Product And Brand Management New Product Development
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PRODUCT AND BRAND MANAGEMENT NEW PRODUCT DEVELOPMENT Presented by: Y.T.S.B.M: Raviraj Ghadi , Priti Narvekar, Amit Panchal Y.T.I.E.T: Rohan Pathare , Rupali Jadhav. Presented to: Prof. Dhananjay Talele.
NEW PRODUCT DEVELOPMENT PROCESS 1. Idea
Generation.
2. Idea
Screening.
3. Concept
Testing.
4. Business Analysis. 5. Product 6. Test
Development.
Marketing.
7. Commercialization. 8. Review
of the Marketing Performance.
IDEA GENERATION The first stage in the new product development involves generation of new product ideas.
Fruit Punch.
Spin-pie.
Snack Chunk.
Joie' de vivre‘
Divine Spirits.
IDEA SCREENING Critical appraisal of ideas occurs at this stage. FP Agro is a company which will produce fruit juice with Brand name Fruit Punch.
FP Agro is going to make unique position in terms of corporate presence, with its advanced technology and the instrumentation required to manufacture a Juice that has variety of flavors, for utmost customer satisfaction.
FP Agro will be an environment-friendly company dedicated on sustainable development and corporate social responsibility, as a service to society and preservation of nature.
CONCEPT DEVELOPMENT
Concept 1 An instant
energy drink for everyone during breakfast.
Concept 2 A thirst-
quencher for children to as a midday refreshment
Concept 3 A health
complement for older adults to drink in late evening before they go to bed.
CONCEPT TESTING
Concept testing of product is an elaborate version of the idea expressed in meaningful terms.
The first concept of instant energy drink is selected.
Our product is a fruit squash which is rich in carbohydrates, proteins, vitamins and energy. It also helps in effective digestion of breakfast. gives person all the day’s needed nutrition along with good taste.
PRODUCT Type
Fruit Juice
Identification Fruit Punch Features Fruit Punch is a 100 percent fruit juice which will be produced and marketed by the FP Agro Industries Ltd. PLC
Our product lie in introduction period
Packaging
1 ltr.Tetra Pack, 250ml, 500ml PET Bottles
Flavors
Apple, Mango, Orange, Mixed Fruit.
Price
1 liter -Rs. 70; 500ml – Rs 40; 250 ml – Rs. 25
PRODUCT LIFE CYCLE Our product lie in introduction period Low sales Negative profits Few competitors Objectives: To create awareness & trial Offer a basic product Price at cost-plus Selective distribution Awareness – dealers and early adopters Induce trial via sales promotion
PRICING POLICY
Apply the concept of providing quality product at optimum price.
Provide Lucrative discounts, deals and schemes.
So, as a new comer our pricing strategy is to introduce our products in the market at lower prices so as to create the huge demand in the market and to compete with other competitors.
CONTI……
Have one price policy to maintain a goodwill among customers.
As we come up in the demand, we will increase our prices and will provide more efficient and affordable juices
TARGET MARKET Primary Target
Kids – Fond of Fruit Juice.
Teens – More experimental.
Youth – Experimental and more buying
Working People.
Housewives.
Elderly people.
power.
Secondary Target Travel
Industry – Airlines, Railways and
Local Transport Systems Recreational
Parks, school, colleges,
hotels, restaurants.
– Multiplex, Malls, Amusement
DISTRIBUTION CHANNEL
Delhi
Raw Material Supplier
Manufacturi ng Plant
Wholesal e Distribut or Retail Outlet
Mumba i Kolkata
Chenn ai Within Region
End Consumer s
PROMOTION Promotional Tactics
Provide free samples with popular cornflakes brands in the market for the brand awareness.
We will tie up with leading multiplexes in cities to increase our branding.
Targeting schools & colleges in the cities to change their beverage choices to Fruit Punch.
BUSINESS ANALYSIS
The idea which comes out of the concept testing stage is analyzed in terms of demand, cost and profit potential.
Demand is the amount of goods that consumers are willing and able to buy at a given price.
Factors Influencing the demand for Fruit Punch:
•
The price of the juice
The income of consumers
The demand for alternative juice which could be used (substitutes)
The demand for juice used at the same time (complements) Whether people like the taste of juice (consumer taste).
CONTI…..
The company expects the sale of Rs. 100cr in the first year. Behind this projection is a set of assumptions about the rate of market growth, companies market share, & factory realized price.
PRODUCT DEVELOPMENT
Product ideas that survive the business analysis stage are transformed into actual product development.
The R & D Dept. will develop one or more physical versions of the product concept.
The sophisticated virtual development technology will help in speeding the process of prototype development.
Developing the product according to the attributes of the consumer.
TEST MARKETING
Test marketing refers to testing of the actual product in one or two markets on a relatively smaller scale.
The company will follow controlled test marketing.
Testing the product in 4 metros in India.
Market test will last for 2 months.
Retail audit will show the sales & market share, consumer buying Pattern & loyalty & switching rates.
The process will provide in depth information about consumer attitude, usage & satisfaction.
COMMERCIALIZATION
If the results of the test marketing are positive, the marketer can go ahead with the production and marketing on the large scale.
The product is a late entrant in the market as few established products have a secured market share.
The product will be available in Metros, urban cities & towns.
CONTI….
The target consumers will be kids, youth, working people, elder people.
To coordinate activities involved in launching new product
management
will
use
network-planning
techniques like Critical Path Scheduling.
REVIEW OF THE MARKETING PERFORMANCE
Analyzing the reaction of the consumers, dealers and the competitors in the market is essential to review the product’s sales performance in the market.
Few consumers may not be satisfied with price or other features of the product.
Dealer may not push or promote the new product properly.
