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    New product development  assignment New product development assignment Document Transcript

    • Letter of Transmittal May03, 2012 The Lecturer Saud Ahmed Department of Finance JagannathUniversity, Dhaka.Subject: To submit a report on “New-product development on- Natural Anti-insect.”Dear Sir,We are very delighted to submit the term paper on New-Product Development on Natural Anti-insectproduct as the course material. Our main incentive is to prepare this term paper according to your guidelinesin accordance with your instructions. We have tried our best to produce our work as per your structures andhope we believe we have done an adequate job considering our level of experience and expertise and areable to relate the fundamental things with realistic applications.We are extremely grateful for the opportunities that you gave us to express our innovative ability and weearnestly hope that you will like the work that we have done. Furthermore, we stand by to answer all queriesregarding our work and pledge that our New Product Development is a unique production culminated by theamalgamation of our varied skills and had work.Sincerely YoursOn behalf of the groupMohammad Sakil Azad1st year, 1st semesterRoll: B110203095Batch-6th (Finance) 1|Page
    • AcknowledgementAll praise to Allah, our creator and sustainer, for giving us the strength to prepare this assignment. Ourheart full thanks to our course teacher “Saud Ahmed” for giving us an important topic about the “NewProduct Development.” and also for giving suggestion as well as guideline, which helped me incompleting this report. As we are the student of BBA, most of us (after completing BBA degree) will joinin marketing sector so it is very important to know about the strategy and process of new productdevelopment. The successful accomplishment of this report is the outcome of the contribution andinvolvement of a number of people, especially those who took the time to share their thoughtful guidanceand suggestions to improve the report. At first thanks to the officers of Bangladesh Agricultural ResearchInstitute (BARI). Especially for their generous help through providing necessary information regardingthis report. These elements helped us a lot for preparing our report.We have deepest gratitude to our respected course instructor Saud Ahmed, Lecturer, Department ofFinance, Jagannath University. We are thankful to him for his continuous support and supervision,suggestions and providing us with valuable information that was very much needed for the completion ofthis report.2|Page
    • A manufacturing company must have a product to produce and to deliver to its consumers. This productis the life of this company. That‟s why a company should select and produce such product which will beprofitable for the company as well as beneficial for the targeted consumers. This product can help thecompany to run a long way and to achieve the expected amount of profit.As a manufacturing company, we thought about such kind of product which would be profitable for us,fill the necessity of the consumers, useful for environment as well as contribute to our national economyin a large scale.From this thought, we have searched for ideas of some new products. We have looked for differentinternal and external sources. And we got huge ideas of new products. But most of these could not fill ourexpectations. That‟s why we were looking for more and more and finally we got some good ideas.At this time we started to select the best one which would be the most perfect to fill up the contemporarynecessity of people and have a great potentiality in future.Finally we have selected a new product idea. As Bangladesh is an agricultural country, we thought aboutsuch type of product that would help our farmers. To grow crops the farmers have to use a lot ofinsecticide that is so much poisonous and harmful for not only our environment but also human health.So we have thought of reducing the use of insecticide. That‟s why our new product is a natural „anti-insect‟ prepared from „mahogany seeds‟. It is pure and natural that protects the crops from differentinsects.First of all we collect the ripe mahogany fruits from which we separate the seeds. „Seed‟ is the main rawmaterial of our new product „natural anti-insect‟. The seed contains some elements that can prevent theinsects. Then we squeeze the essence from the seeds. This essence is applied on the land through spray.As a result we can get fresh and poison free harvest.3|Page
