3. Launching of a new product
5. My Product – Swirls
6. Marketing Mix
7. Marketing Mix Of Swirls
8. Consumer Questionnaire
9. Graphs and Analysis
11. Visit to an Ad Agency
I take this opportunity to express my sincere gratitude to my marketing teacher, Mrs. Girija, without whose help this project would have never been completed. I would also like to thank my parents for their kind and appreciating support and to all the other people who helped me in completing my project by filling in the questionnaires. Lastly, I would like to specially acknowledge the efforts to my friends who were there to help me throughout the project and provided me with valuable information.
Firstly I did a research on steps in the development of a new product and the reasons that leads to failure of a product Then I chose a product for launching in the market. My chosen product is chocolate; I conducted a market research to understand the likes and preferences of the customers. For this I prepared questionnaire for the consumers. The data collected was tabulated and analyzed. The conclusion drawn from this helped me get a better understanding of the market and devise a marketing mix for my product.
Launching of a New Product
In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share. 1. Idea Generation is often called the "fuzzy front end" of the NPD process: * Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features. * Lots of ideas are being generated about the new product. Out of these ideas many ideas are being implemented. The ideas use to generate in many forms and their generating places are also various. Many reasons are responsible for generation of an idea. * Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step).
2. Idea Screening:
* The object is to eliminate unsound concepts prior to devoting resources to them. * The screeners should ask several questions:
* Will the customer in the target market benefit from the product? * What is the size and growth forecasts of the market segment/target market? * What is the current or expected competitive pressure for the product idea? * What are the industry sales and market trends the product idea is based on? * Is it technically feasible to manufacture the product? * Will the product be profitable when manufactured and delivered to the customer at the target price?
3. Concept Development and Testing:
* Develop the marketing and engineering...