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You group came with an idea for a new product that would provide relevant information to a person in some situation earlier on in the term. Your group has been working on your project and sharing your research findings with your peers in the Discussions. Watch the video and see the examples Pattie Maes presented in the video. Next, clearly explain the benefits your new product would provide to a group of consumers and how it would be better than what they currently use/do. Finally, discuss how you think the success of your new product would be influenced by each of the five characteristics of an innovation (i.e., relative advantage, compatibility, complexity, divisibility, and communicability). (Note: Review both Chapter 20 of the Kotler & Keller textbook and the grading rubric as you prepare your written assignment). This portion of the assignment should be no more than 3-4 pages long. This part is part 4 of your group’s final innovation project.
Your group’s final draft should be no more than 15 pages long, not including any citations. Your final draft is the culmination of your group’s submissions for Discussions 1-3 assignments.
In terms of format, it should be double-spaced on standard-sized paper (8.5″ x 11″) with 1″ margins on all sides. Your submission should use a highly readable font (12 pt. Times New Roman font). Your written assignment should reflect proper grammar, spelling, and style. Any source citations should use APA formatting. A grading rubric is provided.

 

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

This assignment requires you to explain the benefits of a new product and analyze how the success of the product will be influenced by the five characteristics of an innovation. To make this process easier for you, we will break it down into manageable steps. Here’s how to approach this task effectively:

Step 1: Describe the New Product and its Benefits

• Introduce the Product:
  • Start by clearly defining your new product. What is it? Who is it for? How does it work?
  • Be specific about the context in which the product will be used and why it is needed in that situation.
• Explain the Benefits to Consumers:
  • Discuss how your new product will improve the current situation for your target audience. Will it save time, provide convenience, or solve a problem that existing solutions cannot address?
  • Identify the group of consumers who will benefit from the product. For example, if your product is aimed at students, explain how it will enhance their learning experience or make their academic lives easier.
  • Highlight specific advantages over existing products or practices. Be sure to show how your product is an improvement and what unique features it offers.

Step 2: Compare with Existing Solutions

• Current Solutions:
  • Discuss the products or practices that your target consumers currently use to meet the same need.
  • Compare how these existing solutions fall short or don’t meet the exact needs of the consumers as effectively as your new product.
• Your Product’s Advantage:
  • Explain why your product is superior to the current solutions available. How does it improve efficiency, provide more accurate information, or make the consumer’s life easier compared to existing methods?

Step 3: Analyze the Five Characteristics of Innovation

• Relative Advantage:

  • This refers to how much better your new product is compared to the current alternatives. Explain how your product has a clear, measurable advantage (e.g., better performance, lower cost, faster service).
  • For example, if your product offers real-time information, explain how that gives it a relative advantage over current products that provide outdated or static information.

• Compatibility:

  • This characteristic assesses how well your product fits with the existing values, experiences, and needs of the consumers.
  • Explain how your product will seamlessly integrate into the consumer’s daily routine or existing technologies. For example, if your product is a smartphone app, does it work well with the most common devices, operating systems, or other popular apps?

• Complexity:

  • The more complicated a product is to use, the less likely it is to be adopted.
  • Discuss how easy or intuitive your product is to use. Does it require any special training, or can consumers easily pick it up and use it with minimal effort? Be sure to emphasize its simplicity and ease of use to increase its attractiveness.

• Divisibility:

  • Divisibility refers to the ability to test or try the product before fully adopting it.
  • If applicable, explain how consumers can try your product on a smaller scale before making a full commitment. This could involve free trials, product demos, or initial offers that allow users to experience the benefits without fully investing.

• Communicability:

  • This characteristic looks at how easy it is to describe or share the product’s benefits with others.
  • Discuss how consumers will be able to communicate the benefits of your product to others. Can they easily explain its features? Will it be easy for satisfied customers to spread the word and generate buzz?

Step 4: Conclusion

• Wrap Up:
  • Summarize the key points you’ve made about your product’s benefits and how it compares to existing solutions. Reinforce why your product has the potential to succeed in the market.
  • Finish by revisiting the five characteristics of innovation and how each will play a role in the product’s success. Be sure to briefly discuss how the relative advantages, compatibility, simplicity, divisibility, and communicability will help drive adoption and customer satisfaction.

Step 5: Proofreading and Final Steps

• Proofread Your Paper:

  • After writing, ensure your paper is well-organized and clearly written. Check for any grammatical or spelling mistakes.
  • Verify that all of your in-text citations and references are formatted according to APA guidelines.
  • Make sure the paper follows the required formatting (double-spaced, 12 pt. Times New Roman font, 1″ margins).

• Check the Rubric:

  • Review the grading rubric carefully to ensure that all aspects of the assignment are covered and you’re meeting the expectations.

By following this guide, you can effectively outline the benefits of your new product, compare it to existing solutions, and assess its potential success using the five characteristics of innovation. This step-by-step approach will help you write a comprehensive and clear paper.

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