Anda di halaman 1dari 57

Marketing The Development of GoPod always hot Stephen Fettes

MARKETING
April 2013

REPORT FOR JML AS POTENTIAL DISTRIBUTORS FOR

GoPod always hot


(NEW INNOVATION)

MEMBERS:

APRIL 2013
TUTOR:

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532 Stephen Fettes

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Table of Contents
Executive Summary ................................................................................................................................. 4 Acknowledgement .................................................................................................................................. 4 Introduction ............................................................................................................................................ 5 Objective ................................................................................................................................................. 5 JML .......................................................................................................................................................... 6 About Us ................................................................................................................................................. 6 GoPod always hot ................................................................................................................................... 7 Design and Technology ........................................................................................................................... 8 Product Prototype Pictures ................................................................................................................... 10 .............................................................................................................................................................. 10 Go Pod (always hot) Product Development.......................................................................................... 10 The solution ...................................................................................................................................... 11 Why this Product? ............................................................................................................................. 13 .......................................................................................................................................................... 15 Market Summary .................................................................................................................................. 15 Secondary Market Research ............................................................................................................. 15 Market Trends ............................................................................................................................... 15 Market Needs ................................................................................................................................ 17 Primary Market Research...................................................................................................................... 17 Findings from Survey......................................................................................................................... 18 Analysis of Flasks Marketing Environment........................................................................................ 20 Microenvironment ........................................................................................................................ 20 Macroenvironment ....................................................................................................................... 23 Legal Protection and Mechanisms ........................................................................................................ 27 Branding GoPod .................................................................................................................................... 28 Target Audience ................................................................................................................................ 29 Market Entry ..................................................................................................................................... 35 Promotions and Communication .......................................................................................................... 36 BCG ........................................................................................................................................................ 38 Competition Price Analysis ............................................................................................................... 38 Competition Array analysis ........................................................................................................... 40 Price Setting ...................................................................................................................................... 41
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Setting our Prices .............................................................................................................................. 41 Market share ..................................................................................................................................... 43 Promotion ..................................................................................................................................... 43 Distribution/Place ......................................................................................................................... 44 Product .......................................................................................................................................... 44 Price .............................................................................................................................................. 44 Growth .............................................................................................................................................. 44 Development................................................................................................................................. 44 Introduction .................................................................................................................................. 44 Growth/Forecast ........................................................................................................................... 44 Maturity ........................................................................................................................................ 44 Decline .......................................................................................................................................... 45 Product Commercialisation Plan ........................................................................................................... 45 Place of Introduction......................................................................................................................... 46 Viability of GoPod ............................................................................................................................. 47 Conclusion ............................................................................................................................................. 48 Appendices............................................................................................................................................ 51 Appendix 1 ........................................................................................................................................ 51 Appendix 2 ....................................................................................................................................... 53 Appendix 3 ........................................................................................................................................ 54 Appendix 4 ........................................................................................................................................ 55 Appendix 5 ........................................................................................................................................ 56

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Executive Summary
The rationale behind this report was to develop a new product by finding a niche in the market. It is said that there is no new innovation; there is just an improvement to the ones already in existence. One can say that, that is exactly what we have done and within this report, we focused on the development process on every aspect that pertains to product development.

After much brain storming, we developed a flask with a rechargeable option, something that is not in existence at the moment. This was researched extensively to get a depth of knowledge from customers who will be interested in the product. It was exciting to find that it is a sought after product that can and will turnover great revenue.

We came up with the name GoPod always hot, a name that we find ourselves and others saying with some sort of need to dance. This made the product so much more

contemporary and appealable to many customer profiles.

Business analysis was conducted in other for us to have the right approach to this development as we cannot afford any mistakes and we wanted to be in the position of responding to the changing trends to reacting to them.

The report concludes that, through all the broad work put into the development of the GoPod, JML will see a great return on the investment to be the distributors as it will an exclusive product.

Acknowledgement
Firstly, we would like to thank the almighty God, whom has given us all the powers, ideas, energy and overall patience to be able to work with each other in perfect harmony and complete this report.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

This report topic and research has been one of the most interesting and challenging coursework we done and we are dedicating a special thanks to the whole marketing module team, Mr Stephen Fettes, John Kitto and Mr Stephen Makinson for letting us have such an opportunity to research and practice various aspect of marketing, that will be of absolute help to us in our future endeavours.

