MGT602 GDB Fall 2020 Solution / Discussion

[+ M.Tariq Malik]

MGT602 GDB Fall 2020 Solution / Discussion

Entrepreneurship (MGT602)

Graded Discussion Board

Marks: 5

Topic: Creativity and business ideas

Learning objectives:

The basic objective of this discussion is to explain the learners about various methods of generating new business ideas.

Learning outcomes:

Students will learn to scale a particular solution identification technique to a specific issue.

Case:

Mark Foods is a frozen food company and has recently launched a new product (vegetable filled roles). The new product is accompanied with consumers’ enlarged expectations i.e. quality, price, taste and affordability. Although there seemed a spike in the sale of the newly launched product, but immediately after 1 month that spike started showing dull and sales volume dipped very down. Although, the new product was launched after the complete research and development, but the company did not get the expected outcome. The marketing department of the company needs immediate identification of the actual underlying problem which has led to such decrease in sales of a highly anticipated product offered by Mark Foods. There are various methods i.e. brainstorming, focus group and problem inventory analysis to identify the complex marketing problems and to offer their solutions.

Requirement:

Read the content of lesson 16 and answer the following questions.

Which technique (Focus Group or Problem Inventory Analysis) suits best to identify and solve the underlying problem in the above situation? Support your answer with reasons. (1.25*4)

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Stay touched with this discussion, Solution idea will be uploaded as soon as possible in replies here before the due date.

[+ M.Tariq Malik]

MGT602 GDB Fall 2020 Solution idea:

 

Problem inventory analysis

Because problem inventory analysis uses individuals in a manner that is analogous to focus groups to generate new product ideas. However instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category. They are then asked to identify and discuss products in this category that have the problem. This method is often effective since it is easier to relate known products to suggested problems and arrive at a new product idea then to generate an entirely new idea by itself.