This document is a term paper on the new product development process for a coconut oil product called "Keya Oil". It includes sections on the executive summary, background, introduction, growth stage, eight phases of new product development, and conclusion. The key points are that the paper analyzes the new product development process for Keya Oil, which includes idea generation, concept development and testing, and developing a marketing strategy by segmenting the market into different geographic, demographic, psychographic, and behavioral segments. The target market includes health conscious people, families, and middle class consumers in Bangladesh.
To be a leading producer of coco water based beverages using the natural essence of coconut and hygienic process, dynamic leadership and commitment to our partners and stakeholders.
Marketing Research Report Proposal [Elegant (VI)]Md. Abdur Rakib
Marketing Research Report Proposal on “Customers’ Perception towards Imported Cosmetics & Preference towards Different Brands of Shampoo”.
It is prepared by Elegant (VI) group
Business plan - Entrepreneurship Project - Shivam JaiswalShivam Jaiswal
Entrepreneurship Project - Business Plan Sample - Beverage Shop (Name - Day's Beverages)
Include:
Executive Summary
Competitors
Our Unique Selling Proposition (USP)
Functional Structure
Our Physical Resources
Our Production Process
Our Human Resource
Marketing Strategies
Packaging
Distribution Process
Our Financial Projections and Budget
Start-up Cost
Selling Price of Products
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To be a leading producer of coco water based beverages using the natural essence of coconut and hygienic process, dynamic leadership and commitment to our partners and stakeholders.
Marketing Research Report Proposal [Elegant (VI)]Md. Abdur Rakib
Marketing Research Report Proposal on “Customers’ Perception towards Imported Cosmetics & Preference towards Different Brands of Shampoo”.
It is prepared by Elegant (VI) group
Business plan - Entrepreneurship Project - Shivam JaiswalShivam Jaiswal
Entrepreneurship Project - Business Plan Sample - Beverage Shop (Name - Day's Beverages)
Include:
Executive Summary
Competitors
Our Unique Selling Proposition (USP)
Functional Structure
Our Physical Resources
Our Production Process
Our Human Resource
Marketing Strategies
Packaging
Distribution Process
Our Financial Projections and Budget
Start-up Cost
Selling Price of Products
Guys Its for you !! Download !!
For more information Contact -
facebook.com/imShivax
instagram.com/imshivax
linkedin.com/in/imshivax
CEOThe mission of Knockout Shoes is to be recognized as a soci.docxtidwellveronique
CEO
The mission of Knockout Shoes is to be recognized as a socially responsible company providing high quality shoes for the North American and Latin American markets.
The overall strategy of Knockout Shoes is focused differentiation while addressing socially responsible business practices. The decisions by operations, financing, and marketing support this strategy because we have limited all production to North America and Latin American. We have limited sales to Wholesale and Internet sales in North America and Latin America. We have purchased the contracts of Ophrah Beyonse, Tiger Green, and Jose Montana. We have engaged in green manufacturing practices. We have limited the number of models sold. We use high-quality materials in the manufacturing process. We have provided sufficient capital to sustain operations. We have provided a return to stockholders and to society.
VPO
We produce all of our shoes in North America and Latin America because this allows for better control over the manufacturing process and reduces the cost to ship shoes to the two target markets. We limited our models to 50 to maintain better control over the manufacturing process and to limit the costs for styling. We have set our superior material usage rate at 80% to ensure a high quality shoe. We use green materials. We have set the enhanced styling features to $20,000 per model to support the production of a shoe that is perceived to be high quality. We have invested in energy efficiency. We use recycled boxing materials. Our entire workforce has received ethics training, and we have a diverse workforce. We spend $2,000 per worker on Best Practices Training.
VPM
We have set our wholesale price at $60 and our internet price at $85 because the shoes are high quality shoes. We sell only in North America and Latin America. We do not allow internet sales outside of North America and Latin America. We have contracted with Ophrah Beyonse, Tiger Green, and Jose Montana because these three have the best celebrity appeal scores for our two markets. We do not provide for private label production because it does not support our strategy of focused differentiation. We have set our advertising budget at $10,000,000. We offer a $3 rebate as part of our advertising strategy. We are able to provide delivery within 1 week because most of our shoes are manufactured in the country in which they are sold. We have few shipments between North America and Latin America.