Introduction
The real source of wealth and capital in this new era is not material things. It is the human mind, the human spirit, the human imagination. (Forbes, 2008) This report is based on a group work, looking at how we brainstorm to come up with a new innovation and the process involved, to help JML have an in-depth understanding of what we are doing and our future plan for maximizing market share and profit.

This detailed report will be looking at our innovation/product, our product development process, the internal & external business environment we will be operating in, market research, pricing strategies and process of protecting our ideas (patent).

Objective
The main objective of this report is to write about how we manage how NPD process, because managing the NPD process has become a challenge for businesses. The reality is that the majority of new products never make it to the market. Taking this into account these were our objectives; illustrated according to their priority: We will conduct a rigorous research from recognised authoritative sources and analyse it Interpret it, and show the diagrammatical representation for easy understanding. We will also identify markets and strategic roles by using academic models.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Investigate as to what is in place now and how it can be improved to meet the demands of various stakeholders in the future.

All this will help us to come to a conclusion and offer our suggestions for improvements with some limitations that we face.

JML
The group decided to present this report to JOHN MILLS LIMITED (JML). We choose JML on basis they are one of the best company in their industry In 2010 it was named as one of Europe's Top 500 Growth companies (JML, 2011) and base on their previous strengths we think they are the best company that best enhance our product The retailers pre -tax profits from its home shopping arm, which includes catalogue, online and home shopping channels, increased to 1.2m from 900,000 in its 2010 calendar year. (Retail week, 2011)

About Us
Go Pod always hot is the name of our product. Winter 2012/13 is still not over and we are already in the middle of April. A lot of people are feeling the freeze and are waiting desperately for the spring. The four of us came together to innovate a new product that will be profitable in the market.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Organisation Structure
Cynthia Adeyemi
CEO Operations Director

Okikiola Imam
Head of Products & Personnel

Oliver Akwe
Finance Officer & Head of Marketing

Abisola Amodu
HRM Director & Accounts Director

Cynthia is the CEO of the company and has to know of any strategic changes to the business, every structural changes will be run through her. Imam is in charge of product re-design, amendment and personnel, any decision regarding product will go through him then the CEO. Finances, marketing is being handled by Oliver, who makes decision regarding finances and marketing then run it with the CEO. Finally Bisola is in charge of human resources, account and she inform the CEO of any strategic decision to be made in her department.

GoPod always hot


GoPod always hot - After extensive research, we are introducing to the world a portable travel mug/flask to keep your favorite drinks. It is designed for that busy morning traveling to work, camping trips, days out and much more.

GoPod flask has been manufactured with our customers needs in mind, with superior quality durable stainless steel and sleek finish, non-drip cap with option of a soft grip handle or easy grip trim. This is the only flask that can allow you to warm up your brew on the go with the built in and re-chargeable batteries.
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

GoPod has generous sizes that will suit your particular need and various colors to suit your personality. This light weight (254g) product can be taking everywhere without adding more weight to your hand bag, back pack or baby bag. Our design team has completed an all-encompassing research on how to best incorporate our innovation in the GoPod, and very effectively designed the product (Fig1 Fig3).

Design and Technology

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Fig1 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Fig2

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Product Prototype Pictures

Go Pod (always hot) Product Development


The way to get a good idea is to get lots of ideas... Linus Paul, the group had a brain storming session in order to have a sellable product. The group started by writing a customer needs list; we tried to identify existing weaknesses within the home, garden, travelling product. In order to identifying good product ideas we used reliable criteria to decide which ideas to pursue by following some simpler steps. Brainstorm product issues.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

10

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Research and understand likely competition. Study catalogues and product information. Talk to potential suppliers and useful stakeholders.

At the beginning of the Process we were drowning in our own ideas and it was difficult for us to choose which idea was truly useful for customers, easy to advertise and is profitable for us at the same time.

The solution
We had to Screen our product ideas in order to spot good ideas and drop poor ones, we built a matrix (Fig4) with 4 labels and put the ideas in the appropriate quadrate as you can see below. With this approach, we focused on the ideas that have never been used and feasible at same time. The Revolutionary ideas that are simple to implement, wont take a lot of time, money and staff.

S i m p l e

Evolutionary

Revolutionary

K o m p l e x

Fig4

The next stage we went through was Idea screening. In our Logistic & Operations Management lecture we learned that costs rises greatly in later stages; to avoid this kind of risk we decided to go ahead only with the product ideas that will turn into profitable products.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

11

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

To see which of the product ideas will meet our companys objectives we made some rough estimates of product prices, manufacturing cost, market size, development time and rate of return and these products were evaluated by: Do we have the people, skills and resources? Where the product fits in the market? Is there a gap? How close is it to competitor products?

