In preparation for a presentation to the CEO of the organization next week on a product development strategy, prepare the following paper: Choose a product (not a service) which means it must be tangible. Prepare a paper addressing the following tasks on your selected product. Checklist: Describe your new product. You have many choices. It could be a classically innovative product, new-category entry, an addition to the product line or line extension. It could even include more minor product changes like product improvements, repositioning, or cost reductions. Discuss the new product development process. Discuss your new product launch strategy. Recall, launching requires that objectives be set, the strategy be developed, and that the implementation be planned and executed. Implementation is often a key factor in product failure. Discuss the pricing strategy for your new product. You will provide a 3–5 page (APA formatted) paper with at least three supporting references. You should include at least one illustration which can be included in the body of your paper or appendix.
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Developing an Innovative Washing Machine
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Developing an Innovative Washing Machine
Product Description
The cloth washing process is both long and demanding as it demands one to wait for clothes to dry and then iron them. The increasing work pressure and the need to take care of kids, means laundry work becomes a major household task. With the new innovative washing machine, the workload that comes with washing, drying and ironing of clothes is set to be a thing of the past. The new product in the market addresses what past washing machines have never done before. The new innovative washing machine not only washes, but dries and irons the clothes.
Fitted with steam function and anti-crease unit, the machines washes, then dries and irons the clothes. The hot steam system helps to dry and remove creases in clothes. The new addition in this innovative product is that it handles clothes that require special treatment such as hot or cold water. Fitted with a temperature adjustment, one can adjust temperature according to description in the specific clothes. The user needs just to sort the clothes and adjust the temperature according to the one specified in the cloth label.
Product Development Process The development of new products is an expensive
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