VPF
We have issued 100,000 shares of stock and secured a 10-year bank loan of $8,000,000 to finance operations. We declared a dividend of $.15 to provide a return to stockholders. We have plans to ensure that ROE is at least 15% per year. We have plans to ensure that our cost of pairs sold is no more than 53%. We have plans to ensure that our default risk is no more than Medium. We have committed 3% of pre-tax profits for charitable contributions.
The New Product Development Proce ...
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
Product and brand management unit-2
Product Market Evolution: Strategy and Planning. New Product Development: Innovation and New Product Development (NPD), Theories of NPD, Models of NPD, Generic Product Development process.
New Product Introduction, Growth Strategies Intensive, Interactive, Diversification Strategies. Product Portfolio analysis BCG, GE, Ad little. Shell International, Risk-Return analysis.
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Term paper on new product development process
1. Term Paper
Title:- New Product
Development Process
Southeast University
Bachelor of Business Administration
Batch:- 39
Course Name:- Principles of Marketing
Course Code:- MKT2123
Section:- 02
Date:- 12/04/2016
2. Submitted to:-
Md. Ibnul Aziz
Lecturer
Southeast University
Submitted by:-
Group Name:- Lumen
Group Members:-
(1) Iffat-Ara
ID:- 2015010000447
(2) Moriom Islam Jannati
ID:- 2015010000417
(3) Farzana Islam
ID:- 2015010000449
(4) Ramjan Ali
ID:- 2015010000448
(5) Shakir Mahmud Shourav
ID:- 2015010000454
3. Table of Contents
1. Executive Summary
2. Background of the term Paper
3. Introduction
4. Growth Stage
4. Eight phases of new product development (NPD)
5. Conclusion
7. References
4. Executive Summary
We gladly present you our term paper on new product development process. We
prepared the report on the basis of the study in stages of new product development
process. This report is prepared on the basis of both primary and secondary data.
Primary data was collected by questioning the concerned people of the company
during the period of the working hour; while secondary data was collected from
various printed documents like annual report of the company.
Although the main purpose of the report is to Stages of new product development
process. We would like to express our gratitude to you for your tiresome effort for
us which provided the opportunity to complete this project.
5. Background of the Study
We want to market Coconut oil. We have prepared this feasibility plan on that
basis. We have assigned a name for the product as “Keya Oil”. Since the raw
materials are very much available in our country, we have decided to give the
product an indigenous image.
“Keya Oil” is a kind of oil that prepared by coconut oil in bottles. For the
marketing purpose of the product we have decided to launch three product lines.
The Keya oil would be launched in the market at 250 ml. 500 ml. and 1 Litre
bottle.
We have set a reasonable price for the product so that all kinds of people can
afford to buy this oil bottle. We have followed the target costing pricing approach.
We would gain a competitive advantage, as this is a first hit in the market.
We have targeted a huge market segment for the product. Bangladesh is a large
populated country. Lots of people are looking for such a product.
Our target market includes health conscious people (especially women), children
and many other consumers, which we have segmented from the Demographical,
Geographical, Psychographic Behavioral point of view.
Since this is a Coconut oil, once the product is well promoted, we hope that this
product will be sold well.
6. Introduction
‘Keya Oil’ is a product that serve different segment of customer. The product is
coconut oil, which has other competitors in the current market. The Keya oil will
be processed and sold in plastic bottle of convenient sizes of 250 ml, 500 ml and 1
liter. The oil bottle will be very much refreshing and provide great support to the
sick and health conscious people. Our target market is very large with different
segments. Our expected sales are very high. The development cost is tk.1.5 million
approx.
Picture:- A 250ml Keya Coconut Oil
7. Product Profile:
Name of the Product : Keya Oil.
Type of Product : Coconut Oil.
Ingredients : Pure natural coconut oil, Vitamin E, Vitamin K.
Container : Stylish Plastic bottle.
Container size : 250 ml, 500 ml, 1 Litre.
Product Price : 250 ml for Tk. 50.
500 ml for Tk. 90.
1 Litre for Tk. 180.
Estimated Durability : 12 Months from date of manufactured.
Machinery used : Advanced technology imported from
USA, UK and Netherlands.
