- 20 Marks
SMM – OCT 2022 – L4 – Q3 – New Product Development Processes by Booz Allen Hamilton
As Head of Marketing, write a report explaining the New Product Development processes suggested by Booz, Allen and Hamilton for developing new electronic banking products.
Question
The future of banking and consequently of bank marketing will be shaped by changes in the external macro-and micro-environments in which banks operate. The macro-environmental force that has and is still expected to have the most far-reaching impact on the banking industry is technological change. In fact, the development of innovative technological products may affect the marketing strategies of the financial service industry in general and banks in particular. In your role as the Head of Marketing of your Bank, the Chairman of your Product Development Committee (PDC) has asked you to write a report explaining to the committee the pragmatic and operationally-useful New Product Development processes suggested by Booz, Allen and Hamilton for the committee to be properly informed in the development of new electronic products.
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