First Part.

1. Use the Stage-Gate model (Links to an external site.) to develop a theoretical new product or service. Some of your businesses might be service-based, so you may have to be creative in thinking about a new project. While you will not actually be creating a new product, you can still detail the requirements for each stage as well as the metrics you will use to make a decision to continue to the next stage or stop the project. Since this is a theoretical exercise, you can make assumptions while completing each phase.

In short, the Stage-Gate model has the following six phases:

Stage 0: Discover. In this phase, you think of a new product or service idea.

Stage 1: Scoping. This is where you evaluate the idea on its viability and marketability. A SWOT analysis is often used for this phase.

Stage 2: Building a Business Case. Further define the product, the manufacturing requirements, a project plan, and estimated revenues.

Stage 3: Development. A prototype or prototypes are developed.

Stage 4: Testing and Validation. The prototype is tested. If there is a problem, the team goes back to the development stage. If it works, the product can be prepared for Stage 5.

Stage 5: Launch. A marketing strategy is developed and the product is made available to customers.

2. Create a 5 slide presentation that outlines the different kinds of innovations described in the supplemental reading (product, process, and business model). You can supplement your description using chapter 9 from the Entrepreneurship e-book. On the fourth slide, provide a real-world example of each innovation type. On the fifth slide, describe how market research can be integrated in the Stage-Gate model.

Second part

Find an article that discusses the two topics of market research and innovation.

• Summarize the article, noting examples and key points.
• Next, analyze the article. What do you think about what is discussed? Are there key considerations missing or other issues?
• Finally, how do you see market research evolving in the future, specifically considering online/social factors and the dramatic increase in available data?
• Please include a link to the article.

The essay should be at least 300 words.