Developing of a New Product: Broomstick

Topics: Marketing, Product management, Product life cycle management Pages: 28 (4764 words) Published: January 19, 2015

Harper Adams University College
BSc International Business Management
New Product Development
Module F6012

Developing of a New Product--Broomstick

Submitted by: 11223600

For: Anne Taylor
Date of Submission: 3rd December 2013

Words Count without References: 3931

Developing of a New Product--Broomstick
1. Introduction3
2. Ideas Generation and Screening3
2.1 Idea Generation3
2.2 Idea Screening4
2.2.1 Feasibility5
2.2.2 Acceptability7
2.2.3 Vulnerability7
2.3 Product Description7
3. Business Method8
4. Target Market9
5.Product Differentiation and Position11
5.1 Functional Position11
5.2 Symbolic Position11
5.3 Experiential Part12
6. Product Attributes12
7. Competitors Analysis and Comparisons12
7.1 Using SWOT in Competitor Analysis13
7.1.1 Strength of the Broomsticks13
7.1.2 Weakness of the Broomsticks14
7.1.3 Competition and Threats14
7.1.4 Opportunities15
7.2 The Future Trends in Toys Industry16
8. Resources Requirement18
8.1 Power System18
8.2 Protective Measures18
8.3 Experts and Financial Support19
9. Sales Prediction19
9.1 Sales Predicts by Its Features20
9.2 Sales Prediction by Its Substitutions20
10. Potential Problems22
11. Conclusion23

In the modern business, new product development is one of the core parts in the business operation. As the NPD department, this paper will demonstrate a new idea of developing the toy of broomsticks and explain in several aspects. In the first part, the generation and screening will be illustrated as the logical idea processing and pointed out the broomstick’s competitive advantages. Then using QFD as the business analysis methods employed to present the degree to which product technologies match to customers’ needs. In the market section, based on the products attributes and product fit, the target market is narrowed and locked on the children who are in 8-14 years old. Then using SWOT method in competitor analysis and comparison to figure out the existing advantages and disadvantages, potential chances and threats. In the last part, the predicted sales, resource requirements and potential problems have been demonstrated for the future prediction and hidden issues in risky. To sum up, developing flying broomsticks is new product putting in the existing market, which has the huge business opportunities to invest and potential risks in both. Company should have aware of the benefits and risks; then maintain the advantages and avoid possible problem as much as possible in broomstick’s development.

1. Introduction
Working as the NPD department of the company, the main task is to developing new and competitive product to the business and decreasing the risks as much as possible. The new product idea is developing the broomsticks as new toys. In order to put the product idea ought to progress onto the later production, development and launch stages, this paper will demonstrate in several dimensions like idea generation and screening, concept development and testing in business analysis methods and market research development. To have a better understanding of the whole product developing process, it also includes the future prediction and potential part for the risk analysis. Both these two big parts are aim to provide a business product protocol which includes supporting evidence for the novel product real practice employed. 2. Ideas Generation and Screening

In this part, the idea processing will be introduced which shows the whole brainstorming process and demonstrated several reasons for developing broomsticks. 2.1 Idea Generation
Due to the Harry potter is popular by British, it drives relative industry’s development, take for example of Bros. Studio Tour in London which is set of Harry Potter (VISITLONDON, 2012). Therefore, the broomstick as the magic tool in Harry’s book and film has been chosen as the...

References: Figure1. The source of inspiration is coming from a UK film named “Harry potter.”
(Source: OXFORD ECONOMICS, 2012)
Figure 2. Idea Screening Process
(Source: Slack et al, 2007)
According to NPD Group prediction, the UK toy market will be dominated by high technology and innovation ideas (NPD, 2013).
(Source: Buchan, 2013)
In this part, it will demonstrate the relationship between customers’ needs and technologies provided. In addition, QFD method could examine the customer needs in detail from a variety of angles (Terninko, 1997).
Figure 3. Customer requirements for technology-setting versus effort in broomstick developing process
(Adapted from: Crow, 1996)
Figure 4. The retail sales forecast of children’s toys
(Source: HK TDC, 2013)
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