8. Growth of the Product
The Growth stage is the second of stages in the product life cycle, and for many
manufacturers this is the key stage for establishing a product’s position in a
market, increasing sales, and improving profit margins. This is achieved by the
continued development of consumer demand through the use of marketing and
promotional activity, combined with the reduction of manufacturing costs. The
situation of our new product “Keya Oil” is appeared by these:
New competitors enter the market.
Price stability or decline to increase volume.
Consumer education.
Profits increase.
Promotion and manufacturing costs gain economies of scale.
9. Eight Phases of New Product
Development (NPD)
Companies will face a problem. So 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 and competitors 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
finding and growing new products. The eight major steps in this process are given
below:
10. Idea Generation:- For developing new product successfully, a company must
understand its consumers, markets and competitors and develop products that
delivers superior value to consumers and take plan. This is the first step that is
common in any product development process. People have to sit down in a group
(or sometimes individually) and brainstorm. The thought process involved here
deals with coming up with new ways of serving people better. It also involves
listing down the problems that people have when accessing goods and services.
Outlining these needs will go a long way in helping your team come up with ideas
that are aimed at providing solutions for the needs and problems that society faces.
When taken to its logical conclusion, this thought process might also lead to the
emergence of an entirely new business, instead of just a new product.
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 new products 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 “Keya Coconut oil”.
SWOT Analysis:- The product existence in the future is depending on its
strengths, weakness, opportunities and threats analysis:
11. Strengths:
1. Available input materials.
2. Low production cost.
3. Technological and marketing knowledge.
4. Strong distribution channel.
5. Easy manufacturing process.
6. Reasonable price.
Weaknesses:
1. It is easy to copy the idea by others.
2. Fragrance differ from the natural coconut oil.
3. Various Competitors.
Opportunities:
1. Monopoly market.
2. Large market.
3. High demand.
4. Might have a chance to get subsidies by Govt. to export.
Threats:
1. High competition in future by copying the idea.
2. Entrance of new product.
3. Alternatives are avoidable in some segment.
4. Uncertainty of launching a new product.
Idea Screening:- After generating many ideas, the logical step to take is to
scrutinize and scan those ideas to see which ones could be feasible and which ones
should be shelved for later. It is important to realize that we live in a world of
scarcity. Money and time are scarce resources and it would not be wise to focus
both resources on ideas which will not come up with an effective solution to
problems that many people in society face. Otherwise, if this mantra is ignored,
you will end up creating products that only serve ten people in the market. The
business will not end up making a profit and the massive losses incurred in the
product development phase will cripple the entire company.
12. Concept Development and Testing:- After developing concept, natural coconut
oil needs for testing with a group of target consumers. The concept may be
presented to consumers symbolically or physically. We test this product concept
with consumers before attempting to turn it into actual this new product. As a
result, consumers then may be asked to react to it by answering questions such as
those in following-
Do you understand the advantages of using our oil?
What are its advantages compared with general insecticide?
Are the consumers becoming satisfied by using this product?
What would be a responsible price to charge for our coconut oil?
Are the coconut is healthy for ours?
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 coconut oil.
Marketing Strategy:- Our company wants to develop and introduce a new
Product. So, we have gathered information through in-depth interviews. We
made a survey of the market to have a clear idea about our market, our customer
demand, needs and wants. This information helps us to know about the current
market and prospects of our new product.
Bangladesh is a country of about 150 million people. The total market size of the
coconut oil industry is about 20 million and day by day it is increasing. We have a
spread nationwide market of different convenient product. People are now-a-days
very much concerned about the market and product conditions. So we have a
growing prospect of customers of “Keya Oil”. Among the population we worked
out few segments of customers who will prefer our product most.
Market Segments:- We have observed and analyzed the market and based on the
nature of the market we segmented the market in the following sectors:
Geographic Segmentation:-
1. Dhaka
2. Sylhet
13. 3. Rajshahi
4. Khulna & Barishal
5. Chittagong
Demographics Segmentation:-
1. Individuals
2. Family
3. Sportsman
4. Business buyer
Psychographics Segmentation:-
1. Higher class
2. Higher mid class
3. Middle class
Behavioral Segmentation:-
1. Sick people
2. Health conscious
3. Sophisticated who take the new product from the market
Target market and projections:- Analyzing all the segments, we decided our
target market according to our product category. The target customers of “Keya
Oil” are rural people, health conscious people, sportsmen and tourists. The
company decided to charge Tk. 50 for 250 ml bottles, Tk. 90 for 500 ml bottles and
Tk. 180 for 1 Litre bottles, if we consider price versus taste received then we can
see that taste received is more in value. Therefore charging the mentioned prices
are justified. The following graph gives a clear idea of our target market.
