alice nail polish proect 2nd term

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Launch of a New Product

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AcknowledgementsI would like to take this opportunity to thank God, for his constant presence. I would also thank my father and mother for helping through the project and for continuous guidance. All the websites, I have visited have been very helpful, I would like to thank everyone who has contributed to them. Lastly I would like to than my marketing teacher, Mrs. Priya G. for her help. Thank you to all who have filled out my survey, without which, this project would be incomplete. I would also like to thank my classmate, Kala Bada who kindly helped me with the small things throughout the project. Lastly, I would like to thank Mr. Newton Rebello for arranging my meeting with the Chief Operations Manager, Mr. Nitin Puri. Last but not the least, Mr. Nitin Puri, who took the time off from his busy schedule to let me interview him, for that I would like to thank him. ~Samara Colge

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MethodologyFor the first part of the project: Under the supervision and guidance of our teacher, we completed the theories of the following: new product, new product development, processes involved, etc. That was followed by making a history of our fictitious company which was then followed by introduction to the new product been launched including the product description. Since the logo for any company/product is an important aspect, the significance of the logo as well as its features and the kind of messages it is trying to convey to the prospect consumers has been discussed. The various kinds of strategies that comprise the marketing mix of the newly launched product have also been formulated according to the present market conditions. A survey of the general market and consumers inclined to the product (i.e., Nail Polish), has been taken as well as from consumers of the product. Based on the information gathered, tables and graphs have been prepared. A launch party for the product (i.e., Alice Nail Polish) has also been organized and a sample invitation has also been given. And, for the second part of the project: A visit to the advertising agency Bates Pan Gulf was completed by giving an introduction to the company, followed by an interview and pictures form the visit. Illustrations of the various ads prepared by them and brochures are also added into the project.

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What is a Product?In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. In insurance, the policies are considered products offered for sale by the insurance company that created the contract. In general, product may refer to a single item or unit, a group of equivalent products, a grouping of goods or services, or an industrial classification for the goods or services. A related concept is sub-product, a secondary but useful result of a production process. Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders, may be subject to product liability.

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Introduction to New ProductsProducts which are new in one or other of two - new to a company or new to a market; they include existing products which have been improved or revised, brand extensions, additions to existing line, repositioned products targeted at to new markets, and new-to-the-world products. See Innovation; New Product Development; New-To-The-World Products; Product Extension.

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New product development (NPD)The term used to describe the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share. Most industry leaders see new product development as a proactive process where resources are allocated to identify market changes and seize upon new product opportunities before they occur (in contrast to a reactive strategy in which nothing is done until problems occur or the competitor introduces an innovation). Many industry leaders see new product development as an ongoing process (referred to as continuous development) in which the entire organization is always looking for opportunities.

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Why is there a need for new product development in the market?The significance of new products is by now very much clear. On an average, every firm is very much concerned to ensure its future growth or is faced with the constant threats of competitive innovative developments; or it has to face saturated market conditions for the existing products. The importance of product innovation is clearer from the following points: 1. Company growth: Growth and expansion of a company is heavily built on new products. It has been getting increasing importance in recent years and will reach even greater importance in the future as competition continues to intensify; and the flooding of new products is likely to shorten the life span of the existing products.

2. Higher profit margins: A primary economic conclusion, derived from the analysis of lifecycles of many good products is that, sooner or later every product is pre- emptied by another or else degenerates into profitless price competition. This inevitable fact makes clear the necessity of careful new product planning to maintain profit margins. Another key point is that business success tends to be governed not only by what you do but what others do. This means that, as a business strategy, a company must plan to run ahead of price competition by differentiating its products and introducing new products that can command better margins. 3. Business planning: Companys plans are keyed to and made up of product plans. The projection of sales, cost, capital, facilities and personnel needs can only reflect broad targets, not specific programmes without a product plan. The plans for the growth in sales and profits of the company are at the cost of management interest and involvement.

4. Utilisation of excess capacity: Invariably, each and every company starts with a spare capacity in terms of certain minimum amount of costs which are irreducible. In case,

Launch of a New Product the rated capacity is not used, the cost of production will be normally higher than what is expected. To have fuller use of capacity, the existing sales may be a limiting factor. Hence, new product, in whatever form, is to be produced with the double advantage.

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5. Recycling of waste product: In mass production lines, waste, scrap, rejects etc. are in larger quantities even though they may be representing a nominal percentage of input. Recycling of these will go a long way in reducing the burden of cost. It may result in product innovation. Thus, Henry Ford had a problem of disposing of polyethylene lunch packets in his factories. His creative mind started a new line of production out of waste bags thrown by his employees.

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Process of new product development

1. Idea Generation is often called the "fuzzy front end" of the NPD processo

Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features.

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Lots of ideas are being generated about the new product. Out of these ideas many ideas are being implemented. The ideas use to generate in many forms and their generating places are also various. Many reasons are responsible for generation of an idea.

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Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step).

2. Idea Screeningo o

The object is to eliminate unsound concepts prior to devoting resources to them. The screeners should ask several questions:

Will the customer in the target market benefit from the product? What is the size and growth forecasts of the market segment/target market? What is the current or expected competitive pressure for the product idea? What are the industry sales and market trends the product idea is based on? Is it technically feasible to manufacture the product? Will the product be profitable when manufactured and delivered to the customer at the target price?

3. Concept Development and Testingo

Develop the marketing and engineering details

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Investigate intellectual property issues and search patent data bases Who is the target market and wh