Effective New Product Development

Objectives 3.1 Describe the relationship between differentiation and position of products or services. 3.2 Analyze the impact of the product life cycle on marketing. 3.3 Identify the appropriate price strategy that should be used in the development of the strategic marketing plan.

I. Executive Summary II. Situation Analysis o Market Summary  Target Market Demographics  Geographic  Demographics  Behavior Factors Market Needs Market Trends Market Growth o SWOT Analysis  Strengths  Weaknesses  Opportunities  Threats o Competition o Product Offering o Keys to Success o Critical Issues III. Marketing Strategy o Mission o Marketing Objectives o Financial Objectives o Target Markets o Positioning o Strategies o Marketing Mix o Marketing Research o Action Plan IV. Financials o o o V. Controls o o o VI. Summary Implementation Marketing Organization Contingency Planning Breakeven Analysis Sales Forecast Expense Forecast

3. The marketing strategy of company is not so convincing because they can extend their product range with good

Qn4 four P's of marketing. Price product place promotion. Describe each and give example. How to apply for a production of a product you would be interested in? Give example. Chap 14

* From the scenario, analyze the goals, product, price, and promotion for the new product launch in each stage of the product life cycle. Recommend two (2) marketing tactics and strategies that the marketing intern should consider in order to increase product revenue over time. Provide rationale for your response.

As marketing costs account for a large portion of the total operating budget, setting up methods to evaluate and measure these marketing efforts will be a proper use of the business’s budget. The outcome of these measures will benefit us in the long run by becoming more profitable with increased sales and decrease in expenses and costs. The goal will be to sell enough units by projecting sales targets (monthly, quarterly and annually) to achieve a break-even point during the first year. A large portion of the budget for advertising will be allocated during the first year of business, to ensure product survival and prepare for the possible increased competition in the following years. Continued product improvement and R&D will be another important factor kept in

Using the information gathered, we make brochures, posters and other marketing materials that describe the fundraising, services, donation opportunities, and values of our organization. Then we develop a social media marketing strategy. Social media such as Twitter and Facebook provide us with ways to reach out to those interested in our organization in a low cost and effective way. We also have our own radio show that has weekly discussions on the topic.

In this assignment I was asked to go the areas assigned to me with one Marketing Representative appointed by company to the respective areas. When the Representatives were doing their call with doctors in a meanwhile I have to collect the data of the products of profess. Exactly what is the sale of their products in the particular areas I was also asked to collect the information about the sale of competitive brands of the other companies .Some of them are as follows:-

7 2.2. Research philosophy ................................................................................... 7 2.3. Research approach ...................................................................................... 9 2.4. Choice of theory ........................................................................................ 10 2.5. Summary ................................................................................................... 11

1. Before beginning any case, students should familiarize themselves with the model being used. Marketing Engineering for Excel comes with tutorials that demonstrate the capability of each model. The tutorial can be found under each model within the ME►XL menu after starting Excel. These tutorials are designed to work with our OfficeStar examples which are located in the My Marketing Engineering directory, usually installed in My Documents during software installation. The data required for this case is located in two files in the My Marketing Engineering directory (usually located within My

___ 44 Markstrat Main Screen __________________________________________________________ 44 Brand Portfolio Decisions ________________________________________________________ 46 Marketing Mix Decisions ________________________________________________________ 47 Market Research Studies ________________________________________________________ 49 Sales Force and Distribution ______________________________________________________ 50 Research & Development Decisions ________________________________________________ 51 Checking your Decisions _________________________________________________________ 52 Validating decisions with the Marketing Plan Tool ____________________________________ 54

The strategic priorities of an organisation are dependent on the reaction and impact of launching new product to the market. According to Economist (2010), there are various elements to get into consideration that might get overlooked by many companies. The four P’s marketing product (Product, Price, promotion and place) are critical for success rate of the products in the market.

Secondly, the current product development process needs a timely interaction among different departments in order to detect problems in a relatively early period of the process; the traditional approach would not meet this needs (Yelkur et al., 1996). Thus, the new product development team is required to be made up of members from different background, such as engineering, marketing, and management, so that they may work closely in introducing new products. As a result, the democratic atmosphere of the work place is crucial for the process. Amabile (1998) and Amabile et al. (1999) argue that freedom in processes promotes their motivation and helps employees make the most of their expertise.

Screening new product ideas in order to spot good ideas and drop poor ones as soon as possible. After getting idea generation we have to do idea screening. The first idea-reducing stage is idea screening, which helps sport good ideas and drop poor ones as soon as possible. Product development costs rise greatly in later stages, so the company wants to go ahead only with the product idea that will turn into profitable products. A company should motivate its employees to submit new idea:

2. ANALYSIS AND EVALUATION i. Market Segmentation ii. Marketing Strategies * Price, Promotion, Product, Place iii. SWOT analysis iv. Environmental scanning * Porter’s 5 competitive forces analysis