Report: Marketing Management - New Product Lifecycle and Funding

This report focuses on the principles of marketing management, specifically addressing the new product lifecycle for a drone emergency healthcare service. It begins with the initial stages of idea generation, emphasizing the importance of both internal and external sources, including crowdsourcing to gather insights from the community. The report then outlines the subsequent steps of idea screening, concept development, and testing, highlighting the prototype's role and the importance of customer feedback. The final stage discussed is commercialization, which involves introducing the product to the market and comparing its performance with competitors. Furthermore, the report explores potential funding sources for this venture, including venture capitalists and financial institutions, such as banks. References to relevant academic sources are also included to support the analysis and findings. This report provides a comprehensive overview of the marketing process for a new product in the healthcare sector.

Running Head: PRINCIPLES OF MARKETING MANAGEMENT
Principles of marketing management
[Type the document subtitle]
Student Name
[Pick the date]

PRINCIPLES OF MARKETING MANAGEMENT 1
Main steps in new product life cycle
First step is idea generation, in this process, the focus will be on generating a pool of ideas which
can be linked with the future demand of the business environment in terms of quality and
service. In this step, both internal and external members are considered important partners to
assist in generating idea of offering drone emergency healthcare service to the individuals.
Next step is crowdsourcing; in this step involve inviting community on a larger scale in order to
make ideas connected with the society. This includes customers, employees, researchers and
other individuals who can offer necessary support. Then comes idea screening, in this step drone
emergency healthcare service idea will be screened on the base of criteria’s in order to find out
the feasibility of this idea (Gao and Bernard, 2018). It will also offer an idea of whether this
service will be able to meet the current demand of the potential customer. Next stage is concept
development and testing, in this step a prototype is being developed in order to understand the
possible issue which can arise in this idea. In addition, it will also offer an idea about what
additional features can be offered to the market in order to generate a unique position in the
medical service market. Then this prototype will be tested on the base of both customer
perceptions as well as market point of view in order to explore the possible issues which can
arise while introducing this issue in the potential business market (Bouncken et al., 2018). Next
step is commercialization; prototype will be introduced in the market to explore the performance
of the drone emergency healthcare service as compared to other present product. It will also
explore the difference between this product and the product offered by the other competitors in
the business market. It will help to explore both positive and negative points associated with this
product by which necessary change can be done according to the requirement.
Sources of fund for drone emergency healthcare services
For this business idea, one of the best sources of fund will be help from venture capitalists
because these are the people who are ready to invest their capital if they feel that this idea will be
helping them to remain connected with the advanced technologies. Another source of fund will
be a loan from financial institutes such as banks which can visualize future of this idea by
connecting it with social benefits.

PRINCIPLES OF MARKETING MANAGEMENT 2
References
Bouncken, R.B., Fredrich, V., Ritala, P. and Kraus, S. (2018) Coopetition in new product
development alliances: advantages and tensions for incremental and radical innovation. British
Journal of Management, 29(3), pp.391-410.
Gao, J. and Bernard, A. (2018) An overview of knowledge sharing in new product
development. The International Journal of Advanced Manufacturing Technology, 94(5-8),
pp.1545-1550.