Npd-Facial Cleanser

Only available on StudyMode
  • Download(s) : 510
  • Published : August 25, 2010
Open Document
Text Preview
Contents

Idea Generation……………………………………………5-7

Idea Screening……………………………………………...7-8

Concept Development and Testing…………………...9-15

Marketing Strategy……………………………………….16-20

Product Development…………………………………….20

Market Testing……………………………………………….21

Commercialization………………………………….………21

INTRODUCTION

New products are the lifeblood of any company, fueling its survival and growth in the long run. But the development and introduction of new products that will ultimately be profitable is fraught with the risks of heavy up-front expenditures and uncertain future payoffs. A daunting combination of stagnating sales in mature markets, rising costs, and a focus on short term earnings leaves management in a very uneasy position. We are product development team of a company. It is a cosmetic manufacturing company. It produces various kinds of cosmetic product like- Beauty soap

Nail polish
Shampoo
Face wash
Tooth pest
Tooth brush
Now our company wants to introduce a new product.

New product:-
It means original products-new to the world, new to the product line, product improvements, product modifications, and new brands that the firm develops through it own research and development efforts. A new product includes greatest cost and risks. Because they are new to the market and the company as well. That’s why most of the companies are devoted to improve the product line. That’s why we are focusing on improving our existing product line. ORGANIZING NEW PRODUCT DEVELOMENT

Stage gate system: it is a process to manage the innovation process and launch new product in the market. In this system the gatekeeper makes one of four decisions. GO, KIILL, HOLD OR RECYCLE. If the new product idea looks promising the gatekeeper decides to GO for it. If the idea is bad than KILL it, if the idea needs further analysis then HOLD it and if the idea can be considered in the near future the RECYCLE it.

STAGES OF NEW PRODUCT DEVELOPMENT

IDEA GENERATION
The idea generation stage is the first stage in the NPD. However, in an organization with a healthy environment for creative thinking, new ideas abound, and only rarely is it necessary to have a formal meeting to generate ideas. New ideas flow from every day activities within the Organization. Sources of idea generation are:

← Customer analysis: this steps deal with knowing consumer need and wants by conducting a marketing survey ← Competitor analysis: by analyzing competitors we can develop new product. This can be done by copying the competitors new product or introduce a new product better than them. ← Active search: active search is looking at new product in other categories and adding the successful ones in our product category.

← Brainstorming: it starts with a thought, write on paper, think next thought and link it. We can brainstorm for a new product evaluating some factors like • Potential or targeted customers

• Product attributes and benefits
• Distributors and suppliers
• Pricing and advertising
After brainstorming we focused on the consumers first. We found that It is essential that a company knows its market and its consumers before developing any new product. Lots of questions need to be answered here. It is the starting point that enables brands to fit meaningfully into consumers' lives. After surveying the consumers we found that consumers not only women but also men are becoming conscious about skin care these days. Especially the young executives, students. They are in a need of good facial cleanser that can really clean up their face well without any side affect. Then we focused on the competitors. We found that our competitors are also producing beauty soaps, face wash products. Their face wash products are in tube form or plastic bottle form. Their target market mainly focuses on women, their skin type and to some extent...
tracking img