A comprehensive SWOT analysis was done by us (Fig14) to identify Strengths and weakness of the product.

Criteria set above helped us to spot good ideas and drop poor ones as soon as possible. Testing new-product concepts with a group of target consumers to find out whether the concepts have strong consumer appeal and because this is a new product that would be used in Europe, we did private testing to meet BSI and CE standards. Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product. (philip kotler, 2008) Having ideas is good, but ideas in brain or just mere drawing or word description is not going to make any money or give shareholders dividends Many great ideas go unexecuted, and many great executioners are without ideas. One without the other is worthless (woopidoo, 2012)

For us to get our idea off the ground, we had to turn our idea into an actual product and to do this we followed some steps (Fig5); we did some prototype of our concept and building our prototype took some weeks and the prototype did go through rigorous testing to ensure it is safe. To have an insight of what our customer think of the product, prototype was giving to potential customers i.e. Starbucks, camping shops, the army and holiday agents to see how the product perform in normal use environment; this gave us the chance to know our customers and get an actual out of box experience.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

12

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Fig5

Why this Product?


Organisation nowadays dont spend much time on product test marketing, we did marketing test on our product GoPod and its entire marketing program basically looking at branding, our targeting and position strategy, pricing, distribution and advertisement. We tested the product within the London area and it was launch within a particular area so our marketing strategy can be supervised and change if necessary.

The group conducted one year of product testing in our local area and camping shop, before rolling it out nationally and the main reason for it to take long before rolling out nationally is simply because we have to get it right, as having to do a product recall on a national scale due to safety issues, will be costly and will be devastating to the company finances.

We decided our product concept and marketing strategy and our business basic objective is to see if the business is going to offer us enough reason to continue investing in the product Business analysis is a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the companys objectives. (Kotler, 2005) We

reviewed our projected sales, projected operating/admin expenses, other related cost and general profit projection to see if they satisfy our entrepreneurial objectives and generate

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

13

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

our shareholders a healthy dividends, in this instance they did and then we moved onto the product development stage.

To have an in-depth look into the business analysis we did estimated sales forecast (Fig6 & Fig7) by looking at history of similar product and a survey of opinion was carried out. The forecast of sales was enough to know our expected cost and possible profit on the product. This sales and cost figures was sufficient for us to see this is a viable product.

24 Months Sales Forecast of GoPod


Fiscal Year 1
2013

2013
Jan Product Name Units Selling Price Total Sales % of Total GoPod 1,000.00 1,500.00 1,000.00 1,000.00 1,000.00 1,000.00 1,100.00 1,200.00 1,300.00 1,400.00 1,500.00 1,600.00 34.99 34,990 6.85% 34.99 52,485 10.27% 34.99 34,990 6.85% 34.99 34,990 6.85% 34.99 34,990 6.85% 34.99 34,990 6.85% 34.99 38,489 7.53% 34.99 41,988 8.22% 34.99 45,487 8.90% 34.99 48,986 9.59% 34.99 52,485 10.27% 34.99 55,984 10.96% 510,854 100.00% 14,600.00 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals

2014
Jan Units Selling Price Total Sales % of Total 1,200 34.99 Feb 1,500 34.99 Mar 1,000 34.99 Apr 1,000 34.99 May 1,000 34.99 Jun 1,000 34.99 Jul 1,100 34.99 Aug 1,200 34.99 Sep 1,300 34.99 Oct 1,400 34.99 Nov 1,500 34.99 Dec 1,600 34.99 517,852.00 100.00% Totals 14,800

41,988.00 52,485.00 34,990.00 34,990.00 34,990.00 34,990.00 38,489.00 41,988.00 45,487.00 48,986.00 52,485.00 55,984.00 8.11% 10.14% 6.76% 6.76% 6.76% 6.76% 7.43% 8.11% 8.78% 9.46% 10.14% 10.81%

Fig6

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

14

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Fig7

Market Summary
To understand the market that we are entering, we decided to complete a market research to have enough knowledge about the industry. In recent times, it has been reported that customers throughout the world due to their busy life schedules have little or no time than ever before and due to the many industries established in the city, many people have to make longer and more demanding commuting journeys. Innovators have capitalised on this opportunity in the market as there has been a demand for more portable and speedy products and services.

