New Product<br />Project<br />Deliverable<br />1<br />
Description of the New Product Idea<br />A 1-paragraph verbal description of your “finalized” new product idea. <br />
Trends & Unmet Consumer Needs<br />Trends affecting the industry & unmet consumer needs, with the implications for your new product idea (attach articles you found in your research & any interesting & relevant new product examples). Use these to support why your new product idea makes sense to introduce now.<br />
Industry Analysis<br /><ul><li>Product life cycle stage
Competitive strategies & actions vis-à-vis new products</li></li></ul><li>A Market Structure Chart<br />Show the key market segments <br />in your category & where your new product will fall in the structure. Indicate which are the highest growth segments. <br />
Perceptual Maps<br />3 perceptual maps that show on an XY axis, the key attributes consumers of the category value most, & how your product will have a meaningful point of difference vs. its competitors.<br />
What % of the total volume each item is expected to contribute.</li></li></ul><li>Brand Positioning & Rationale<br /><ul><li> Provide a 1-sentence brand positioning statement with rationale as to why you picked the target audience, competitive frame, point(s) of difference & end benefit.
Will you add more targets over time: Which & when?</li></li></ul><li>For Each Major Brand, a<br />Brand Positioning Statement<br />Target Audience<br />Frame of Reference<br />Point of Difference <br />End Benefit<br />Example<br />To target audience, brand X is the frame of reference/competitive set that point of difference which is good because end benefit.<br />(Should include the rationale for each element)<br />
Samsung’s Jitterbug<br />To Seniors, (Target)<br />Samsung’s Jitterbug is the cell phone (FOR)<br />That has a large display & big buttons (POD)<br />Which is good because it will be easier to see & you won’t need to put on your glasses. (End Benefit)<br />
The DisneyPhone<br />To parents of young girls,<br />the Disney phone is the means of communication between you & your daughter, that your child will want to carry, which is good because now you can always reach them.<br />To little girls, The Disney phone is the cell phone that’s pretty & has one of your favorite characters which is good because now you can call your friends or your parents when ever you want. <br />
Volume Forecast<br />Provide a volume forecast for years 1-5, using the BASES model or a “bottom up” approach. Use your best guess & include the key assumptions of your forecast.<br />
New Product Total Volume Forecast<br />Trial Volume<br /># of Households in Target Population<br />Trial Rate<br />Average Trial Units Per Purchase<br />X<br />X<br />+<br />Repeat Volume <br /># of Trying Households<br />Repeat Rate<br />Repeat Purchases Per Repeater<br />Average Repeat Units Per Purchase<br />X<br />X<br />X<br />
BASES Type Test Results<br />Project quantitative research results that will serve as the basis for your volume forecast & sources of volume. <br /><ul><li>What trial rate will you have?
Whatwill consumers be switching from to purchase your product or service?</li></li></ul><li>Packaging, Branding, Name<br /><ul><li> If using a package or brochure, describe the package & ideally show an example with the key visual & communication elements.
Provide your branding/naming recommendation, any name subheads, branding/name rationale & relation to other items under same trademark.</li></li></ul><li>Pricing Recommendation<br /><ul><li> Provide a pricing recommendation relative to competition, other items in the trademark & the brand’s overall positioning & strategy:
Is it price skimming or going for maximum penetration & share as fast as possible?</li></li></ul><li>Geography, Test Market & Roll-Out<br /><ul><li>Do you plan to test market the brand? If so, what type of test market & for how long?
What will be the phasing of the roll-out/sequence/timing?
What will be your high opportunity markets, where you will market the product most aggressively & why?</li></li></ul><li>Marketing for the Polish bank will be done in markets with the highest concentrations of Polish immigrants such as:<br />- Birmingham<br />- Liverpool<br />- Edinburgh<br />- Manchester<br />
Seasonality<br /><ul><li> Create a monthly seasonality index based on when you think the product would sell most & least.
When will the product be introduced, in light of category seasonality & company’s fiscal year?</li></li></ul><li>Seasonality Index<br />% of brand’s business in month<br />8.5%<br />JFMAMJJASOND<br /> 85 70 80 110 160 135 110 85 50 45 90 61<br />
Distribution<br /><ul><li>In which channels will the product be sold?
Provide the % of volume from each channel & whether you will add new channels over the 5-year timeframe.</li></li></ul><li>Overarching Creative Tagline<br />Develop a memorable, overarching, integrated marketing message or tagline that describes the brand’s key point of difference & will be communicated in all marketing elements.<br />
OverarchingCreative Idea<br />Because there’s so much resting on your tires<br />When it absolutely has to get there overnight<br />You deserve<br /> a break today<br />Because you’re worth it!<br />
Launch Marketing Ideas & <br />Integrated Marketing Flowchart<br />Provide Year 1 & “ongoing” marketing budgets for the P&L.<br />Provide launch marketing ideas to create awareness & repeat purchase for the new product.<br />Create an integrated marketing flowchart to show the key marketing activities. <br />
Sensitivity Analysis/Risks & Hedges <br />What could go right to make your new product even more successful<br />What could go wrong that would cause the product to perform worse than projected?<br />