1. NEW PRODUCT DEVELOPMENT:
“Product Development is a creation, innovation, utility enhancement or continuous
improvement of earlier features (design, service, etc.) of an existing product or developing (manufacturing)
and entirely new kind of product to satisfy the requirements of its end-users (consumers).”
PRODUCT NAME:
Incredible Toys
We have eight processes in new product development which I implement all on my product.
so they are
1. Idea generation:
The systematic search for new product ideas (brain storming).In this process; we arrange
children, workers, management and parents in school to t knowledge about what type of toys children like
most. So we get bundle of ideas.
A. Toys related to puzzle games.
B. Boxes, alphabetical toys, card games and cars toys.
C. Toys related to cartoon animation
We also get ideas from internal and external sources. We get knowledge from toys maker ,
parents , employees especially children.
2. IDEA SCREENING:
Screening new product ideas in order to spot good ideas and drop poor ones as soon as
possible. In this task or process, we arrange all ideas and remove irrelevant ideas and accept best and
effective ideas.
Such as, we arrange ideas in well mannered. We take toys related to puzzles because their
demand is more and we invent many things. Parents mostly prefer puzzle toys reason they are very helpful
to enhance or boost up brain, thinking, knowledge and increase ability and capability in memorization so
they work effectively and efficiently.
3. CONCEPT DEVELOPMENT AND TESTING:
In this process, we face two things. They are product concept and concept testing. Product
concept is a detail version of the new product idea stated in meaningful consumer terms. First of all the first
hurdle is that there are millions of toys in market related to puzzle. So we make some new ideas , concept ,
innovation or modification. We make some concepts
A. Every person used our toys because price is cheap.
B. Buy our toys to boost up brain to yours children and make them genius to get success in life.
C. Special discount on first 50 customers.
Concept testing is a testing in which new product concept with a group of target consumers
to find out if the concepts have strong consumer appeal. We take 2nd concept reason they appeal consumer
so we make questionnaire and get answer from different consumers.
a. Do you like our product?
b. What are the major benefits of our product?
c. Which type of toys would you prefer?
We make samples and distribute to some consumer to know about positive feedback if
positive feed back we further work on it.
4. MARKETING STRATEGY DEVELOPMENT.
Designing an initial marketing strategy for a new product based on the product concept. We
choose value proposition, sales, market share and profit goals. First of all we target market is younger, kids
and also elder one because puzzle games and toys all persons of age played. Second one is marketing
strategy (products planned price, distribution and marketing budget. E.g. we have 25000 Rs , so we make
some features , puzzle toys ,boxes , pictures puzzle , brain transformation etc . We make monopoly games,
card games etc. we deal with distributors. We take fewer prices on our product to increase sale reason
competitors. Eye catching packing etc. third one is (planned long run sales, profits, goals marketing mix
strategy product, price, place, promotion.
We have 25000 rs we make 150 different items each item price is 300rs is equal to 45000rs.
Cost is 20000rs so after all sale we get 25000rs profit.
5. BUSINESS ANALYSIS:

2. We analyze the other related business mean same business to reduce cost and make more
profit. A review of the sales, costs and profit projections for a new product to find out whether these factors
satisfy the company or objectives. If objective achieve our product successful .
We emphasize on our product concept and marketing strategy , it can evaluate business
attractiveness proposal. we can move towards product development stage. estimate sales or market survey
to reduce cost and to make profit and success.
6. PRODUCT DEVELOPMENT:
AFTER BUSINESS ANALYSIS WE DEVELPED THE PRODUCT INTO A PHYSICAL FORM.
Developing the product concept into a physical product in order to ensure that the product or idea can be
turned into a workable market offering. Now , we make in physical tangible form to implement in market.
First of all, we distribute in our workers children of worker to check interest and entertainment. Product idea
converted into workable product. Research should be done. Heavy investment use to make products.
7. TEST MARKETING.
THE Stage of new product development in which the product and marketing program are tested in
realistic market settings. Mean, we run campaigns samples and test in markets rather product sale or not.
Consumers are interested or not. There is market demand or not. if we success in it then in last advertising.
8. COMMERCIALIZTION;
THIS IS A CONCLUSION OF ALL PROCESS. In this we introduced a new product into the
market. Our budget is less so we run ads city wise on local cables and most important cartoon channel. In
break or during cartoon slides come. Brochure and pamphlets also make to commercialize our product.