We also wanting to capitalise on this opening in the market, we thought of GoPod always hot as it is portable and very convenient. It was therefore, vital for us to conduct a research to identify the exact need in the society today.

Secondary Market Research


Market Trends
It was reported that 400 billon cups of coffee are consumed in the world every day. This has brought about major innovations one of which the French has also capitalised on through

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

15

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

the invention of the disposable French presses that allow users to brew coffee in the packaging. (Cliford, 2012)

It was reported that this is likely to appeal, especially to younger age groups: According to Mintels Coffee US October 2011 report, 24% of 18-24-year-olds like to have a cup of coffee or tea with them when they run errands while 19% of this age group say they are using a thermos or other container to bring coffee outside of the home more often. (Cliford, 2012)

Recently, we have seen a sharp fall in commuters driving to work. TFL publicised that travel on all roads and streets declined by 1.4% for June 2011 as compared with June 2010. This was partly due to the fact that fuel prices have been increasing, and the congestion charge that was introduced. Therefore more people are travelling by public transport rather than private transport; this translates to a bigger market for in-transit adverts as well as portable goods and services.

Even though this could mean to some companies that they need to put more advert on the public transport as reports shows that an average train journey is 14minutes, compared to that of the TV advert which are costly and average time, being 30 seconds. We see something different and thought it was only wise to capitalise on this lucrative opportunity that commuters present to us.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

16

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Market Needs
In light of this, we conducted a research to know if truly people want more portable products and found that 52% of consumers are now engrossed in items that are hand-held and portable (Fig8). The trend is changing so rapidly and the older are getting younger

through the use of technology; everyone wants to have a device that it up-to-date. (Mintel, 2013)

Fig8

Having established the fact that people enjoy coffee or tea on-

the-go, it was therefore a decision to be part of this revolution in the portable caf industry. We decided to cater to the manner of changing trends, by introducing GoPod (always hot) to the world. This is to provide solutions to the issues concerning the busy life styles that we have all adopted; to address issues such as packaging of the food or drink we buy on-the-go (environmental stance), pass savings to our customers due to the re-heating function of the device and most of all to offer our customers the convenience that they want and need while on their daily business enjoying quality tea or coffee.

Primary Market Research


Prior to committing to developing GoPod, it was recommended that we do market research by putting questions to our target market. We understood that skipping this step could result to waste of time on our side, loss of money and most of all not satisfying our customers.

While we know that it could seem intimidating to get the opinion of our target audience, we realised that is a channel of marketing an upcoming product to our target audience and we
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

17

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

know that this will also make our target audience feel involved in the development of GoPod. All this, is to our advantage as they will be helping us to create a product that they need and want and also to give GoPod a competitive advantage in the market place.

Using a market research tool, we put together a questionnaire (Appendix 1), which was sent to our target audience of 100 people; this helped us to come to the conclusions of what is expected of us. Although all the questions on the questioner are equally important, some key points do stand out more than the others.

Findings from Survey


Question 1 - What do you like most about our GoPod? Listening to the actual words that were used in describing the GoPod, we established the fact that people are captivated about having something safe and potable to keep their drinks hot, some went further to described it as a portable kettle; rechargeable, safe and smart are some of the keywords used to describe GoPod.

With question 2 - What do you like most about competing products currently available from other companies? We see that design is captivating aspect for customers, they want a device that it both durable, and attractive. This has been taking into real consideration in other for us to get the right product and design out as the look of GoPod is as important as the convenience GoPod offers. With this information we are patterning what works best for our competitors while distinguishing our products from the ones already in the market.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

18

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Although,

this

is

not

the

overall

satisfaction question, but the suggestion that people are ready to recommend GoPod to others is a clear indication that when the product it available in the market place, many will purchase (Fig9). This gives a strong sense of satisfaction with the participants.
Fig9

Indicating to us that, the re-chargeable option is welcomed by most participants of the survey. This confirms the findings from the secondary research that was conducted around portable devices
Fig10

(Fig10). One other information that has been very helpful was capturing the place that our customers expect to see GoPod for sell. This has also helped us to decide who we can present the idea to and because of the changing trend participant are expecting to see GoPod in a coffee shop which associates with the fact that 65% are concerned about the environment.

Question 6 - How important is convenience when choosing this type of product? We also recognised that convenience is a key expectation of our customers which meets one of the objectives that we had before coming up with GoPod. Over 70% of the interviewees stated that convenience is vital to them.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

19

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

As stated in the secondary research, we see that it is still the trend today that people are constantly commuting longer hours to and from work (Fig11).