    • We must develop our new product „natural anti-insect‟ through the product concept. Primarily we testedour product on a piece of land with a small area. And we got the expected result. No insect could attackthe land as well as the environment was pollution free.Observing the initial result, we have been inspired and started taking steps to develop the product quitelargely. We started to follow and implement the new product development process.We want to test the market and the acceptability of our product among the people. That‟s why we tried tosell a little quantity of „anti-insect‟ in a local market of a rural area. Primarily it had been tough toconvince the people that it is more beneficial and less harmful for crops land and for the environmentthan chemical insecticides.But after some experiment they started to believe that, yes, it works! Latter we observed that the peoplehave accepted our product as the alternative of chemical insecticide.Finally we have decided to commercialize our new product „natural anti-insect‟. Our aim is to sellproduct up to 50 percent area in our country in the first year and in second year, we sell our product up to80 percent and some foreign countries.For the planned long-run sales, the total marketing budget will be raised each year by about 2 percent.But other cost will be reduced about 5 percent per year after the first year.As farmers are not connecting with television or internet, we are advertising this product directlycommunicating with them and arranging seminars, field-training etc.Being mainly agricultural country, near about 80% people of Bangladesh are farmers. So we can find alarge number of consumers for our new product „natural anti-insect‟ in our country. That‟s why we havetaken plan to spread out this product all over the country as well as many foreign countries whereagriculture plays a significant role in the national economy of those countries.We hope that the „natural anti-insect‟ can fulfill our expectations and one of the basic needs of thetargeted consumers. As a result we can contribute to our national economy through bumper harvestingand by this way it will be the most profitable product for our company.4|Page
    • TABLE OF CONTENTSSerial. No. contents Page No. Executive summary Introduction 07 Origin of the Report 07 Objectives of the report 07 Purpose 08 Scope 08 Methodology 09 Limitation 10 Topic analysis 11 New Product development Process 11 Our New Product Development Idea 12 Overview of the Product 13 Process 14 Characteristics of the Product 15 Idea Screening Market Segmentation Concept Development and Testing Markrting Strategy Business Analysis Product Development Test Marketing Commercialization Market Segmentation: SWOT Analysis Environment Marketing Mix Sales forecast Marketing Organization Control Goals Conclusion Bibliography5|Page
    • Contents of Tables, Graphs and Flowcharts TABLE NO NAME Page No GRAPH NO NAME Page No FLOWCHART NAME Page No NO6|Page
    • Introduction Origin of the reportRecently Education is also in the age of competition .So the procedures and standards of teaching areupgraded by different universities and institution in our country .In respect to that report is mandatory forevery course in BBA program, offered by Department of Finance, JagannathUniversity, Dhaka.In this respect our honorable course instructor has assigned us the report “New Product Development” Sowe have prepared this report. Objectives of the reportThe main purpose of this report is to know about the process of new product development and otherpurpose with related this process.However, the objectives of this report can be summarized in the following:  The main objective of this report is to understand the process of new product development.  To observe the market policy and market place in Bangladesh.  To define what is new product?  What is the present status of market in Bangladesh?  To understand the practical idea about market.  Finding and developing new-product and ideas.  Knowing the stages of the product life cycle.  Understanding how marketing strategies change during the product‟s life cycle.  Learning the steps in the new -product development process.  To understand about new product development strategy.7|Page
    • PurposeOur report has some purpose along with marketing plan for the Natural Anti-insect. There are some otherpurposes of this report as well. To get a clear concept about marketing plan, To get an overall idea about the Marketing Research, To find out the role of target market, To marking the problems for placing a new product in a market. ScopeThis study makes an attempt to cover within its scope almost all the significant aspects of New Productdevelopment. It gives us an opportunity to do a team work where we all can show our personal views,ideas, creativities and etc.8|Page
    • Methodology of the study:To prepare the report we have to collect both primary and secondary data. The following sources havebeen used for the purpose of collecting the data.(1)Primary Data:* The market environment of Bangladesh.* Face to face conversation of the officers.* Face to face conversation with farmers.* Interviews with agriculture researcher.* Expert opinion.* Discussion with the faculty members of the Department.* Exposure on different desks of the other insecticides company.(2)Secondary Data:* Sample copy of marketing plan.* Report of the Bangladesh agriculture institute.* Relevant book, newspapers, journals, website and various study reports.* Website of agriculture.9|Page
