Principles of Marketing: New Product Development

UNIVERSITY OF THE PUNJAB GUJRANWALA CAMPUS Principles of merchandise MARKETING interpret New harvest-feast Development Submitted to Prof. Hafiz Ihsan-ur-Rehman Submitted By Usman Khalid Mc09023 Umar Farooq Mc09002 Faraz Raza Mc09040 M. Usman Mc09026 Jahangir Badar Mc09061 Ahmad Khayyam Mc09035 PROJECT CONTENTS 1. Segmentation & contri just nowe Marketing (Characteristics How harvest-festival fit with T. M. ) 2. yield Ideas ,Screening, Concept Development & Testing. 3. ingest Estimation 4. Marketing cock 1) crossing 2) Price 3) posturement ) Promotion (Print, Radio & T V ads. ) 5) 5. woo Estimation Variable costFixed cost P. U. P. U. 6. Plant approach Segmentation & Target Marketing Segmentation Dividing a securities in spatterry into smaller classifys with distinct involve characteristics or behaviors who might require separate point of intersection or trade mix Geographic Segmentation We considered the Punjab as a whole food merchandise for our Product and divi de the Punjab on the basis of cities e. g. Gujranwala, Lahore, Gujrat. We divide the GRW foodstuff on zone basis i. e. Satellite town, Model town, Urdu bazaar, People colony etceteraDemographic Segmentation (on the family size basis) in a flash we divide the selected urdu fair market on the basis of family size. A family whose has ten members need a get acrossr aft(prenominal) six calendar months or re put downment of rubber is necessary after trio or quaternity months. Target Market Our crossroad is consumer growth and basically for canhold. Our Targeted Market is Urdu bazar in which we translate the wip wiper on incompatible shops for sale. Our Targeted Customers be families in which thither ar five or more family members. Targeted market How wip wiper fit with the Target Market?Our Product Wip wiper is fit with the Targeted market of urdu Bazar beca expenditure it is a ho expendhold degree and is purchased by the family slew. And in Urdu Bazar of Gujranwala the great unwashed come for purchase of different ho dohold items and our harvest wip wiper has superfluous feeling of weewee supply so our Stall of yield go away attract the people and people allow for buy it due to its additional features. And in that respect atomic number 18 to a fault potential buyers of wiper that purchased the wiper after six months we can in any case convert these buyer on our ingathering. Our crop is consumer point of intersectionion.It is the need of every house and we ar providing additional celerity in this product i. e. water supply. In the selected targeted market, there leave be many customers of product WIP WIPPER So its interrupt market for our product New Product Development New Product Development process consist of thought processs generation, ideas examen, concept development and riddleing, barter analysis, test market, commercialization and launching the new product in the targeted market. We discuss the four these things rel ating to our Product of wipe wiper. Now the detailed information of these is underIDEAS contemporaries followers be the New Product ideas are generated by our assemblage members. Which are as follows 1) Create such pillow slip of simple machine, that convert any blood group into required blood group. Just like we desire O Negative and we founder A Positive then machine will help us to convert our available blood group of A Positive into required O Negative blood group. 2) NOKIA prompt federation should create that type of mobile in which translator facility is included. This Mobile Phone will give wages to the people who are not able to speak different type of languages. ) There should be a wiper with additional qualities of water supply, detergent supply and make clean the dust smoothly. Due to this product the work of women will be less(prenominal) and they gull lone(prenominal) to contest the wiper with water supply. 4) PlayStation gaming partnership should to cre ate that type of glasses in which there is facility of observance television and typifying different type of games. This type of glasses will provide advantage to the people to watch different types of movies, program and play different type of exciting games during traveling. ) PHILIPS Company should develop remote constraint system for switching kill the TUBE LIGHT when required without causal agency of the person. 6) Replacement of petrol tank into CNG tank in shape to use the CNG instead of petrol in Motorcycles. It will be beneficial to turn in the petrol and to control the pollution in the environment because CNG is less costly as compared to petrol. 7) GFC fan high society should develop that type of ceiling fans that are runnel with the help of SOLAR system without using electricity. And that fan should use separately its own SOLAR system. ) DOLCE and GABBANA wrist watch company should create that type of wrist watches in which Willkie Talkie facility is included. That gives advantage to the people for communicating with each others deep down a specific distance. 9) PEPSI company should make Ice Cream products just like FEAST, CORNATO and OTHER mistakable Ice Creams that gives advantage to the PEPSI company for creating more market share. 10) HONDA motors should make that type of brake system in cars that immediately stop the cars from accidental events. onwards any type of accident. 1) There should be a chip which are fix in front of the vehicles and by which the people can remuneration the TOOL TAX by prepaid accounts. That system will crystalize the traffic problems. 12) Use of internal construction (Bluetooth) in CPU for data sharing IDEA SCREENING Idea Screening means screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible. Next step of new product development process is idea screening in which most equal ideas with possibilities to develop the new product are selected. Following are the thr ee ideas which are selected by us for new product development. after(prenominal) get ahead verification and availability of resources we will select one of them for actual product development. 1) PHILIPS Company should develop remote control system for switching off the TUBE LIGHT when required without movement of the person. 2) There should be a wiper with additional qualities of water supply, detergent supply and cleaning the dust smoothly. Due to this product the work of women will be less and they have only to manage the wiper with water supply. 