Product and Brand Management New Product Development
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Transcript of Product and Brand Management New Product Development
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8/14/2019 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.
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NEW PRODUCT DEVELOPMENT
PROCESS
1.Idea Generation.
2.Idea Screening.
3.Concept Testing.
4.Business Analysis.
5.Product Development.
6.Test Marketing.
7.Commercialization.
8.Review of the Marketing Performance.
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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.
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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.
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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.
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CONCEPT TESTING
Concept testing of product is an elaborate version of theidea 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 days needed nutrition along with good taste.
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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
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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
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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.
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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
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TARGET MARKET
Primary Target
Kids Fond of Fruit Juice.
Teens More experimental.
Youth Experimental and more buying
power.
Working People.
Housewives.
Elderly people.
Secondary Target
Travel Industry Airlines, Railways and
Local Transport Systems
Recreational Multiplex, Malls, Amusement
Parks, school, colleges, hotels, restaurants.
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DISTRIBUTION CHANNEL
RawMaterial
Supplier
Manufacturing Plant
Wholesale
Distributor
RetailOutlet
EndConsumer
s
Delhi
Mumba
i
Kolkata
Chennai
WithinRegion
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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.
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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.
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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.
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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.
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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.
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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.
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REVIEW OF THE MARKETING
PERFORMANCE
Analyzing the reaction of the consumers, dealers and the
competitors in the market is essential to review the products
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.
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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.
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THANK YOU