    • Limitations of the studyAlthough we have completed our report on new product development-Natural Anti-insect. The studyreport is not out of limitation due to some scope of opportunity. We faced some limitations of the studywhich are given in the below:-1. There is lacking of updated information‟s.2. Some information had not been found.3.Due to lack of work experience, there is a change of having some mistake in the report.4.Lack of knowledge about Natural Anti-insect.5. We cannot properly use our time for completing our report, although we get huge time by our lecturer.6. As a result, we cannot collect more information about it.7.We have lack of communication among our group members live different place in Dhaka city.8. Another limitation is group work on the report, because some of group partners were inactive to makeour assignment and some partners cannot collect proper information about our assignment.9. We faced computer problem because our department‟s computers are completely inactive in ourcomputer lab of our department.10. We cannot get support properly in the time for making assignment from the out sides.10 | P a g e
    • TOPIC ANALYSIS:New Product Development: New productsare the lifeblood of acompany. As old products mature andfade away. Companies must develop new ones to take their place. The development of original products,product improvements, product modifications and new brands through the firm‟s own productdevelopment efforts. The New Product Development Process:Companies face a problem- they must develop new products, but the odds weigh heavily against success.In all, to create successful new products, a company must understand its consumers, markets andcompetitors and develop products that deliver superior value to customers. It must carry out strong new.Product planning and set up a systematic, customer driven new product development process for findingand growing new products. The eight major steps in this process are given below:Flow chart no :0111 | P a g e
    • Our New Product Development Idea:For developing new product successfully, a company must understand its consumers, markets andcompetitors and develop products that delivers superior value to consumers and take plan.The systematic source for our products idea. We have developed our product by using both sources.  Internal idea sources: • R&D  External idea sources: • Customers, • Competitors, • Distributors, • Suppliers.New products are important to both customers and the marketers who serve them. For companies newproducts are a key source of growth. In this report we are showing our new product development idea.Our new product development idea is about a “Natural Anti-insect”.“Natural Anti-insect” is one kind ofinsecticide but it is different frominsecticide because“Natural Anti-insect” protects the crops from insectbut it does not kill insect. There arevarious insecticides in the market.They have different categories anddifferent prices. But our new “NaturalAnti-insect” is totally different from allthe insecticides in the market. “NaturalAnti-insect” is environment supported.“Natural Anti-insect” is produced frommahogany seeds or fruits.12 | P a g e
    • Figure no. 01Over view of the product:“Natural Anti-insect” is an organic solution made from Mahogany seeds and organs from female pests‟solves the agricultural pests‟ problem preserving the purity of food.“Natural Anti-insect” provides a simple and innovative solution for contemporary problem of pests attackto crops. It is a trap used to eradicate the pests in the agricultural field. Pests come to the trap beingattracted by sex and lay down their lives. It is purely an organic product that helps to keep food free frompoisonous agrochemical and prevent potential toxicity to humans and other animals.13 | P a g e
    • Process:Scientific Base: The scientific name of the fruit of Mahogany is “SwieteniaMacrophylla”. High saturatedand unsaturated fatty acid contents are found in the seeds of Mahogany fruits. There are phospholipids,neutral lipids,glycolipids, phosphatidylcholin, tetranortriterpenoids ,diacetate resins and phenoliccompounds in it. Moreover, the fruits contain triterpenoid-saponins.So it is scientifically proved that Mahogany seeds and fruits are natural pesticides.Technical Base: There will be a production plant to process the seeds and fruits where these will becrushed and turned into the powder. Most of the pests are male. The organs from the female are turnedinto powder that is mixed with the powder made from Mahogany seeds. Farmers mix the powder with thewater provided by special pot. The pests will come to the pot because of the appeal of sex for the femaleand will die. Figure No.0214 | P a g e
    • Why do people choose the “Natural Anti-insect” than insecticides in the market? “Natural Anti-insect” is harmless than insecticides. It will use this opportunities due increasing demand for pure food and green environment across the globe. The bigger advantage is that it controls the pests without causing the imbalance of the environment. That is, it is totally environment friendly. The price of this product is low. Characteristics of the product:Fully natural productNatural Anti-insect is 100% natural product and environment friendly. Figure No.0315 | P a g e
