Product Development

•

Topic -

1. Product Identification 2. Product Development & 3. Push & Pull approach

• Guided By -

Aswani Sir

P.T.O.

Credits . . . •Rahul Joshi •Joel •Sneha •Rupali Kambli •Rahul Kandor

44 45 46 47 48 P.T.O.

The Beginning: • “An item that ideally satisfies a market's want or need” is known as a Product. • And to launch the product in a market an organization has to undertake many processes & the very important of them include Product identification, Product design, Product development, manufacturing etc. • Today we will be explaining such process in kind of brief. P.T.O.

•

Product identification Product identification is nothing but the imagination {P.I.}:

done by a person for a product that he thinks can be introduced to the market. • Generally the product is not directly produced after its imagination because one should know that:• ?? What benefits will the product provide?? ?? How will consumers react to the product?? ?? How will the product be produced most cost effectively??

P.T.O.

P.I. continued . . . • To get the answers of above questions, many kind of tools are used by the organization - For e.g. Market surveys, Exposure assessment, Risk management, SWOT analysis, etc. • For our consideration, and to make you people understand better we have taken a Website as the product. • Today is the age of computers and internet & a market need for a good, useful and reliable website is quite obvious & even the risk is less because there is a need of very less capital in making a website.

P.T.O.

•

•

Product development {P.D.} In business and engineering, Product development (PD) is the term used to describe the complete process of bringing a new product or service to market.

Product development can also be stated as the process of designing, creating, and marketing an idea or product. The product can either be one that is new to the marketplace or one that is new to your particular company, or, an existing product that has been improved

• There are two parallel paths involved in the (PD) process: the one is Product identification & the other is Product design & Detailed engineering. • There are three main tools to undertake the PD process properly & those are as Follows :-

P.T.O.

Market Testing New program initiation Produce a physical prototype or mock-up Test the product in typical usage situations Conduct focus group customer interviews. Make necessary adjustments Produce an initial run of the product and sell it in a test market area to determine customer acceptance

Technical Implementatio n New program initiation Supplier collaboration Resource plan publication Department scheduling Engineering operations planning Resource estimation

Commercializa tion Launch the product Produce and place advertisements and other promotions Fill the distribution pipeline with product Critical path analysis is most useful at this stage

P.T.O.

Push marketing Pull marketing: • In business parlance, push-pull marketing refers to different ways of promoting a business model in order to reach a target market. In push marketing, you ‘push’ your content or product towards the audience which may or may not be aware of it. • Conversely, in a pull-marketing scenario, the customer ‘pulls’ your content or product towards themselves, because they are interested in learning more about it. • In other words, push-marketing involves the active engagement of a target market through methods like advertising on relevant websites, email marketing and the practice of cold calling or emailing a prospect.

P.T.O.

•

Push marketing Pull marketing: continued . . involves On the other hand, pull-marketing. largely

the active development of a highly visible brand. This encourages customers to actively seek you out, because they believe you can fulfill their needs. Methods commonly used include media interviews, conference speaking, syndication of your content and word of mouth. • Now we see Push v/s Pull approach by taking into consideration our product i.e. the Website. P.T.O.

When Should one Use a Push Marketing Strategy? • If one own a new blog or product, an initial push strategy of some sort is useful because your brand/product is as yet unfamiliar to your target market. • It would be a biggest mistake if one assumes that bloggers and potential consumers know about your article or product. • Push-marketing makes ones brand pervasive and widespread. It also helps to acquire leads which one can convert into loyal supporters. P.T.O.

P

When Should one Use a Pull Marketing Strategy? • Pull marketing should be utilized alongside push marketing whenever possible. For instance, you can pull in buyers by creating relevant content. • After getting them to register for your community or opt-in to your newsletter, you can initiate push marketing at specific segments of your captured audience. • Prospects must feel and believe that you are the best solution to their problem. P.T.O

P

Push & pull Strategies for the Website :

5 Push marketing $trategies:

5 Pull marketing $trategies:

Develop Relationships Paid Advertising with Media. Incentive-Based Writing Relevant Proportioning Creating and Maintain an Articles on blogs Interviewing Thought Email List Leaders and Experts Joint Venturing with Volunteering your other Expertise. Businesses/bloggers Creating an Online Giving Discounts Community P.T.O.

-: Thank’s for Listening :-

-: Thank’s for Listening :-