New Product
A new product development process refers to a series of steps that involve conceptualization, design, development, and marketing a newly designed or rebranded product or services (Cooper, 2019). The chosen service of this discussion is offering online diploma classes on animation and multimedia.
Expanding into New Markets
Yes, I have considered venturing into new markets with my services. People start a business with a plan of development from one stage to the other. For the same purpose, the main reason for my expansion consideration is to cultivate new areas of activities to base my business. Expanding will mean new consumers and new experiences that come with increased activities. Secondly, I have thought of entering new markets to expand on my areas of profitability and generate sustainable revenue to maintain the business. The new markets I am thinking of venturing on include advancing my services to include online degree classes as well as offering opportunities to adults who still want to obtain diplomas and degrees. In other words, I will be venturing into adult education and degree certification markets.
Expected Features
The services will be rebranded to include a variety of choices in terms of the number of course units and the level of certification. Students will be able to select what the unit they want to take at a time and also the certificate they wish to attain. Also, the services will include exclusive “package deals,” which favor the student’s schedule. The courses will be restructured to include student’s preferences like time of class, duration of taking the course, and the number of units.
Diffusion of the Co.’s products markets
With the increase of online education, the competition in the market is stiff, and to gain acceptance to the new markets, I will use strong market strategies like social media platforms. I’ll also use my current services expertise to obtain my target consumers by spreading testimonials from my current students.
References
Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47.