How would the team approach the challenge of developing a new product in a competitive yet relatively new market
The current skills assessment of the technology development team showed that the team is inadequate and weak to support the development of the new product, according to their Chief Technology Development Officer, Wendy Martin. How would she address this problem once the development project moves forward
Generic Benchmarking-The purpose of generic benchmarking is to identify potential solutions to the problem statements defined in Task A. You will do this by looking at how companies in other industries have dealt with similar issues.
Hewlett-Packard (HP) has grown hugely over the past several years and additional revenues were created over this period. These were made possible through the company's commitment to develop new products. HP was very successful in launching new products that it has grown at the rate of almost $2 billion per year. A greater chunk of the company's revenues are the result of new products and upgrades of existing products. Their strategy in launching new products includes creating an attractive product package that would cater the customer's needs. For the specific needs of their customers that cannot be met, HP sells individual products or components to value-added resellers and system integrators. The resellers incorporated the HP product lines into certain configurations that can best serve the need of particular customers. The resellers created product value and sales growth opportunities for HP.
Developing new products would benefit Teratech in terms of growth and market leadership. Introducing new products that would compliment existing product lines will be advantageous to its customer. Jack Dwyer can create a product bundling strategy to energize the sales and marketability of the existing products. Another alternative is to create a new analytical softwares that can stand alone in the market and has great compatibility with own product lines as well as other CRM service provider merchandise on-market.
Instructions for Topic B: In the Response row, each team member must identify at least one company that has faced and addressed similar situations (successfully and unsuccessfully).
In the Response row, identify whether the company has been successful or unsuccessful.
In the Response row, summarize your key findings for the company as they relate to the scenario.
In the Response row, identify at least one alternative solution for TeraTech from each company researched.
Response to Topic B:
Whirlpool is one of the successful manufacturers of consumer durables market. The company's market orientation and