Marketing Coursework Sample: Herbal Household Shampoo NPD
INTRODUCTION
The goal of this project is to study about attributes which are essential for choosing and creating a new product for a preexisting market. Also choosing a product that can give customer satisfaction aswell. The product I've chosen is Herbal Household Shampoo.
In just about any business new product development which is also referred to as NPD could be the total new process of introducing and brining a fresh product to an industry. A brand new product introducing in market is a bundle of advantages offered to switch over and they're concrete or non concrete or intangible.
For the Herbal Household Shampoo I have two similar paths in the NPD procedure:
One is the idea generation that's our Household Shampoo (HERBAL), It is also linked to product design and all detailed engineering.
Still another step relates to market analysis and research. Product development in the very first stage in generating and commercializing my Household Shampoo for that overall strategic development of a product is essential in order to use and maintain or grow available in the market share (M. Vikas, Patrick).
STAGES IN NEW PRODUCT DEVELOPMENT ( HERBAL HOUSEHOLD SHAMPOO)
1. GENERATING AN IDEA
Conducting Swot analysis is one of the preliminary research in obtaining new idea generation of a product. That which was my idea behind selecting an Herbal Household Shampoo is that folks are always looking for some herbal household products which are environment friendly and so are without any chemicals. Than understanding what are the consumer and market trends, towards it, competitors are all businesses out there which are manufactured household shampoos, focus groups or sales rep, employees, industry events or finding new patterns and habits that can provide a help in deciding new product features and product lines.
2. SCREENING AN IDEA
The next stage in the product development process would be to get rid of unstable ideas ahead of devoting income. In this technique three questions need to be considered: that who'll then function as clients of ours Herbal Household Shampoo, whether clients are getting advantages from the producer or maybe not? Than deciding the size of our product and its own growth forecasts of the marketplace segment. From then on finding the current or future pressure for the idea of something. (M. Vikas, Patrick )
3. DEVELOPMENT AND TESTING OF A PRODUCT
Developing the marketing mix and engineering details for any new product is critical, there are few considerations that cannot be ignored like Investigating and searching Patent databases, next would be to find out the prospective market of the Household Shampoo and locating the immediate customers that are more important in the decision making purchasing process, then to learn what are the product features which are needed to be incorporated, another essential element would be to find the benefit that our Household Shampoo will offer and exactly what will be the consumers reactions towards it.
4. BUSINESS ANALYSIS
For introducing new Herbal Household Shampoo on the market we have to estimate selling price based on feedback extracted from the customer. From then on estimation of sales volume for children Shampoo based on the dimension of the marketplace. Lastly to create an estimation of profitability and to learn the break-even point for a shampoo is important.
5. TESTING A MARKET
In this stage production of a physical prototype or mock-up of a shampoo is very important, first we have to test the shampoo, its packaging also in usage situations, after that we must conduct our customer and client interviews or make our introduction of our new product to them, also alter and make changes where necessary, in the end create an initial run of the shampoo and try to sell it in an extended run test market domain and in accordance with customer acceptance.
6. TECHNICAL IMPLEMENTATION
This stage includes new and latest program for the Herbal Household Shampoo, next finalizing quality management system and make an estimation of available resources. One also has to find out that exactly what are publication requirements of a shampoo are.
7. COMMERCIALIZATION
This stage includes all the steps related to the launch of Herbal Household Shampoo on the market, formulating procedures and analyzing advertisements, promotions and distribution channels
8. NEW PRODUCT PRICING
This last stage includes a direct effect of the shampoo product portfolio, its value internal and external analysis, product competition and optional competitive technologies, changing value segments like price, need and value. Last but not least shampoos product cost and its own forecasting price (E. Koen)…
