Beruflich Dokumente
Kultur Dokumente
DEVELOPMENT
PROCESS
NEW PRODUCT
DEVELOPMENT
PROCESS
Prepared for
Anika Khurshid
Faculty
College of Business Admistration (CBA)
Course Instructor of MGT 402
Prepared by
The Avengers
Name
1.
2.
3.
4.
5.
ID
Letter of Transmittal
July 31, 2012
Anika Khurshid
Faculty
College of Business Admistration (CBA)
IUBAT International University of Business Agriculture and Technology
Uttara, Sector 10
Dhaka 1230
Dear Madam,
Here is the report on New Product Development Process for the course Entrepreneurship MGT
402 that you asked for.
Although we have faced many problems to gather information on the topic of, it was very
enthusiastic for us. It has been a learning experience for all of us and has imparted us the
knowledge and skills required to prepare this report.
We hope you would be satisfied with it as much as we were in preparing the report. We thank
you for your constant guidance.
Sincerely Yours,
.
Group Leader of The Avengers
Student Declaration
I, Nurul Habib Chowdhury, the group leader of our team and the other members; Md. Arif
Hossain, Md. Nazmul Hoque Sabuj, Tahsina Rahman and Babul Miah, hereby decleared that, we
have done our report on New product Development Process. This report on the stated topic has
only been prepared for the fulfillment of our practicum. It has not been prepared for any other
purpose.
______________________
Nurul Habib Chowdhury
______________________
Md. Nazmul Hoque Sabuj
____________________
Babul Miah
_____________________
Md. Arif Hossain
_____________________
Tahsina Rahman
Acknowledgement
This report would not have been easily accomplished without some people whom we would like
to thank. Firstly we would like to thank our course instructor of Entrepreneurship [MGT 402]
Mrs. Anika Khurshid who gave us the opportunity to do this report on the topic New Product
Development Process. Thanks to his support and guidance, which helped us follow the proper
guidelines for preparing this report.
We would also like to express gratitude to our class members for providing us the information
that was required for completion of this report. They should be remembered because they
produced the platform of our knowledge.
Finally, we like to say that, we have prepared this report from our own experience. We are ready
to accept our unwilling errors and omission, which belong to us.
Table of Contents
EXECUTIVE SUMMARY
01
INTRODUCTION
02
OBJECTIVES
02
METHODOLOGY
03
03
03
4.3 Instrumentation
03
SCOPE
03
03
5.2 Activity
03
LIMITATION
COMPANY OVERVIEW
04
PRODUCT OVERVIEW
05
8.1 Ingredients
05
05
SWOT ANALYSIS
06
9.1 Strength
06
9.2 Weakness
07
9.3 Opportunity
07
9.4 Threats
08
10 PEST ANALYSIS
04
08
10.1 Political
09
10.2 Economic
09
10.3 Social
09
10.4 Technological
10
11
COMPETITIVE REVIEW
10
10
11
11.3 Price
11
11
11.5 Promotion
11
11.6 Strategy
11
12 MARKETING STRATEGY
12
12
12.2 Segmentation
12
Geographic Segmentation
12
Demographic Segmentation
12
Psychographic Segmentation
12
Behavioral Segmentation
13
12.3 Targeting
13
13
13
Branding
13
Design
14
Quality
14
Feature
14
Packaging
14
15
15
12.4.3 Distribution
16
17
Promotion
17
17
Benefit
19
Measuring
19
19
Action Programs
21
13 RECOMMENDATION
14 APPENDICES
14.1 News Paper Ad
15 REFERENCE
23
23
23
24
16 CONCLUSION
24
25
2.0 Introduction
Marketing is a key part of business success - and every businessman should use a marketing plan
as a basis for executing his marketing strategy. A marketing plan sets out clear objectives and lists
the actions that will take to achieve them. Perhaps most importantly, it looks at how businessman
can ensure that your plan becomes reality. A marketing plan includes factors such as deciding
which customers to target and how to reach them, how to win their business and keep them happy
afterwards, as well as continually reviewing and improving everything he do to stay ahead of the
competition. Marketing in itself will not guarantee sales, but a well-researched and coherent
marketing plan will give a much better chance of building long-term, profitable relationships.
3.0 Objectives
The objectives of the study are:
Find out the opportunity and threat of the producer and product.
4.0 Methodology
We have collected different types of data from different sources and the procedure was simple
random method.
Primary Data: we have collected the primary data from the consumers and retailers
through a structured questionnaire. And also from some faculties, guardians, friends and
relatives.
Secondary Data: Secondary data are collected from different magazines, journals and
some websites which are related to our topic.
Sampling: The sample size for our study had 15 customers and 8 retailers.