Target Market:-
1. Women - 55%
2. Youngers - 15%
3. Tourist - 5%
4. General people - 25%
14. A pie diagram on target market is given below:-
Our company wants to develop and introduce a new Product. So, we have gathered
information through in-depth interviews. We made a survey of the market to have
a clear idea about our market, our customer demand, needs and wants. This
information helps us to know about the current market and prospects of our new
product.
Our oil product wants to satisfy its customers need. That’s why it is important to
identify the market needs. Our first consideration is to provide the best product to
its customers. That’s why we offer three different sizes of bottle with different
prices for its different segment of customers.
TargetMarket
Women Youngers Tourist General People
15. 250ml : The lowest price for the rural mid social class and individuals.
500ml : Its target the sick people and tourist.
1litre : For a small family.
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:- A focus group will have to be prepared to lay out all the
steps that are going to be taken to create the product that the idea has envisioned.
Suppliers of parts needed have to be contacted and dealt with in a timely manner.
Patents might have to be filed in order to protect the development process and the
product itself. All these are processes that take time. As such, planning for them in
advance will help the owners and financiers of the idea know how long the new
product development will take.
In product development step, our company’s technical department develops the
natural oil into a visible product and calls for a large jump in investment. After all,
it will show whether the natural usable oil can be turned into a workable product.
Test Marketing:- After producing the natural oil bottles, it is tested in real market
setting that gives us experience with marketing the product before going to the
great expense of all introductions. When introducing a new product like the natural
oil bottles requires a big investment, it will be risky, so we may do a lot of test
marketing. In this stage, we understand the possibility of coconut oil market.
Competitor Analysis:- The major soft drinks and juice companies of current
market are:- Parachute Oil, Kum-Kum oil, Navaratna Oil, Amla Hair Oil etc.
These companies can try to entrance our market by launching new product lines to
compete us. Yet, we have distinct competitive advantage. That is our product is
still brand new. The other companies will take sometimes to enter into the market.
Till then we can have a monopoly market condition. The other advantage that we
have is lower price. We will sell products in reasonably lower price than other
competitors do.
16. To compete with the major competitors we can adopt the following measures:
1. Providing the best service to create high customer satisfaction.
2. Reasonable and acceptable pricing.
3. Promising and providing top quality product.
4. Launching highly effective mass promotional activities.
5. Continuous innovation and modification of the products.
6. Creating and maintaining long term customer relationship.
7. Creating “Brand Loyalty” among the target consumers.
Picture:- Three types of test markets
17. Commercialization:- After test marketing, we collect the information about the
natural anti-insect and take a final decision about this product. Finally, we are
introducing the natural anti-insect into the market.
Goals:-
(a) To provide consumers 100% environment according to their full demand.
(b) To raise a global claim for “from poison to purity”.
(c) To reach 80% of sales within first 2 years.
(d) To develop product by improving company’s technicians and workers.
18. Conclusion
Ours is a manufacturing company and it is a profit making business organization.
So we developed a new product idea of ‘Natural Oil Bottle’.
Every person and organization has some responsibilities to the nation and the
country. Having these responsibilities we thought of such kind of product which
would be a useful product for the targeted consumers and profitable for the
company. That’s why from many ideas we have selected the idea of this new
product by developing financial situation of our country.
So, we can say that “Keya Coconut Oil” is a product by which we can earn a huge
profit and fulfill our national responsibility.
19. References
(1) Principles of Marketing by Philip Kotler
(2) https://www.boundless.com
(3) https://en.wikipedia.org/wiki/Coconut_oil
(4)https://www.google.com/imghp?hl=en&tab=wi&ei=K
KkLV_-nAYzF0gSHwrKQBw&ved=0EKouCBYoAQ