Connect Chapter 6 Homework Help Save Exit Saved The Role of

Connect Chapter 6 Homework Help Save & Exit Saved The Role of Social Media in the New Product Development Process 12.5 points Assume that you have been hired by a large international bank that is looking to develop a smartphone app to help college students with their finances, credit scores, and investments. The new product development process for the app is just beginning and you are looking at ways that step of the process eBook Whatever new product type a firm plans to develop, it will likely follow a formal new-product development (NPD) process. Organizations increasingly use social media to evaluate potential new products. Social media are especially valuable for small businesses and nonprofit organizations, which typically have less money to spend on the NPD process ReferencesOrganiz Match each social media marketing action with the appropriate step of the new-product development process Business analysis New-product strategy Ideo screening Product development idea generation Test marketing Product launch

Solution

(7) Identifying the importance of social media and smartphone apps to the bank\'s future plans of gaining young customers forms a part of Business Analysis. The bank identifies the business opportunity embedded in reaching out to young customers through a platform which youngsters are conversant with. The aforementioned identification process involves business analysis.

Tweeting out the availability of a relevant app is an example of Product Launch as the bank is unveiling its product for the first time.

Inviting younger fans to try out the product free of cost is an example of Test Marketing as any free product trial attempts to both market the product and test it out in an actual user environment.

Having a Facebook discussion with consumers regarding smartphone app features constitute Idea Generation as the process is intended to produce expectations and hence ideas about the apps\' potential features.

Creating a prototype is of course an example of Product Development.

Using Twitter to ask followers what prices they are willing to pay is an example of New Product Strategy Development as an indication of the acceptable price range would help the bank to utilize pricing as one of the strategies for popularizing the new product.

Developing social media for feedback and discussion would serve as a forum for bouncing ideas regarding features which would be acceptable and those which won\'t be, thereby constituting the product\'s Idea Screening phase.