4.3 Instrumentation
Through face-to-face interview and online interview by structured questionnaires we had done
our survey.
5.0 Scope
5.1 Procedure and Time Frame
It had taken 7 days to fulfill this Marketing Plan.
5.2 Activity
The results of customers and retailers satisfaction on conducted from personal interview by
questionnaires shown in the pie chart.
6.0 Limitation
When we were preparing this report we faced some problems. People did not interest to talk with
us. People did not give 100% information. When we went to collect primary data from different
field we also faced some problem like transportation, financial problem etc. we faced another
problem that secondary data was not available. We did not get enough time for data processing
and analyzing.
Mission: Our mission is to provide value at an economic cost, progress in diversity, and
continue to contribute to the growth of industrialization in Bangladesh by being the market
challenger.
8.1 Ingredients
Ingredients are:
Mango
Water
Artificial Colors
Stabilizers
Ascorbic Acid
Beta Carotene
Sugar
Strength
Weakness
Opportunity
Threats
9.1
Strengths:
Quality product
Bangladeshi made
Reasonable price
Better product life and durability, expiry date above six months
9.2 Weakness
Strong competitors
No market share
Limited budget
9.3 Opportunities
Increase demand of high quality of product due to Dhaka being a develop city
9.4
Threats
Political instability
So many competitors
Retaining consumers
Economic instability
Development of plant
10.1 Political
Ecological/environmental issues
Future legislation
European/international legislation
Government policies
Trading policies
10.2 Economic
Seasonality/weather issues
10.3 Social
Lifestyle trends
Demographics
Media views
Ethnic/religious factors
Ethical issues
10.4 Technological
Research funding
Associated/dependent technologies
Replacement technology/solutions
Maturity of technology
Technology legislation
Global communications
Pran
Frooto
Frootica
Mangolee
Danish
Acme
Star Ship
Slice
11.3 Price
Minimum price of Frooto and Frootica are 25 BDT.
11.5 Promotion
They promote this product through
a.
b.
c.
d.
Electric media
Print media
FM radio
Wall chalking
11.6 Strategy
Good pricing
Better quality
Intensive distribution
Attractive packaging
We want to put our image an on in the consumers mind as compare to competitors product. We
want to target the high school, college and graduate students and government sector that have to
work hard and need to Refresh them an instant.
12.2 Segmentation
We made the market segmentation on following basses
A. Geographic Segmentation:
This segmentation is based on region, city, rural and semi urban areas. We divided Dhaka city
into four zones.
A zone (Uttara, Airport, Basundhara)
B zone (Cantonment, Mirpur, Mohammadpur )
C zone (Gulshan, Baridhara, Banani)
D zone (Dhanmondi, Motijheel, New Market)
B. Demographic Segmentation:
Age
Family size
Gender
Income
Occupation
Education
C. Psychographic Segmentation:
D. Behavioral Segmentation:
Occasions
Benefits
User status
Usage rate
Loyalty status
Readiness stage
Attitude towards the product
12.3 Targeting
We will target the following customers:
Kids
Elders
Sportsman
Youths
Students
Patients
Logo:
Color: Yellow
Slogan: Real Mango
Design
Fusion Mango is the sweet drink with an eye catching tetra pack and plastic bottle.
Quality
High quality assurance would be our first priority. This would be ensured by
Features
Here are some features of our product
Packaging
Product units are packed in 6-layered Tetra Brick Aseptic and plastic bottle.
BDT 6/-
BDT 8/-
Miscellaneous
BDT 5/-
Retailer margin
BDT 2/-
Profit
BDT 4/-
Total price
BDT 25/-
According to our above pricing plan we have decided to offer the product to customers at BDT
25/-.The price is very much competitive and offer is feasible enough to catch a large percentage
of market shares.
PRICE
PRESENTATION
PRODUCT
DEVELOPMENT
HIGH
MARKET
DEVELOPMENT
LOW
DIVERSIFICATION
HIGH
QUALITY
According to the above grid we are offering high quality with low rate.
12.4.3 Distribution
We set pathways for our new product after production that can reach our product to the end
user. We follow five players in our distribution system. Those are given below in a diagram.
