New Product Development Cycle

Topics: Marketing, Middle class, Retailing Pages: 5 (1122 words) Published: September 4, 2013
MMBGIMS

SUBJECT
MARKETING MANAGEMENT

TOPIC- NEW PRODUCT DEVELOPMENT

Submitted to:
Prof. Yasmin Singaporewala

GROUP MEMBERS
NAMES ROLL NO
1. Akanksha Desale 68

2. Shradha Doggala 71

3. Samadan Kakde 81

4. Supriya Pawar 100

5. Kirti Pawaskar 101

6. Sonali Raghatwan 105

7. Surekha Wakle 119

Introduction
While travelling is generally a lot of fun, digging through your packed clothes to find a particular item can definitely be difficult to handle and problematic. So in such difficult situation THE RISE AND DUFFEL BAG offers an alternative solution. Imagine a duffel bag outfitted with accordion-style shelves inside, letting you neatly fold clothes instead of stuffing them haphazardly.

How To Use This Product?
1. To use the bag, you start by hanging it open in a closet (or wherever) at home, packing your clothes onto its shelves, then pushing the shelves/clothes down inside of it and zipping it up. 2. Upon reaching your destination, you just open it back up, pull out the shelves, and hang it up. Your clothes will still be on the shelves where you packed them, so there won’t be any need to transfer them into the hotel room dresser. 3. Besides its three shelves (four, if you count its top surface), a nice added touch is a hamper compartment on the bottom, for storing your dirty laundry.

NEW PRODUCT
DEVELOPMENT
* IDEA GENERATION
We thought of introducing a new product in luggage industry. For this we did surveys. We asked questions to consumers about which new product they would like to see in luggage items. What new features customers would like in the new product.

* IDEA SCREENING
In survey we got many ideas for hand bags, college bags and luggage bags. But the most interesting idea was that to introduce a luggage bag which can be hanged directly in the cupboard and which includes different shelves to keep things in systematic way. So we decided to introduce such RISE AND HANG BAG.

CONCEPT DEVELOPMENT AND TESTING

CONCEPT DEVELOPMENT :

* Consumer wants a product which can be easily carried.

* It could have both features of mobility and accessibility.

CONCEPT TESTING :
We test our new product concept with a group of consumer to find out consumer appeal by asking them some question about concept. We have got a strong consumer appeal.

MARKETING
STRATEGIES

MARKET SEGMENTATION
Market segmentation is the process of dividing a total market into groups or segments consisting people or organizations with relatively similar product needs. By segmenting the market and choosing target markets, companies can differentiate their products to provide the benefits that the segments desire. Once a marketer has identified their segment, they can choose media that is targeted to that segment for their advertising.

Bases for segmenting consumer markets
Geographic-
* URBAN- as most of the people in urban areas are business man. They can easily utilise this bag while going for short business tours. * SUB URBAN- family belonging to middle class can use this bag for their short vacation trips. Demographic-

* Social class-
This product can be utilised by people belonging to both middle class and upper middle class. * Income-
We segmented on the basis of income like middle income class people and high income class people. Behavioral-
* Benefit expectations- we will segment the product as per the convenience of the consumer. Like 1 variety for families and 2 for businessmen’s. * Price sensitive- price will be kept as per the social class.

TARGETING
Once a marketer has...
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