CONTI…
Hence the marketing department will make necessary changes in the marketing mix of the product as & when required.
Competitor may react to launch of our product & make necessary changes in their marketing mix.
THANK YOU
NEW PRODUCT DEVELOPMENT PROCESS 1. Idea
Generation.
2. Idea
Screening.
3. Concept
Testing.
4. Business Analysis. 5. Product 6. Test
Development.
Marketing.
7. Commercialization. 8. Review
of the Marketing Performance.
IDEA GENERATION The first stage in the new product development involves generation of new product ideas.
Fruit Punch.
Spin-pie.
Snack Chunk.
Joie' de vivre‘
Divine Spirits.
IDEA SCREENING Critical appraisal of ideas occurs at this stage. FP Agro is a company which will produce fruit juice with Brand name Fruit Punch.
FP Agro is going to make unique position in terms of corporate presence, with its advanced technology and the instrumentation required to manufacture a Juice that has variety of flavors, for utmost customer satisfaction.
FP Agro will be an environment-friendly company dedicated on sustainable development and corporate social responsibility, as a service to society and preservation of nature.
CONCEPT DEVELOPMENT
Concept 1 An instant
energy drink for everyone during breakfast.
Concept 2 A thirst-
quencher for children to as a midday refreshment
Concept 3 A health
complement for older adults to drink in late evening before they go to bed.
CONCEPT TESTING
Concept testing of product is an elaborate version of the idea expressed in meaningful terms.
The first concept of instant energy drink is selected.
Our product is a fruit squash which is rich in carbohydrates, proteins, vitamins and energy. It also helps in effective digestion of breakfast. gives person all the day’s needed nutrition along with good taste.
PRODUCT Type
Fruit Juice
Identification Fruit Punch Features Fruit Punch is a 100 percent fruit juice which will be produced and marketed by the FP Agro Industries Ltd. PLC
Our product lie in introduction period
Packaging
1 ltr.Tetra Pack, 250ml, 500ml PET Bottles
Flavors
Apple, Mango, Orange, Mixed Fruit.
Price
1 liter -Rs. 70; 500ml – Rs 40; 250 ml – Rs. 25
PRODUCT LIFE CYCLE Our product lie in introduction period Low sales Negative profits Few competitors Objectives: To create awareness & trial Offer a basic product Price at cost-plus Selective distribution Awareness – dealers and early adopters Induce trial via sales promotion
PRICING POLICY
Apply the concept of providing quality product at optimum price.
Provide Lucrative discounts, deals and schemes.
So, as a new comer our pricing strategy is to introduce our products in the market at lower prices so as to create the huge demand in the market and to compete with other competitors.
CONTI……
Have one price policy to maintain a goodwill among customers.
As we come up in the demand, we will increase our prices and will provide more efficient and affordable juices
TARGET MARKET Primary Target
Kids – Fond of Fruit Juice.
Teens – More experimental.
Youth – Experimental and more buying
Working People.
Housewives.
Elderly people.
power.
Secondary Target Travel
Industry – Airlines, Railways and
Local Transport Systems Recreational
Parks, school, colleges,
hotels, restaurants.
– Multiplex, Malls, Amusement
DISTRIBUTION CHANNEL
Delhi
Raw Material Supplier
Manufacturi ng Plant
Wholesal e Distribut or Retail Outlet
Mumba i Kolkata
Chenn ai Within Region
End Consumer s
PROMOTION Promotional Tactics
Provide free samples with popular cornflakes brands in the market for the brand awareness.
We will tie up with leading multiplexes in cities to increase our branding.
Targeting schools & colleges in the cities to change their beverage choices to Fruit Punch.
BUSINESS ANALYSIS
The idea which comes out of the concept testing stage is analyzed in terms of demand, cost and profit potential.
Demand is the amount of goods that consumers are willing and able to buy at a given price.
Factors Influencing the demand for Fruit Punch:
•
The price of the juice
The income of consumers
The demand for alternative juice which could be used (substitutes)
The demand for juice used at the same time (complements) Whether people like the taste of juice (consumer taste).
CONTI…..
The company expects the sale of Rs. 100cr in the first year. Behind this projection is a set of assumptions about the rate of market growth, companies market share, & factory realized price.
PRODUCT DEVELOPMENT
Product ideas that survive the business analysis stage are transformed into actual product development.
The R & D Dept. will develop one or more physical versions of the product concept.
The sophisticated virtual development technology will help in speeding the process of prototype development.
Developing the product according to the attributes of the consumer.
TEST MARKETING
Test marketing refers to testing of the actual product in one or two markets on a relatively smaller scale.
The company will follow controlled test marketing.
Testing the product in 4 metros in India.
Market test will last for 2 months.
Retail audit will show the sales & market share, consumer buying Pattern & loyalty & switching rates.
The process will provide in depth information about consumer attitude, usage & satisfaction.
COMMERCIALIZATION
If the results of the test marketing are positive, the marketer can go ahead with the production and marketing on the large scale.
The product is a late entrant in the market as few established products have a secured market share.
The product will be available in Metros, urban cities & towns.
CONTI….
The target consumers will be kids, youth, working people, elder people.
To coordinate activities involved in launching new product
management
will
use
network-planning
techniques like Critical Path Scheduling.
REVIEW OF THE MARKETING PERFORMANCE
Analyzing the reaction of the consumers, dealers and the competitors in the market is essential to review the product’s sales performance in the market.
Few consumers may not be satisfied with price or other features of the product.
Dealer may not push or promote the new product properly.
CONTI…
Hence the marketing department will make necessary changes in the marketing mix of the product as & when required.
Competitor may react to launch of our product & make necessary changes in their marketing mix.
THANK YOU
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