    • Using sectorFarmers use natual anti-insect in all types of crops. Figure No.0416 | P a g e
    • Process of using is very easy:Farmers use this product very easily by sparymashin.Figure No.0517 | P a g e
    • Idea Screening At first, a company generates huge ideas in order to find a few good ones. Ideas can be generated frominternal as well as external sources. The purpose of succeeding stages is to reduce that numbers. The firstidea-reducing stage is idea screening which helps to select some good ideas and drop poor ones as soonas possible. Then an idea is taken for developing a new product such as natural anti-insect which isproduced from mahogany seeds.Concept Development and TestingAfter developing concept, natural anti-insect needs for testing with a group of target consumers. Theconcept may be presented to consumers symbolically or physically. We test this product concept withconsumers before attempting to turn it into actual this new product. As a result, consumers then may beasked to react to it by answering questions such as those in following--- Do you understand the concept of natural anti-insect? What are its advantages compared with general insecticide? Are the farmers becoming satisfied by using this product? What would be a responsible price to charge for natural anti-insect? Are insects protected by Natural anti-insect? Would you buy such this (definitely, probably, probably not, definitely not)?The answers of these questions will help the company to decide about the potentiality of natural anti-insect.18 | P a g e
    • MARKETING STRATEGY i. OBJECTIVES: We have steady but a reachable objectives for the first six month to make a brand image for “Natural Anti-insect”. ■First Six month’s Objective: We are aiming at making our product a brand toward farmers, and agricultural persons. In this regard, we make several campaigning.ii. Target Market: “Natural Anti-insect‟s market consists of consumers that mean farmers who want reasonable price, easily using, variety in products, quality and freedom to choose the product of their preference. We aimed our consumers based on their benefit & usage rate. We differentiated each and every possible user on the basis of their preference to deliver the highest value.  Environment aware farmers  Educated and uneducated farmers  Profesitional farmers  General farmers Each of the farmers wants to protect their crops from insects but in different ways or wants special benefits while using a product to give natural anti-insect on different crops. So we targeted all types of farmers above and planed to do a differentiated marketing by lunching different versions and sizes of our product.iii. SEGMENTATION  Environment aware farmers : Environment aware farmers are generally aware about environment so they use natural anti-insect and the price of this product is low so they take it easily and it is benefit for us.  General farmers: They are not aware about environment and health. So our aim is too aware them.  Profasitional farmers: They use insecticide huge carefully. It is important with us to target them because they are important consumer with us.  Educated farmers: As they are educated so they are aware about this product and use it easily. 19 | P a g e
    •  Uneducated farmers: We must careful to them. We arrange workshop and awareness campaign for them and give extraadvertisement.iv. Positioning: Natural Anti-insect provides dual function of protecting insect and not harmful for health and environment. Not only that, it is safe than other insecticides and natural. It does not require extra fertilizer for crops, thus it saves fertilizers too.v. Branding: “Natural Anti-insect” is aims at making a brand image. In this regard our company plans to make these initiatives. * Champs of the workshop * Social Networking and Sharing Websites * Searching needs and want * Celebrating national days * Free notice Board gift with our logo * Giving customer pure satisfaction * Searching needs and want Business Analysis In business analysis involves a review of the sales, costs and profit projections for a new product to find out whether the satisfaction of the company‟s objective. Product Development In product development step, R & D or engineering develops the natural anti-insect (from mahogany seeds) into a visible product and calls for a large jump in investment. After all, it will show whether the natural anti-insect can be turned into a workable product. 20 | P a g e
    • Test MarketingAfter producing the natural anti-insect, it is tested in real market setting that gives us experience withmarketing the product before going to the great expense of all introductions. When introducing a newproduct like the natural anti-insect requires a big investment, it will be risky, so we may do a lot of testmarketing. In this stage, we understand the possibility of natural anti-insect in real market. Figure No. 0621 | P a g e
