Explain the concept of crowd sourcing

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Reference no: EM132234968

Imagine you have been asked for marketing advice by Healthy Toys. They are a new manufacturer and marketer of high quality children’s toys. So far they have only made wooden toy train sets, but they know that new products are the lifeblood of an organisation. They are seeking advice on a systematic process that they could use for developing and introducing successful new products.

a) Explain the concept of crowdsourcing and describe how Healthy Toys could use crowdsourcing to generate new product ideas.

b) Explain each of the EIGHT steps of the new product development process. Give examples relevant to Healthy Toys to support your main points in each step.

Reference no: EM132234968

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