From this insight gathered, we have gotten a sneak peek into

Fig11

the inner thoughts of our participants, we have taking all this into consideration with an open mind. Not only that, we also got a perception of what the participant thought of products from our competitors and we are capitalising on the weaknesses.

Analysis of Flasks Marketing Environment


A clear description from Kotler et al. states that The marketing environment consists of a microenvironment and macroenvironment. The microenvironment consists of the actors close to the company that affect its ability to serve its customers (suppliers, marketing intermediaries etc.). The macroenvironment consists of the larger societal forces that affect the microenvironment demographic, economic, natural etc.) (Kotler, et al., 2008)

GoPods marketing environment is made up of various factors internal and external that can and will affect the marketing department abilities to build and retain successful relationships with our customers. As a new entrant into the market; we have an understanding that we need to be observant of the changing market trends in the industry and capitalise on these emergence.

Microenvironment
The microenvironment of GoPod has various factors that makes up the microenvironment, these factors are close to the business and they have direct impact on the business success GoPod. Considering that we may not necessary be dealing with these factors today but
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

20

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

potentially in the near future; it is recommended that we carry out an analysis of GoPods environment and some of the key groups that we looked at are: Suppliers Intermediaries o Reseller o Physical Distribution companies o Marketing Service Agencies o Financial Intermediaries Competitors Public o Government o Pressure Groups o Financial Community o Local Community o Media Community

Porters 5 Forces Most times the competition environment is very dynamic and self-determining, with the emergence of new innovations, there is a real challenge for companies to keep their current positions or gain more market share. As a new entrant into the industry, we used one of the famously used models to analyse this competitive environment. Why? The Porters 5 forces analysis provides a frank outlook for evaluating and analysing the competitive strength and stance of our business within the market (Fig12).

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

21

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

April 2013

Porters 5 Forces Analysis

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

22

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Findings from Porters 5 Forces Analysis Conferring to the model of the Porters five forces, it is clear that there is a meaningful reason to proceed into this industry. Furthermore, the forces are low with no infringing strong ones that could stand as a hurdle for GoPod. You will see from Fig12 that only major threat is the help of the government to the new entrant into the industry.

The only threat seems to be the current competitors who have already been in the industry for a long while and may prove as a risk. Due to the innovation behind GoPod, it is our realisation that no other company has devised this invention and we aim to keep it that way through the patent process which will give us the competitive advantage needed.

In conclusion, the flask industry remains a healthy competitive ground for the current players, and will prove to be a healthy one for new entrant due to policies, changing trends, branding, production of a high quality at a low cost and many more factors.

Macroenvironment
The macroenvironment of the GoPod product consists of general forces that do not immediately impact on the relationship of its customers. A simple example of these from Palmer et al., change in the population culture of a country does not immediately affect the way a company does business with its customers but, over time, it may affect the number of young and elderly people with whom it is able to do business. (Palmer & Hartley, 2012) One of the most important stages of business development and marketing is the understanding of your environment. The two main analysis carried out is normally the PESTEL and SWOT analysis. PESTEL We conducted a PESTEL analysis for GoPod market and business development valuation to ultimately use the information gathered to make strategic decisions. It is assumed that if an organisation can audit its current environmental factors and any future changes, it will be in a better position to respond rather than react to changes (Fig13).

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

23

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

April 2013

PESTEL Analysis

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

24

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

PESTEL Analysis Findings From this analysis it is clear that though there are some impacts, JML has been scaling through for over 100 years and is still making an impact. The proposed product will add to the market share of the company because it is offering the customers a valued product but with an added advantage influenced by the changing environment.

On the social aspect, we understand that many people are looking to get on the band waggon of the technology vogue which the government are encouraging to help recover the economy. Many will also see the GoPod as an avenue to save more money and the environment.

The lunch of GoPod will possibly see more people employed as it is expected that there would be a rush for the product, which will mean more production and the process will go on like that until the product gets into the customers hands.

SWOT Analysis Knowing a SWOT analysis is a method commonly used to assess a business or a proposal, whether for our own or a competitor's. We wanted to use a SWOT analysis to summarise the threats and opportunities that GoPod is or will be facing (Fig14). The SWOT analysis we did comprised of GoPod and its competitors.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

25

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Fig14

SWOT Analysis Findings The strengths of this product seem to out-weight the threats and weaknesses which, indicates that the industry can prove to be lucrative for GoPod. Having the backing of JML will strengthen the market presence and the prestige that JML customers hold for the company will indeed be shared by GoPod.