    • CommercializationAfter test marketing, we collect the information about the natural anti-insect and take a final decisionabout this product. Finally, we are introducing the natural anti-insect into the market. Flow Chart.0222 | P a g e
    • Market Segmentation:Domestic Market: Agriculture is the single largest contributor to GDP of Bangladesh. The cropproduction system is labor intensive here. Agricultural product is the main source of nutrition in ourcountry. Agricultural sector inBangladesh is now in the process of transformation from subsistencefarming to commercial farming. So there is a huge potential to be successful in Bangladesh. At first“Natural Anti-insect” will work mainly with domestic market.The use of pesticides in crop production creates hazards to both the human and non-target species.Pesticide use results in the pollution of the environment such as contamination of ground and surfacewater, causing harm to aquatic animal. Residues of pesticide on food pose health hazards to consumers.Farmers suffer from skin diseases, even skin cancer. Moreover, land productivity declines because of theuse of this poison. More than 20,000 metric tons of pesticides are used in Bangladesh.Natural Anti-insect will use this opportunities due increasing demand for pure food and greenenvironment across the globe. The contribution of agricultural sector to GDP is 20.48% whereas 43.6%of total workforce is engaged in agriculture. More than 500 lakh metric tons of rice and vegetables areproduced in Bangladesh. The volume of pesticides used to protect these crops from pests is more than20,000 metric tons.Natural Anti-insect will use a trap to prevent pests. The bigger advantage is that it controls the pestswithout causing the imbalance of the environment. That is, it is totally environment friendly. Also it doesnot create any health hazard to consumers and farmers. Finally, it is cheap resulting reduction inproduction cost.International Market: About three quarters of pesticide use occurs in developed countries, mostly inNorth America, Western Europe, and Japan, where high pesticide application rates are common. In theseregions, the pesticide market is dominated by herbicides, which tend to have lower acute, or immediate,toxicity than insecticides. So there is a huge possibility of earning profit from the sale of less harmfulproducts. “Natural Anti-insect” will be able to capture the market as it is 100% natural.Furthermore, market can be segmented according to the size of the products. Different size of thepackage will be available in the market.23 | P a g e
    • SWOT Analysis Our major is that as a new product,anti-insect is a new invention in farm product an environment supported, but our major weakness is lack of much awareness and lack hand wash user people.The major opportunity is that there is no competitor and lower price than insecticide. As aresult we might capture a huge portion of the market.We also face a threat of lack of Brand value. Strength: Innovative feature: Anti-insect is a product which has innovative feature. It offers different features for different product of its range. Different offering for different market: Anti-insect is providing different offer for different market such as differentiating products for rice, jute,fruits etc. Competitor less: In Bangladesh, there is no company is in anti-insect market. So, it is a great advantage for anti-insect to enter and take a place in the market. Lower price than competitor: Anti-insect is going to offer lower price than insecticides. Large range of product: Anti-insect is offering different types of product. Security: Anti-insect maintains proper security for manufacturing process. Packaging: Anti-insect maintains and use colorful and various designed packages with strong technology for different crops. Harmless: There is no side effect in anti-insect but other insecticides are harmful. Environment supported: Anti-insect does not pollute environment. Weakness: Lack of knowledge about anti-insect: Consumer has less knowledge about anti-insect as it is a new type of insects‟ protector like insecticide. Brand name: As it is a new product so it has not a popular brand which can be an advantage for competitors. Consumers’ cautiousness for the new products: Anti-insect is a new product. So consumers are always cautious to buy new products. Lack of Consciousness: Most of the people in Bangladesh are not willing to or conscious for using anti- insect. 24 | P a g e
    •  Using limitation: Anti-insect is not used on all kinds of crops. Opportunity: Positive Market Growth: Anti-insect market is still new in Bangladesh. So, there is opportunity for anti- insect to make a positive market growth. Lack of variety in existing products: In market existing product has less variety than anti-insect. Variation of wants: Consumers want changes day by day. With anti-insect different range of product, it can fulfill consumer wants. Increasing Demand: Peoples are getting aware day by day for the necessity of environment supported anti- insect. Lower Technology Cost: Dove Hand Sanitizer use the technology which costs less. Branding: As a new product anti-insect has opportunity to create a brand image. Threats: Irregular purchase of the product: Consumers‟ might not purchase this kind of product regularly. More Competitors: Other large insecticides manufacturers might come to this market. Downward Pressure of Pricing: Therecan be pressure for downward pricing. Irregular Purchase: There have a possibility for irregular customer. Figure No.07 25 | P a g e