1. Manufacturer
2. Agent
3. Wholesaler
4. Retailer
5. Customer
Awareness
Knowledge
Liking
Preference
purchasing
Electronic media
Print media
Cable network
Billboards
Hoardings
ELECTRONIC MEDIA:
MEDIA
TIME
DURATION
TOTAL
BTV
1 min
1215000
Somoy News
1 min
180000
Inqilab TV
1 min
175000
Radio Foorti
1 min
280000
TOTAL
2090000
PRINT MEDIA:
COLOR OR
NEWS PAPER
PAGR
SIZE
BLACK &
WHITE
DAILY
BASIS
CHARGES
PROTHOM
ALO
FRONT
COLORED
STANDARD
SIZE
DAILY
18600
KAALER
KONTHO
MID
COLORED
STANDARD
SIZE
DAILY
5000
ITTEFAQ
FRONT
COLORED
STANDARD
SIZE
DAILY
15000
AMAR DESH
BACK
COLORED
STANDARD
SIZE
DAILY
17500
DAILY STAR
BACK
COLORED
STANDARD
SIZE
DAILY
15000
NEW AGE
BACK
COLORED
FULL
DAILY
600000
BILLBOURDS:
LOCATION
SIZE
DURATION
TOTAL COST
Airport
2060
1 MONTH
250000
Basundhara
2060
1 MONTH
215000
Mirpur
2060
1 MONTH
70000
Uttara
2060
1 MONTH
115000
DU Area
2060
1 MONTH
150000
TOTAL
265000
HOARDINGS:
LOCATION
SIZE
DURATION
TOTAL COST
GULSHAN
3090
1 MONTH
1200000
FARMGATE
3090
1 MONTH
1000000
TEJGAON
3090
1 MONTH
1000000
MIRPUR
3090
1 MONTH
200000
TOTAL
3400000
Benefits
Following are the additional benefits which are offering to the customers to give them values:
Measuring
We can check marketing condition through meaning in which different type of task may be
performed like survey. In order to learn weather people would like to buy our product, we have
decided to conduct a market survey in future so that we can assure that people like our product or
not.
(b) No
(b) Frooto
(c) Frootica
(d) Mangolee
(e) Danish
(f) Shezan
(g) Acme
(h) Slice
(b) Quality
(c) Price
(b) Quality
(c) Flavor
(b) Price
(e)Both a & b
10. If new brand come, will you accept it ?
(a) Yes
(b) No
(e) Hyzenic
(f) Availability
14. We are going to lounge a new mango juice in the market. If we can able to give you better
quality product with a reasonable price and also fulfill all attributes that you want from after
shave, will you accept it?
(a) Yes
(b) No
- Questionnaire of Retailers
Organization:
Location:
1. Please tell me the first three brands of mango juice which are highest selling from your shop?
.
2. What are the reasons that customers buy that mango juice more?
Please give your opinion.
Action Programs
The FUSION MANGO will be introduced in May .following are summaries of the programs
we will use during this summer session to achieve our stated objectives.
May we will initiate 80,00,000 BDT trade sales promotion campaign to educate dealers and
generate excitement for the product launch , and provide sample crates to our selected product
reviewers, opinion leader and celebrities as part of our public relation strategy.
June we will start with integrate print /television campaign. The campaign will show how many
features the Fusion Mango have for users to reenergize them.
July as the juice advertisement continues, we will add consumer sales promotion by including
them to our message. We will also support or retailer to increase our sales.
August we plan to roll out a new advertisement having new views of customer through survey
who have used our drink which ill help to promote our juice.
13.0 Recommendations
The window of opportunity is open, but if Frooto and Frootica are as good as they claim,
we will be in for a fight.
We are new in the market so we face the threat of ever-higher competition and downward
pricing pressure.
We think, also we have lack of knowledge and skill, a holistic corporate culture and lack
of systematic approach.
14.0 Appendices
14.1 News Paper Ad
15.0 References
URL 3: http://www.pranfoods.net/
Writing Format: Lesikar, Flatley and Rentz (2010-2011). The long analytical report
illustrated. Business Communication: making connections in a digital world. Eleventh
Edition. 386-401.
16.0 Conclusion
Organizations in our era are extremely sensitive - as they must be - to demographic, political,
technological and economic developments. Environmental changes most affect strategic
perspective. With respect to the marketing mix, quality in the beverage industry is a key factor.
For example, Globe Beverage's uses its Tiger brand to compete at the budget end of the market,
but promotes its own brand on the basis of quality at the upper end. Competition with non-juice
products such a cola drink is partly on the basis of packaging. It can be seen that competitors have
a stronger market share than Sanowara Beverage Ind. Ltd. due to stronger promotion, so
marketing department of the company have to work hard with a brilliant strategy to face them.
An effective marketing program brings together all of the elements of the marketing mix to
achieve the organization's marketing objectives by delivering to customers what they want and
need. Thus, the most successful companies will be those that can meet these needs most
effectively.
ID
10302016
Introductory
Body
Methodological
Final
Part
Part
Part
Part
10302021
10302005
Tahsina Rahman
10302032
Babul Miah
10302041