UNIVERSITY OF THE PUNJAB
“Principles of Marketing”
“New Product Development”
“Prof. Hafiz Ihsan-ur-Rehman”
1. Segmentation & Target Marketing (Characteristics: How Product fit with T. M.) 2. Product Ideas ,Screening, Concept Development & Testing. 3. Demand Estimation
4. Marketing Mix
← Levels of Product.
← Ingredients of the Product.
← Process of Production.
4) Promotion (Print, Radio & T V ads.)
5. Cost Estimation
6. Plant Cost
← Which type of humen force is required? And How much?
Segmentation & Target Marketing
“Dividing a market into smaller groups with distinct needs characteristics or behaviors who might require separate product or marketing mix”
We considered the Punjab as a whole market for our Product and divide the Punjab on the basis of cities e.g. Gujranwala, Lahore, Gujrat. We divide the GRW market on zone basis i.e. Satellite town, Model town, Urdu bazaar, People colony etc.
Demographic Segmentation: (on the family size basis)
Now we divide the selected urdu Bazar market on the basis of family size. A family whose has ten members need a wiper after six months or replacement of rubber is necessary after three or four months.
Our product is consumer product and basically for household. Our Targeted Market is Urdu Bazar in which we supply the wip wiper on different shops for sale. Our Targeted Customers are families in which there are five or more family members.
How wip wiper fit with the Target Market?
Our Product Wip wiper is fit with the Targeted market of urdu Bazar because it is a household item and is purchased by the family people. And in Urdu Bazar of Gujranwala people come for purchase of different household items and our product wip wiper has additional quality of water supply so our Stall of product will attract the people and people will buy it due to its additional features. And there are also potential buyers of wiper that purchased the wiper after six months we can also convert these buyer on our product.
Our product is consumer product. It is the need of every house and we are providing additional facility in this product i.e. water supply. In the selected targeted market, there will be many customers of product “WIP WIPPER” So its better market for our product
New Product Development
“New Product Development process consist of ideas generation, ideas screening, concept development and testing, business analysis, test market, commercialization and launching the new product in the targeted market. We discuss the four these things relating to our Product of wipe wiper. Now the detailed information of these is under:
Following are the New Product ideas are generated by our Group members. Which are as follows:
1) Create such type of machine, that convert any blood group into required blood group. Just like we want “O Negative” and we have “A Positive” then machine will help us to convert our available blood group of “A Positive” into required “O Negative” blood group.
2) NOKIA mobile company should create that type of mobile in which translator facility is included. This Mobile Phone will give advantage to the people who are not able to speak different type of languages.
3) There should be a wiper with additional qualities of water supply, detergent supply and cleaning the...
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