product and brand management new product development

8/14/2019 Product and Brand Management New Product Development

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PRODUCT AND BRAND

MANAGEMENT

NEW PRODUCT DEVELOPMENT

Presented by:

Y.T.S.B.M:

Raviraj Ghadi , Priti Narvekar, Amit Panchal

Y.T.I.E.T:

Rohan Pathare , Rupali Jadhav.

Presented to:

Prof. Dhananjay Talele.


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NEW PRODUCT DEVELOPMENT

PROCESS

1.Idea Generation.

2.Idea Screening.

3.Concept Testing.

4.Business Analysis.

5.Product Development.

6.Test Marketing.

7.Commercialization.

8.Review of the Marketing Performance.


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IDEA GENERATION

The first stage in

the new product development involves generation of new product ideas.

Fruit Punch.

Spin-pie.

Snack Chunk.

Joie' de vivre

Divine Spirits.


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IDEA SCREENING

Critical appraisal of ideas occurs at this stage.

FP Agro is a company which will produce fruit juice

with Brand name Fruit Punch.

FP Agro is going to make unique position in terms of

corporate presence, with its advanced technology and the

instrumentation required to manufacture a Juice that has

variety of flavors, for utmost customer satisfaction.

FP Agro will be an environment-friendly company

dedicated on sustainable development and corporate

social responsibility, as a service to society and

preservation of nature.


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CONCEPT DEVELOPMENT

Concept 1

An instant

energy drink for everyone during breakfast.

Concept 2

A thirst-

quencher for children to as a midday refreshment

Concept 3

A health

complement for older adults to drink in late evening before they go to bed.


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CONCEPT TESTING

Concept testing of product is an elaborate version of theidea expressed in meaningful terms.

The first concept of instant energy drink is selected.

Our product is a fruit squash which is rich in

carbohydrates, proteins, vitamins and energy. It also

helps in effective digestion of breakfast. gives person all

the days needed nutrition along with good taste.


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PRODUCT

Type Fruit Juice

Identification Fruit Punch

Features Fruit Punch is a 100 percent fruit juice which will be produced and marketed by the FP Agro

Industries Ltd.

PLC Our product lie in introduction period

Packaging 1 ltr.Tetra Pack, 250ml, 500ml PET Bottles

Flavors Apple, Mango, Orange, Mixed Fruit.Price 1 liter -Rs. 70; 500ml Rs 40; 250 ml Rs. 25


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PRODUCT LIFE CYCLE

Our product lie in introduction

period Low sales

Negative profits

Few competitors

Objectives:

To create awareness & trial Offer a basic product

Price at cost-plus

Selective distribution

Awareness dealers and early

adopters Induce trial via sales

promotion


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PRICING POLICY

Apply the concept of providing quality product at optimum

price.

Provide Lucrative discounts, deals and schemes.

So, as a new comer our pricing strategy is to introduce our

products in the market at lower prices so as to create the huge

demand in the market and to compete with other competitors.


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CONTI

Have one price policy to maintain a goodwill among

customers.

As we come up in the demand, we will increase our

prices and will provide more efficient and affordable

juices


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TARGET MARKET

Primary Target

Kids Fond of Fruit Juice.

Teens More experimental.

Youth Experimental and more buying

power.

Working People.

Housewives.

Elderly people.

Secondary Target

Travel Industry Airlines, Railways and

Local Transport Systems

Recreational Multiplex, Malls, Amusement

Parks, school, colleges, hotels, restaurants.


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DISTRIBUTION CHANNEL

RawMaterial

Supplier

Manufacturing Plant

Wholesale

Distributor

RetailOutlet

EndConsumer

s

Delhi

Mumba

i

Kolkata

Chennai

WithinRegion


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PROMOTION

Promotional Tactics

Provide free samples with popular cornflakes brands in the market

for the brand awareness.

We will tie up with leading multiplexes in cities to increase our

branding.

Targeting schools & colleges in the cities to change their beverage

choices to Fruit Punch.


14/22


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CONTI..

The company expects the sale of Rs. 100cr in the first

year. Behind this projection is a set of assumptions about

the rate of market growth, companies market share, &factory realized price.


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PRODUCT DEVELOPMENT

Product ideas that survive the business analysis stage are

transformed into actual product development.

The R & D Dept. will develop one or more physical

versions of the product concept.

The sophisticated virtual development technology will

help in speeding the process of prototype development.

Developing the product according to the attributes of the

consumer.


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TEST MARKETING

Test marketing refers to testing of the actual product in one

or two markets on a relatively smaller scale.

The company will follow controlled test marketing.

Testing the product in 4 metros in India.

Market test will last for 2 months.

Retail audit will show the sales & market share, consumer

buying Pattern & loyalty & switching rates. The process will provide in depth information about

consumer attitude, usage & satisfaction.


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COMMERCIALIZATION

If the results of the test marketing are positive, the

marketer can go ahead with the production and

marketing on the large scale.

The product is a late entrant in the market as few

established products have a secured market share.

The product will be available in Metros, urban cities &

towns.


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CONTI.

The target consumers will be kids, youth, working

people, elder people.

To coordinate activities involved in launching new product management will use network-planning

techniques like Critical Path Scheduling.


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REVIEW OF THE MARKETING

PERFORMANCE

Analyzing the reaction of the consumers, dealers and the

competitors in the market is essential to review the products

sales performance in the market. Few consumers may not be satisfied with price or other

features of the product.

Dealer may not push or promote the new product properly.


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CONTI

Hence the marketing department will make necessary

changes in the marketing mix of the product as & when

required. Competitor may react to launch of our product & make

necessary changes in their marketing mix.


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THANK YOU

product and brand management new product development

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