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New Product Development and Managing Innovation

1. You work in the strategy department of an educational technology company. You are entrusted with the development of a new product that is designed to cater to educating old adults (typically above 40 years) on multiple aspects like coding, music, arts etc. Describe your approach across the different steps in generic product design and development process. (10 Marks)

2. A key element in introducing new products is working out a new product strategy for the product before idea generation. This helps companies identify strategic business requirements that should be satisfied by new products. In the context of launching a new product for older adults (from Q1), explain 2 models used for strategic planning. (10 Marks)

3. a. What is the need for competitor analysis? Explain Porter s 5 forces model with an example. (5 Marks)

3. b. What are Intellectual Property Rights? Explain the different types with an example for each (5 Marks)

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