As it is known that to enhance or to maximise the performance of a product, it is essential that the external and competitive environment are analysed before preying on the weaknesses of the competitors. On the opportunity side, we find that GoPod offers a new innovation and a diversified innovation, offers a greener option, and making sure we have an online presence will also increase more interests from customers.
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

26

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

On the innovation part, our passion combined with JMLs, offers design, competitive prices, cost-effective use of resources, and portrays responsibility for people and the environment. In turn GoPod will demonstrate its environmental stance and will generate abundant revenue. At the maturity stage of GoPod with JML, we believe a presence in the coffee shops will also change the general publics view on the organisation as they will be using less paper cups; making it a new venture for JML.

Legal Protection and Mechanisms


As Benjamin Franklin stated, To succeed, jump as quickly at opportunities as you do at Conclusions. (Franklin, 2006) As a group we have looked at all the legal protections and mechanisms suitable for our product.

Getting our great idea implemented will be a very rewarding experience, however we had to look up information about what type of legal protections we want for GoPod. During our research into the legal protection, we found out that apart from keeping our ideas secret, there are four main ways of protecting ideas/inventions and each of these has an important role in protecting ideas (Fig15).

Fig15

Before deciding on the protection we wanted, we decided to first apply for a Non-Disclosure Agreement NDA (Appendix2) in the very beginning stages of development and we also got an Invention Disclosure forms to protect our ideas especially when we were working with vendors to develop GoPod product and to make sure the product is safe to be used and
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

27

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

meets the health and safety regulations in UK, USA and EU. We made sure that GoPod was new, useful and unique (Novel) and wasnt obvious to one skilled in the fields.

After looking at all the legal protections available to use, we decided that the best protection for us is Trade Marks and Patent; we noticed that all we needed to get was Trade Mark protection(Appendix3) as we intend to keep the brand name GoPod always hot and trading image to just us. When it came to the copyright of GoPod, we found out that it is an automatic right and we didnt need to fill in any official form of protection for us to obtain copyright on GoPod. Copyright protects the way in which ideas are expressed, rather than the ideas themselves (MacIntyre, 2011).

What we get with copyright is the way GoPod works or expresses not the ideas, so our copyright can be infringed by people coping or making similar product to ours and making it work in the same way. We still filed a patent protection (Appendix4) for GoPod because we wanted to protect the way it operates as well as its application.

Branding GoPod
Branding for GoPod is vital as it shows what can entice the public and boost sales, this comes together though the Logo (Fig16), name, colour scheme and type face design Almost every business in the world deals in advertising at some point, whether it is a listing in the Yellow Pages or a billboard in Times Square, whatever you're planning, the strategic thinking behind all advertising is essentially the same get to know your audience, target them efficiently and position your brand in the way that will benefit your business (woopidoo, 2012).

Deciding on the name for this product was challenging as we wanted a name that will be stands out, modest and straightforward but at the same time infectious to the public and self-explanatory. We put our thinking hats together and came up with names like Go Flask and Pod Flask, in termination we decided on GoPod. We stayed clear of the word flask because we wanted the brand to be associated with more than just making flask. The name
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

28

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

was chose was for the future of the brand as we intend to expand into designing other product with the same brand name.

Fig16b

Fig16a

In terms of the colour schemes for the logo we wanted to go with a theme of Fire and Ice so we decided on the colours Red and White, as the red to us represent fire or something thats hot whiles the White in the other hand represents ice. In thought our thinking behind the colours is for our target market to always think of our product as it can be used either hot or cold and our motto is Go Pod always hot, which expresses the use and what it can do.

Target Audience
Promotion is one of the crucial fundamentals of the marketing mix and its deals with any one or two-way communication that takes place with the consumer. The art of marketing is largely brand building. If not a brand, it will be viewed as a commodity (Kotler, et al., 2012) Determining on a marketing communications strategy as a group for Go Pod is one of our principal roles as the marketing managers was to understand that the progression involves some significant choices about: Who our customers are? How to contact the consumer? What our message should be?

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

29

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

We answered these questions by using the following methods, which are correspondingly significant for all fundamentals of the marketing mix (Fig17):

Fig17

Getting to know who our prospective customers are, was very vital to us especially because t we intended on increasing the success rate of any communicated messages to our prospective customers. We achieved this by dividing them into isolated groups because if we are unsure of who we are talking to, its very doubtful we would get much useful response from them. We first of all carried out a market research into the following: Who are the potential customers? How many sub-groups should we divide them into? How do these groups differ?