3) Use of internal device (Bluetooth) in CPU for data sharing Selected Idea for ProjectAfter screening ideas, we are going to develop a wiper with additional qualities of water supply, detergent supply and cleaning the dust smoothly. Due to this product the work of women will be less and they have only to manage the wiper with water supply. As this product will provide the overmuch benefits to the people and there is need for such type of product in the society that will urge on the women in their working, so there will be many customers for this product. So, our selected idea is the development of the wiper with water supply. fancy DEVELOPMENT & TESTINGThe idea of wipe wiper with additional quality of water supply and supply of detergent for washing and cleaning dwell So, There is no need to separately handle the water organ pipe and other equipment for washing the rooms and places of houses and offices. This is the concept of the product that might facilitate the cleaning of offices and houses. By observation of clipping, Group thinking is to develop this idea into actual product. We have discussed the idea of wipe wiper with many people and we have listen favorable words for our product and the potential buyers are agree to buy the new product, if we offer for sale.After make fulling the test market we are in a position to develop the WIP WIPPER Demand Estimation In Gujranwala, there are 2200000 people a nd when we divide the Gujranwala world on 10 (Average family members in a family) i. e. 2200000/10 =220000 We received 220000 families and there is a need of a wiper after six month or there is need for replacement of rubber. So, we conclude according to preceding(prenominal) estimation that the contract for our product in Gujranwala will be 220000 or more or less wiper at the start of the business and there will be a decrease in the demand after one month. e considered that our demand will be 220000/6=36666 For expansion of business, we have to go in other cities and for proper running of business, this demand is not sufficient. This Business has attractiveness due to its expanding market. Marketing Mix The set of all controllable tactical merchandise tools i. e Product, Price, Place and Promotion that the firm blends to produce the response it wants in the target market. Following are the elements of Marketing Mix increase Any thing that can be offered to a market for at tention, acquisition, use, or consumption that might satisfy a want or need. aimS OF PRODUCT Before actual Product, we have to think on the three levels of the product. The more basic level of the product is the core benefit of the product. The second level of the product is actual product level and the last level of the product is to define the product at the augmented level of the product. Now we examine these levels relating to move through WIPER. 1-CORE BENEFIT Cleaning in minimum era. 2-ACTUAL PRODUCT Now we turn the core benefit of cleaning in minimum time into actual product and define the product at this level. 1. NAME OF PRODUCT Wipe wiper 2. FEATURESAdditional water supply of detergent, minimum time consumption, independently replaceable rubber. 3. DESIGN no-good of wiper will be in different colors, flexible handle pipe attachment. 4. QUALITY LEVEL Use of high quality rubber and drying with in minimum time. 5. furtherance It will be in simple packing. 6. BRAND NAME W IPE WIPER 3-AUGMENTED LEVEL 1. Facility for replacement of rubber. 2. Warranty within 2 months Product Inputs Following are the main elements which are apply to produced the WIPE WIPER. These are 1. WIPER Rubber 2. Steel pall 3. Pipe of 4 Feet 4. Ball bulwark 5. Spray Paint 6. Rubber Nails . 1 Piece of Nozzle PROCESS OF PRODUCTION Bend nerve tag to capture wiper rubber and then drill the sheet to capture rubber after that prepare wiper pipe and place ball wall and nozzle on it and made supply of water into wiper rubber then fitting and last step is colouriseing. publicity It will be in simple packing. LABELING There will only the name of the brand of the wip wiper in the labeling at the front of the product . PRICING FOR THE NEW PRODUCT The amount of money that a consumer has to make to obtain the product. Two strategies are used for setting prices for the New product. ? footing PENETRATION PRICE SKIMMING Price Penetration Setting a low price for a new product in order to attract a large number of buyers and a large market share. Price Skimming Setting a high price for a new product to skim maximum revenues bed by layer from the segments willing to pay the high price the company makes fewer but more profitable sales. Pricing Strategy for our Product We select sagacity pricing because there are enough competition in market. Our product is convenient product. It has certain features which are not available in the market such as water supply, detergent supply etc PLACEMENT OF THE WIP WIPPERWe will use indirect marketing channel in the Gujranwala in which product is supplied to the retail merchant and then to the final user because the targeted market is short and within the city and easily manageable. But when we decide to launch the product outside(a) the city means in an other city Lahore then we use indirect marketing channel (that will be vertical marketing channel) in which we will provide the product to the Distributor and then retailer and fi nally to the end user LOCAL MARKET OUTSIDE urban center MARKET Cost Estimation We are going to produced gibibyte building blocks of wipe wiper. Fixed cost estimation for this purpose is as follow fix COST Plant cost 200000 Estimated life of plant is 10 twelvemonth so 200000/10=20000 And 20000/12=1667 And1667/ potassium so 1. 67 per unit Land cost grounds0 per month so 10000/1000=10 so 10 is the per unit land cost. Advertisement Cost25*1000=25000 TOTAL COST Variable Cost per Unit = 323 Fixed Cost per Unit = 11. 67 = 334. 7 Advertising cost = 25 good Cost = 359. 67 Product PriceRs. 425 TOTAL VARIABLE COST For this the estimated changeable product cost is under Items Items name Cost of input summate cost No. Per unit 1. WIPER Rubber 50 50*1000=50000 2. Steel Sheet 30 30*1000=30000 6/8INCH of pipe 4 Feet 60 60*1000=60000 3. 4. Ball Wall 100 100*1000=100000 5. Rubber Nails 5 5*1000=5000 6. Nozzle 10 10*1000=10000 7. colour 20 20*1000=20000 8 Wielding exp. 3 0 30*1000=30000 9. Labor cost 10 10*1000=10000 10. electricity 3 3*1000=3000 11. gass 5 5*1000=5000 core Cost 323 323000 Requirement for human force Labor 4 versatile people are required for operating Plant and for distribution and sale, we are available. Requirement of Running Capital For proper running of Business there is approximately 500000 rupees are required. Gujranwala Satellite town Model town Urdu Bazar People colony Satellite town Model town Urdu Bazar People colony MANUFACTURER MANUFACTURER RETAILER Distributer customer RETAILER CUSTOMER