    • ENVIRONMENT:Micro and Macro environment is going to affect the success of “Natural Anti-insect”Micro environmentThe components of micro environment such as Company‟s customers, suppliers, competitors, Marketingintermediaries, employees, public, and partners have great influence in success of the product. So, thecompany will has to maintain its CRM (Customer Relationship Management), PRM (PartnerRelationship Management), ERM (Enterprise Resource Management), SCM (Supply ChainManagement) and KM (Knowledge Management) effectively.Macro environmentThe larger societal forces – demographic, economic, natural, technological, political, and cultural forceswill have effect on the success of “Natural Anti-insect” Demography –if the population sizes in whole Bangladesh increases then the product will in high demand. Economic- if farmer‟s income increases then everybody will have the ability to buy our product.26 | P a g e
    • National economic health- The product will do better if the national economy becomes healthier. But on the other hand, if the national economy becomes weaker, the product may found itself in a critical situation. Technological – if our company can take new technology very fast comparing with others then obviously our company will take the advantage of creating new product and market opportunities. Political situation- if the government loses their rules and regulation such as imposing less income tax then our company can easily generate profit and can serve more customers. Besides, political situation may have a bad impact on the product, if the situation is not in a fair position.27 | P a g e
    • Marketing MixNatural Anti-insect will be introduced in July. The following programs we will use during the last sixmonths of this year to achieve our stated objectives.July: We will launch on printed media coverage on Radio, TV and Other way basically in field. Besides, wewill continue our SEO works.August: We will start road show towards Bangladesh .We also start promotional campaigns to the local areaand will arrange training in village area and also arrange workshop for farmers, and will continue the workof Radio, TV and other media.September: In September, we will continue our radio ads and SEO works, local medial works as well. Wealso make Brand Ambassador. We also promote TV shows.October: In October, we plan to be the sponsor of National prize giving ceremony in agricultural sector andarrange concerts towards rural towns in Bangladesh.November: In November, we will continue our promotional activities TV ads and Radio ads along withSEO. We will also do charity. Product Price Marketing Mix Place Promotion Figure No.08December: We will give ad on social networks and keep moving other activities.Natural Anti-insect‟smarketing strategies are primarily aimed at increasing market share and establish the brand moredynamically. To implement the strategy we considered a unique product strategy and an extensivepromotional strategy. Proper packaging, positioning, pricing and distribution strategy will also assist us toexecute our strategy.We also arrange workshop and communicate with agricultural person to be aware aboutit. 28 | P a g e
    •  Product Natural Anti-insect‟s target market is the consumers who are aware of environment andeffect of insecticides. Natural Anti-insect will help them to grow crops without polluting environment and side effect. Under this strategy we will provide unique quality, attractive packaging, easy to use and environment friendly product at an affordable price which would be lower than our competitors‟ price. We are also going to start with four different types of product in our product range. This will be according to differentiations of consumers‟ demand and need. Product Price Variety List price Quality Discounts Design Allowances Features Payment period Brand name Target Packaging Credit terms Customers: services Place Promotion Aware Farmers Channels Advertising Coverage Personal selling Assortments Sales promotion Locations Public relations Inventory Transportation Logistics Flow Chart No.03 Price For entering the business we will follow market-penetration pricing policy by charging low price so that we get huge excess to the existing market. We will also provide quality anti-insect but at less price compare to our competitor‟s price like other insecticide‟s company that we will follow same for less positioning strategy. Moreover we will give variety of product in a same price so that we can keep our sales steady during an entire year.Our new product is produced by natural resources,So the price of product may be low than our competitor‟s price like other insecticide‟s company. 29 | P a g e
