PRODUCT DEVELOPMENT PLAN FOR NEW PRODUCT

Meaning of Product Development

New Product introducing in Existing Market. I.Ansoff has Proposed the Growth opportunity strategy Matrix. New Product is one of the Opportunity in the market for growth & expansion.

The New Product

SPRAY HAIR DYE
Name: Spray On. Tag Line: Color Solution For YOU.
Spray On is a hair dye in the form of spray which doesnt include alcohol or plastics, helps in colouring hair within minutes and wont be sticky.

Segmentation
Geographic- Gujarat Demographic Age- Age group of 18 and more Gender- Male & Female Income Class- Lower Middle, Middle, And Upper Psychological Lifestyle- Outdoor Oriented Personality-Compulsive, Rejuvenative

Behavioural Occasions- Monthly Basis Benefits- Quality, Time Saving, NonDrippy User Status- potential and First time User

TARGETING
Target Customer- 18 & more years of Age Population Target Market- Spa & Saloons, Direct Consumers

POSITIONING
Easy to Use, Non Sticky & Non Drippy, and very less time consuming than other hair dyes. On the Basis of Benefit: No harm to hair, Shinning & rejuvenated colour

SWOT Analysis
STRENGTHS Latent Demand Time Saving Ease of Use Competitive Price Shiney & Non Drippy OPPORTUNITY Changing Taste & Preference Huge Market No direct Competition WEAKNESSES New Firm New Product Market Share

THREAT New Entrants Prone to Immitation Customer Readiness