NEW PRODUCT DEVELOPMENT AND MANAGING NEW PRODUCT DEVELOPMENT PROCESS
New product development
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We chose the idea “Pin Touch Pen Drive ”, because it was out of box and was a latestproduct.
Further more we wanted to focus on a product which is used in everyday life and also we
wanted to target the Educated and Urban people.
Usage is basically in Mobile-Tablet-PC-Touch Screen like iPad, iPhone, touch screen
mobile.
Mostly Every profession people use such Technology in their day to day life hence
Promoting the product , we would not face much problems.
Furthermore as people are already aware about such product, choosing Distribution
would be easy.
The product is very useful and everyday use is there to College students, Working
people like IT professionals , Business man.
Description:Its an pint-touch pen function enables you to store whatever useful information you want, and take within seconds of time , and wherever you go Compact size for ease of carrying Touch and play Durable to use .
Usage:For Tablet-PC-Touch Screen like iPad, iPhone,touch screen mobile
Features: (Product differentiation )Nano meter material touch point, flexible reaction, Continuous Line when using. Smooth touch and feel for maximum comfort and accuracy. Precise touch and control, avoiding pressing the wrong keys. Soft touch-pen point for better screen protection.Work with any capacitive touch screen devices. Provides accurate clicking on links or small icons. Light weight and feels like a pen.
MARKETING MIX
1) Product :
2)Price: We would use the skimming Pricing Strategy, asbefore competitors start to replicate our latest technology wewould want to reap the Profits as soon as Possible.
3)Distribution :To reach end users, businesses need a well knitted network.The network includes Manufacturers, Dealers, Distributorsand Retailers that are in business lingo named as “ChannelPartners.”
We would follow two different level of channel managementsuch as, Zero Level and Two-Level Channels.
In case of targeting the Corporate industries we would followZero level channel where company’s sales executive would bedirectly meeting the corporate.But in case of the other segments like targeting Youngstudents, working and business professionals we wouldfollow two level channel where from the manufacturer toDealer, from Dealer to Retailers and from Retailers toCustomers.
4)PROMOTIONAL :Promotional methods it is about stimulating customers to buy a product. It is not designedto be informative – a role which advertising is much better suited to.Sales promotion is commonly referred to as “Below the Line” promotion.
Sales promotion can be directed at:The ultimate consumer (a “pull strategy” encouraging purchase)The distribution channel (a “push strategy” encouraging the channels to stockthe product).At the early stage we would direct our sales promotional through Push Strategy to createmore awareness, identity, and loyalty towards our products after achieving the good loyaltylevel; we would diversify our method to Pull Strategy.
ADVERTISING:The consumer market has become highly competitive with a new brand being born almostevery day.1) Print Advertising : The print media have always been a popular advertising medium –
Newspapers, Magazines, BrochuresWe will focus on major daily newspapers such as Times of India, Hindustan Times, DeccanChronicle, The Hindu, Times Classifieds, Economic Times, and Top Magazines such asBusiness Line, Fortune, Forbes, Business Week.
2) Outdoor Advertising – Billboards, Kiosks, Tradeshows and EventsBus Stop Hoardings, Railway Station Platforms, Ebay, and Indoor Advertising.
COMPETITION:
As pen drives come under the consumer electronics industry, which is one of thelargest segments in the electronics industry in India.
It is FMCE (fast moving consumer electronic) product the scope for the growthrate is also good which creates to chance for international players to enter andexpand their business in this competitive market.
The main competitors are Transcend, SanDisk, Kingston and I Ball are the majorplayers who have occupied the Indian market with their offerings.
Kingston and Transcend are occupying the strong positions in the marketperception level about product, price and quality, and offerings, the majorsuccessful factor which driven them to this level is creation of demand for theproduct.
Kingston and Transcend carries the advantage of product innovations in theFlash Drive market, by launching innovative and stylish product ranges, attractivechannel and end user schemes, and marketing activities as well as defining newmarket segments, which lead them to success in the Indian competitive market.
OPPORTUNITIES
1. Competitors market
2. Advancing technology
3. Market expansion
THREATS
1. Competitors
2. New players
OBJECTIVE: objectives set out what we are trying to achieve, and our marketing objectives can be defined at two different levels:
➢ Corporate Level
Customer Loyalty
Profit
Growth
Market leadership
Commitment to dealers, retailers, and employees
➢ Functional level
Attractive profitability
Stable, Growing Market
Urban region:
• We will mostly concentrated only on the urban regions
• As major portion of educated people are situated only in those region who all are probable users of our technology
Variety and Uniqueness
•This touch stylus pen drive is the prefect solutions for people who want an effortless, precise and enjoyable experience with their smart phones PDA'S and tablets. It's soft & smooth silicone tip glides with ease.•Stainless steel casing for a distinct shine and Full protection from water, dust and vibration.•Pin Touch Pen Drive allows to store, view and manage files on your iPhone, iPad or iPod touch.
Population
• India’s huge plus point is its population.
• Major part of the population is youth and working people.
Colleges and Working
people
• Students now a days always like to purchase up-to-date Technology and have their use too.
• Working groups already have a great need and use of such a Technology
Demographics:
• Region: Urban, semi-urban
• Occupation: Working professionals, self-employed, College students and Teens, Business man and women
• Social class: Middle class and upwards
Behavioural:
• Occasions: Regular and everyday user – Urban.
• Depending on the temporal aspects of consumer’s life(time of day, week, month and year) – Rural
• Usage rate: Heavy user-urban, medium-semi-urban
Our products fulfil all high – tech life style needs, they are essentials for all professionals and business concerns at every period. This provides our product with a relatively stable market in which to do business.
Customer Retention:
Customization and EMIs facilities:To attract the market we would bring the new concepts in Pen Drive market whichare Customizations and EMI facilities for this Luxury Pen Drive:in this the consumer can either customize the product in the form of Colour,and packaging styles etc. and also he has the choice of paying through EMIs withhis credit cards.
Product differentiation:As our peer competitors are providing just simple products from the range of 2GB to64GB, we would carry the competitive advantage of introducing with uniquefeature like pint-touch pen drive.You also can add accessories such as key chains, pens, flashlights, bracelets andbottle openers to your flash drive.Anything that adds functionality to the flash drive will make it more likely thatthe customer will continue to use the drive, even when he is away from hiscomputer.One can also can purchase flash drives in a variety of shapes and colors to makethem stand out from the competition or have one specifically designed in theshape of your company logo.
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