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

30

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Once we had an idea of our customers, we drilled further down to exploring them in more detail by finding out more about them: What are their media consumption habits? What are their expectations and aspirations? What are their priorities? How much disposable income do they have? What are their buying habits? Are they likely to have children? How many holidays do they take each year? How much money do they give to charity? How can we help them?

We obtained our information thorough the interactions of social media, questionnaires, Sales analysis and buying patterns of our competitors customers, Focus groups and Face-toface interviews. For the purposes of advertising, targeting is the process of communicating with the right segment(s) and ensuring the best possible response rate (woopidoo, 2012). In other for us to target our audience , we made sure that our methods would relate marketing objectives, contemplated whether we we on are
Fig18 43% 30%

Customers
1% 26% Government Commuters Camper Other

to

our

trying to generate attentiveness of a novel product or appeal to business away from our competitors?

Weve decided that our target audience are the government, commuters, campers and parents. From Fig18, our main customers will be commuters with 35% of the market as we
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

31

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

believe that they are more likely to purchase and use GoPod because their always out and about and in a hurry to get to work, place of study, meetings and many more and we intend to reach them through digital marketing, sales promotions, direct marketing, media approach and personal selling.

With the government, we are targeting people like the Army, Hospitals, Schools and Field Workers with 21% of our market and intend to reach them through Public Relations promotion. Campers are our second highest in the market with 25% because they will find it very handy due it the fact that is can be used anywhere without the need of a power socket and we plan to reach them through sales promotion, direct marketing, media approach, digital market and personal selling. Also with our others market which some are identified and some are not at 19%, it applies to people like, charities workers (rescue), home use and anyone with the use for it and we can reach them in the same way as the government, campers and commuters.

Its clear to say that many can use this product due to the fact that it can be used on the go and no need for people to boil a kettle to get hot water or hot drink plus it can be used both hot and cold. But a new innovation, we will be focusing on our largest market for now.

GoPod intends to reach most of its customers in many ways, the following diagram shows some groups of GoPod's customers and their interest plus how we can reach them.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

32

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Source: John Kitto

Fig19

Group A (Fig19) and Group B (Fig20) are GoPods top customers as we can influence and sell to them in countless ways for examples advertise through the internets, newspapers, social networks, letters, free coupons and many more. .

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

33

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Source: John Kitto

Fig20

We also have some customers from Group H (the Offline Communities) (Fig21); the way we anticipate to influence them is through shops, betting shops, DIY stores (B&Q); on the other hand, we will not be investing largely on this group as they are low earners and we understand that, only a small percentage of them will be able to afford the GoPod.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

34

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Source: John Kitto

Fig21

Market Entry
We intend to launch GoPod through advertising such as television, radio, newspapers, leaflets and business exhibitions. We will unquestionably be giving out free samples to companies and other institutions especially the government, by doing this, we will boost GoPod client list and it will introduce more and new prospective customers and buyers. We also plan to offer coupons, which will offer our customers and potential customers money off when they purchase GoPod at its first launch. We also plan to have promotional sites in some shopping centres and malls in other to introduce GoPod.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

35

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Since we are going to let JML distribute GoPod, we will benefit from their expertise and logistics. JML tends to introduce new product by advertising in stores, shops and super markets, plus they tend to have their own promotional sites with a television advertising their product and how its operates/how their customers will gain from the product. So by us linking with JML, we will benefit from all their selling techniques. We will be following this cycle (Fig22) carfelly to make sure we land this effectively with our customers.

Fig22

Promotions and Communication


We intend to promote our product and tell interested parties about GoPod through mass media approach, sales promotion, public relations, digital marketing, direct marketing and personal selling. We intend to utilise all our promotion approach by doing the following (Fig23):
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

36

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Fig23

In nature, evolution occurs most rapidly when competition for resources is intense. The same process is now occurring with promotional media. All traditional media channels are now saturated, and competition for consumer attention is intense. At the same time, the impact of any one medium is becoming diluted. There are many more TV and radio channels, consumer have the ability to skip adverts and free information is now much more accessible. As a result, companies are becoming increasingly innovative in their approach to communications and a host of new media channels have emerged. As a result, media choice is becoming a tricky task, which is why detailed segmentation is so important - it's no use starting a Twitter campaign if none of your target market are regular users of the site (woopidoo, 2012).

