Solved: How would you navigate the new product process of: new-product strategy

A new product process is complete process of bringing new product into market. It involves the stages new product strategy development, idea generation, screening and evaluation, business analysis, development, market testing and commercialization. Let us check how these steps are applied in the case of a new engineering program at a university.

New product strategy development is based on the goals and objectives of the new engineering program. The strategy is developed based on the student community to which the program is targeting and the contribution of the new program to university to improve reputation also should be taken into consideration. The strategy should be focused to attract more students to the new program. It should get noticed among various education programs and stay for years without losing demand.

Idea generation involves both internal and external sources. Here in the process of generating a new product like new engineering program at university, the internal sources of idea generation can be the management and staff and students of the university. The ideas from students and staff will help to get develop a better idea based on the needs and the challenges associated with the current program. The areas of improvements for the ongoing program can be best pointed out by the staff and students. The external sources can be the customers or the coming generation who is likely to join the engineering program. The ideas and views from them can be collected and utilized for developing a better program that is attractive to the next generation. Analyzing the competitor also will help to understand the challenges they face and take advantage of those challenges through the new program.

After generating the ideas on new program they need to be reviewed to select the better one and drop the ideas that are likely to affect the program. The idea for new program should be compatible with the university and the university should have adequate resources to implement the program. Else the idea should be dropped and search for other feasible ideas. This step involves the screening and evaluation process. The engineering program ideas which are not likely to attract the students or that is likely to give more burden to students also can be excluded since those programs may not survive and may result in shut down of the program within few years due to lack of students.

Business analysis involves approximate estimation of the cost, profit and demand that are likely to provide the university through the new program. The chance of survival of the new program should be analyzed comparing to the other existing programs and the ability to increase the demand among students. The program should stay for years without losing demand in the competitive education field.

Next stage is product development. Once the idea is found effective, the university should make the necessary arrangements for starting the program. It involves preparing the syllabus for the curriculum; arrange the lab facilities with necessary equipments, preparing the text books, preparing the method for evaluating student performance under new engineering program, arranging the required staff and giving the necessary training for them.

Market testing occurs once the university is set to launch the new program. The university gives an overview of the new program to the public and invites the students to understand the advantages of new program and how it differs from the existing one. The benefits including the employment opportunities for new program should be explained to the students and the reaction needs to be monitored. The student and the public expert opinion regarding the program should be taken into consideration for any future amendment.

Once the market is tested successfully the university would try to commercialize the program and attract as many students to join. This can be done by giving advertisements regarding new program in the media, through the existing students and conducting promotional programs to make the public aware of new program. It should be carefully planned for better success of the program without affecting the reputation of the university. Giving some relaxations in the fee structure also may help in attracting the students.