    • Product Type Product Size Price Natural Anti-insect for rice 1 liter bottle 300 TK 2 literbottle 525 TK Natural Anti-insect for jute 1 liter bottle 250 TK 2 literbottle 500 TK Natural Anti-insect for vegetables 50 ml 40 TK 100 ml 35 TK Natural Anti-insect for fruits 75 ml 60 TK 150 ml 100TK Natural Anti-insect for others 250 ml 100 TK 500 ml 175 TK Table No.01 Place For distributing our product, we are using person to person sales and also engaging some channels for expanding our sales and market coverage. And we also want to distribute our product in locamarket,delar shop and general stores around Dhaka and other division of Bangladesh. Our target is to make our product available in all area within 6 or 8 months by our distributors in whole Bangladesh. To remove channel conflict we will do some activities, for example our distributors will be selected and limited because of having some control over the product. There may be more than one distributor but their area of distribution will be strictly maintained. There will be no chance of charging extra price by the distributors since strict monitoring will be done on a regular basis. Promotion Some others organization will create an advertising campaign for Natural Anti-insect to build brand awareness and differentiate the product from competitors; emphasizes on trade sales promotion to support distribution strategy and to develop a high-profile product-launch strategy to generate publicity and media coverage. 30 | P a g e
    • Sales ForecastWe are forecasting to sale out product mainly on direct sales through dealers. We assume that ourgrowth rate will increase directly through direct selling‟s. Our dealers will sale it to the buyer, from thebuyer it will go the retailers, and finally our product goes to the final customers. Since it is an internetage if there is any buyer wants to get out product through internet than another strategy will grow forthat side. MARKETING ORGANIZATIONSMarketing Organization Chief Marketing Officer Sales Manager Advertising Manager Promotion Manager Accountant Flow Chart No.0431 | P a g e
    • CONTROLAll of our administrative members are planning to measures to closely monitor quality and customerservice satisfaction to achieve our goals. This planning will enable us to very quickly in correcting anyproblems that may occur. Other early warning signals that will be monitored for sings of deviation fromthe plan include monthly sale and monthly expenses.32 | P a g e
    • Goals:(a) To provide farmers 100% environment friendly and effective solution for the natural enemy of foodcrops.(b) To raise a global claim for “from poison to purity”.(c) To reach 80% of farmers within first 2 years.(d) To educate farmers regarding the comparative health and financial benefits of using the naturalproductsThe vision of our product selling is given follow 1200000 2012 1000000 2013 2014 800000 2015 600000 2020 2016 400000 2018 2017 2016 200000 2018 2014 2019 0 2012 2020 Chart No.33 | P a g e
    • Ours is a manufacturing company and it is a profit making business organization. So we developed a newproduct idea of „natural anti-insect‟.Every person and organization has some responsibilities to the nation and the country. Having theseresponsibilities we thought of such kind of product which would be a useful product for the targetedconsumers and profitable for the company. That‟s why from many ideas we have selected the idea of„natural anti-insect‟ made from „mahogany seeds‟.Farmers (our targeted consumers) can use it as an alternative of chemical insecticide which causes hugedisservice to human health and the environment.Mahogany seeds contain some elements that can prevent different insects and help to grow crops safely.Our product is completely natural and it has no harmful effect for the environment.So, we can say that „natural anti-insect‟ is a product by which we can earn a huge profit and fulfill ournational responsibility.34 | P a g e
    • BibliographyJournals:1. “The new product development process within industrial districts: a cognitive approach”byNunziaCarbonara, Gianni Schiuma2. “Learning and knowledge creation in product development: a LISREL analysis” by QingyuZhang, Jeen-Su Lim, Mei Cao3. “Reengineering based inquiry into innovation in the front end of new product and servicedevelopment processes” byRodney McAdam, Denis Leonard4. “Measuring customer preferences in new product development: comparing compositional anddecompositional methods” byRoland Helm, Armin Scholl, Laura Manthey, Michael Steil.Books:1. Philip Kotler, Gary Armstrong, Prafulla Y. Agnihotri&EhsanulHaque, Principle of Marketing,13th Edition. (United States of America: 1997)Prentic – Hall, Inc,2. Husted, S. W., D. L. Varable, J.R.Lowry, Pro. Of Mordern Marketing, Allyn& Bacon,;89,USA.Web Sites: 1. www.learnmarketing.com 2. www.hktdc.com 3. www.npd.com.auOthersArticle on „New Product Development‟ by author Gloria Barczak.35 | P a g e
    • 36 | P a g e