers’ reactions to each concept, the subsequent marketing strategy and tactics and a self-evaluation of the strategy’s overall soundness. It is important that new product or service concepts are a major or radical innovation, to be considered as ‘new’ rather than a small modification to existing products/services in the marketplace. A separate guidance document regarding the format of this assessment piece will be provided on MyLO. Students are expected to read the report writing guidance document carefully before starting the project.
Students are required to submit an indvidual report and will be assessed individually on their contribution to the development of new product/ service concept. A detailed assessment rubric will be posted on MyLo. |
