Techniques For New Product Development

1314 WordsFeb 3, 20176 Pages
3.3: Techniques for New Product Development: There are many techniques of new product development in a new market effectively such as test market, experimentation, learning from failure, entrepreneurial culture, observation and co-creating etc. (Kahn, 2012). The best new product development techniques for Tommy Hilfiger in respect of expanding its business in Dubai in relation with its clothing line are as follow: 1. Test Market: This technique involve implementation of marketing plan and strategy on sample or in little population before conducting full marketing plan on the population (Fuller, 2016). In simple, Tommy Hilfiger can market some samples of its clothing line products to the sample population and then analyse the results. 2.…show more content…
Distribution Strategy: Tommy Hilfiger should follow indirect distribution channel as this approach would enable the company to market its new clothing line to wider area and would minimise competition and save cost. Communication Strategy: Advertising is the best way to communicate with people and to aware them with a brand. Tommy Hilfiger should advertise and promote its product in Dubai via print and electronic media by involving celebrities of the region which would increase its cluster of customers. Suggested Marketing Budget & Expenses Year Budget Target M/S share Year 1 2017 $2,053,000 0.5% Year 2 2018 $2,258,300 0.7% Year 3 2019 $2,484,130 0.9% Method T/Price Remarks Mass TV Commercial Magazine Celebrity Marketing Outdoor Marketig $1,080 $500 $400 $19 20sec ($9,000)*5time/Week*3 Month Aquarius, Ahlan, Masala, Grazia, UAE Digest $250/Year Male Model & $150/Year Female Model 2 Wide Bilboard/Each city=$227*2*3*12 Target Direct Marketing Online Marketing Launch Show Direct Mailing $15 $5 $30 $4 5/One Shop (Free gift, Model) Scoial Media Hotel, Club Expected customers ($61,000) Initial Marketing Expenses $2,053 3.5: Implementation:  Mission: Tommy Hilfiger 's mission is to move forward on success path by attracting more customers and increasing its cluster of customers with the help of affordable price.  Objective: The vital objective of

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