What will you do to evaluate the success of your new product

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Reference no: EM133308914

Assignment: New Product Development Marketing Plan Unit Assessment

JAMI Corporation, which is based in Penang, is looking for new and exciting companies to market new products. Jami Corporation has asked for a Marketing plan as well as a prototype so that they may make a profitable decision to add this new product to their product mix.

You are required to develop a new product utilizing the New Product Development process discussed in class. A prototype needs to be created to see if the product development is feasible.

Follow the guidelines on the New Product Development Process listed below, (complete sentences need to be used).

I. Product introduction (description of product)

II. Situation Analysis: New Product Development Process

SWOT: Describe your company and identify your company's strengths, weaknesses, opportunities and threats. (Prepare a SWOT matrix for your product/company)

Idea Generation -What sources of information did you use to generate ideas?

Screening and Evaluating Ideas -What factors should be considered before your idea is moved forward to the project planning stage.

Business Analysis: Answer the following questions:
How will the product meet definite customer needs?
How will the product be developed, produced and marketed?

Development: Prepare a Prototype and determine the following elements:

What kinds of materials are to be used in manufacturing?
What type of packaging will your product need? What function will the package serve?
What brand name will the product have?

Test Marketing
How will your product be tested? (By a special group, laboratory, or under actual market conditions) Explain your decision.
Price-
Determine your pricing objective (maximize profits, increase sales, maintain an image)
Study the competition-what are your competitor's prices?

Set you introductory pricing policy and explain your theory; (skimming or penetration).

Place
Provide detailed information about your targeted location.
Where will your product be sold?
How will your product be produced and distributed?

Promotion
Decide on your promotional mix
*** You will need to decide on how you are going to promote your product.
Implementation:

How will you launch your new product?
Who will be responsible for getting it off the ground?
Will you have any sponsorships or endorsements?
How will you accomplish relationship building with your consumers?

Evaluation and Control
What will you do to evaluate the success of your new product?

Reference no: EM133308914

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