Two Parts:1. Product Innovation using Stage-Gate, 2. Market research and innovation
1. Use the Stage-Gate model (Links to an external site.) to develop a theoretical new product or service. Some of your businesses might be service-based, so you may have to be creative in thinking about a new project. While you will not actually be creating a new product, you can still detail the requirements for each stage as well as the metrics you will use to make a decision to continue to the next stage or stop the project. Since this is a theoretical exercise, you can make assumptions while completing each phase.
In short, the Stage-Gate model has the following six phases:
Stage 0: Discover. In this phase, you think of a new product or service idea.
Stage 1: Scoping. This is where you evaluate the idea on its viability and marketability. A SWOT analysis is often used for this phase.
Stage 2: Building a Business Case. Further define the product, the manufacturing requirements, a project plan, and estimated revenues.
Stage 3: Development. A prototype or prototypes are developed.
Stage 4: Testing and Validation. The prototype is tested. If there is a problem, the team goes back to the development stage. If it works, the product can be prepared for Stage 5.
Stage 5: Launch. A marketing strategy is developed and the product is made available to customers.
2. Create a 5 slide presentation that outlines the different kinds of innovations described in the supplemental reading (product, process, and business model). You can supplement your description using chapter 9 from the Entrepreneurship e-book. On the fourth slide, provide a real-world example of each innovation type. On the fifth slide, describe how market research can be integrated in the Stage-Gate model.
Find an article that discusses the two topics of market research and innovation.
The essay should be at least 300 words.
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