Rather than leaving new products to chance, a company must carry out strong new product planning and set up a systematic, customer-driven new product development process for finding and growing new products. there are eight major steps in this process beginning with and ending with

The answer that best fits the blanks above are IDEA GENERATION, and COMMERCIALIZATION, respectively. In carrying out a powerful new product planning and design, there is a process that should be followed and the process includes eight steps which include idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and lastly, commercialization.

1. By visiting the net-a-porter website, I have chosen a luxury Balmain brand blazer. Regarding the Maslow’s Hierarchy of Needs, it evidently fulfills the physiological need regarding clothing, as it provides warmth to the body above all. Afterward, it fulfills a safety need regarding employment, as it is a business blazer that can help us get a job through our professional image. Lastly, it fulfills esteem needs, as Balmain is a brand that is easily noticeable, helping us build recognition among friends.              

2. Firstly, I would find the adequate prospect (although net-a-porter is a website, we'll pretend it is a brick-and-mortar store). Afterward, I would reach out and give a helping hand and some tips regarding the garments he/she is looking at. I would emphasize the needs it fulfills (in a brief, catchy way) and try to cross-sell it with different garments. After closing the sale, I would follow up with a loyalty program.

3. Lately, it has been heard that the Big 4 consulting companies are notorious for sexual harassment of employed women. The consequences of this kind of unethical practice can be truly detrimental for the whole management consulting industry, which should be the role model for great business practices.

4. I would prefer to be paid by the number of closed sales, in contrast to an hourly wage. I do not get adequate motivation for working in a specific time frame, and I am very competitive and would like to differentiate from my colleagues. Also, it is sometimes unfair to be paid the same as a colleague who brought less customers that month (in case of an hourly wage).

5.  For example, I am opening a fashion business (accessories). I would set certain KPIs for my salespeople, that would represent actual sales goals. I would put the emphasis on the number of products sold. Secondly, I would have a personal follow-up with the customer to see if the customer journey has went smoothly. Finally, I would make each salesperson document the sales process, so that every kind of progress becomes noticed.

6. It is well-known that customer acquisition is more expensive than customer retention. Although it is always appealing to have new customers, old, retained customers bring in more profit in the long-run, as they tend to have continuous, growing purchases.

7. Since this is a fashion business, it is very important to follow the competition trail. Cost-focused pricing is not very applicable, as fashion businesses tend to have high margins (and thus cost is less important), so competition pricing is a good benchmark to start with.

8. In my opinion, this is an unethical practice, but not extremely. I think that a customer should reach out a brand first, not the other way around. So, telephone contact is only acceptable if it is a part of customer care and support. Also, my first -hand experience is that most people strongly dislike the idea of cold calling.