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New Product Development Project Brief

Objective: To develop a new product or service and market it effectively.

Brief

This project enables you to think creatively of developing a new product/service. Simply conceiving a

great idea is not enough, you need to do a reality check on many aspects. Hence, you need to focus on

the following aspects:

1. Ideation: This involves conceiving of an idea which may be a product or service. But a good ideaalways requires sound business fundamentals to translate into a profitable venture. You must

bear in mind that the idea you will develop has to be new. The new aspect can be described in

many ways.

a. Completely new to the marketb. An innovation which literally transforms the base product or service (that exists in the

market today) into a completely new one- where the new product/service should not

remind us of the base product/service. For instance a pen drive can be transformed into

a pendant targeting the working woman.

2. Need Assessment: This is an important step in the project. In this step, you have to contact thepeople who according to you can be targeted. You need to discuss with them on various aspects

of the problems which your product/service idea could be a solution. The solution areas can be

evolved from the open ended discussions you have with the respondents. You can use various

qualitative research tools to assess the needs of the customer. These discussions will enable youto work on the attributes of the product/service that can be emphasized while developing the

product strategy. Further this will also help in working out the other Ps of the marketing

strategy.

3. Marketing plan developmenta. Environment Analysisb. Customer Researchc. Demand forecastingd. Marketing Strategy

i. Strategic- STPii. Tactic- 4Ps/7Ps

Other Information

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1. This is an individual project.2. The marketing plan has to be written out in your assignment copies (Collect them by 5th

November, 2012 between 11am to 2pm) and submit by 8th November, 2012.

3. Every student has to spend 5minutes to discuss the project from 9th 14th November, 2012. CRsare required to sit with me to discuss the modalities.