In other for us to achieve better results, we need to have an exceedingly targeted communications. We are forecasting response rate of less than 1% for a comparatively generic mass mailing but however we are hoping that personal letters to a minority of our
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

37

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

most trustworthy customers would lead to an intensely increased rate of return. When deciding which media to use consider the reach, frequency, media impact and what we can expect for our budget but most of all, ensure our target customer will see the message in the first place. Media choice is a matter of compromise between volumes of people versus the personalisation of the message (woopidoo, 2012)

BCG
We use the Boston Consulting Group (BCG) Matrix method (Fig24) of analysing various product lines within our business. GoPod is a newly-launched product. In the BCG we called it 'Question Marks. Such products are also referred to as Problem children. In order to grow, they require large amounts of investment and promotional support.

Fig24

Competition Price Analysis


We are conscious that businesses fail mainly because they dont truly know who their competitors are, we realised that for us to be successful, we just cannot assume we are in flask industry only but also to put substitute product at our heart i.e. some retailers in the past didnt see online retailer such as eBay and Amazon as competition and theyve close
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

38

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

down now, such as, HMV, Woolworth etc. and company who are proactive and open online shops are reaping the benefit such as Tesco, Holland and Barret etc.

On rigorous research (Fig25), we know our main competition to be Rigatta, Thermos, Grunwerg vacuum product. Apart from competition several factors were put into consideration to determine our price such as: Fixed and other variable cost Objective of the company and group Willingness of customers to pay and our targeted customer The company proposed position strategy.

Fig25

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

39

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Competition Array analysis


This is a competition analysis (Fig26) conducted by us to size GoPod against competition in the industry and for us to conduct competition array, some steps were followed which are to define our industry, know our direct competitors (above names), know who our customers are and what they expect and to know what factors are key to success in the flask industry.

Competition Array Analysis

Fig26

This analysis helped us to have an insight on both defensive and offensive in a strategic context to have competitive advantage by being able to identify threats and opportunity, and other competition analysis were considered such as competitor profiling and bench marking.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

40

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

The benefits of the above analysis are extensive as comparing ourselves with other companies in same industry helps us in identifying our strengths and weakness. For example, from the above table we could see our marketing strategy is considerably good but we need to improve our shipping option drastically. The above analysis help us in learning from our competitors by seeing what aspect of the above success factors is most important to them and how they approached each of this success factors. Identifying possible

strengths and weaknesses of our competitors helped us in analysing and accounting SWOT analysis for operating our business.

Price Setting
Competition is fierce in this industry even though there is only room for 3 thermal companies, there are several more than that and we all trying to get our consumer attention and in this market we think the consumers are Kings, any company that doesnt get their pricing right would be quick out as they come in. There are three ways of pricing such as cost-based, competition-based and customer based.

Setting pricing depends on how our customers will react; consumers dont really buy goods at the cheapest price but price that represent value for money. The group pricing strategy is based on competition based pricing and this recognise the power of our competition in the marketplace, our product is somehow close to the competition but ours offer better value for money, because of the recharging ability, therefore, for market entry we decide to adopt penetration pricing strategy and this is to capture a high percentage of the market quickly, no one have exact same product as us but we also make the price as low as possible.

Setting our Prices


In order to be able to set our price, we decided on what we want to achieve; if it is to maximise market share or make reasonable profit. Maximising market share would be in form of gaining more sales, even taking some of our competitors customers and this could be achieve by adopting predatory prices to have more customers or creating more brand awareness of our product and we decide for us to stay competitive we cant do predatory
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

41

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

prices to gain more customers, as we have explicit and implicit cost to cover. This can be adopted by big corporation who have the financial backing in place.

The realisation that we are offering a luxury product from research done by us, showed us our product is elastic (Fig27)where a small percentage in change of price will lead to a major drop in quantity demand mainly because we are dealing with sensitive customers in a sensitive market.

Fig27

In other to analyse our cost, demand and acceptable profit, we had to understand the cost of producing our product, which cost us 7.99 per item(fixed cost, variable)to produce and in understanding how much the consumer are willing to pay. To set our own price, we had to understand what other competition are charging and from our price analysis we see that our competition is charging range of 10 to 30 and mainly because we offer what our competitors dont offer, which is ability to reheat your liquid, we decide to pitch our price higher than our competitors to give impression of quality and exclusivity, so we to decide to price our product at 34.99.

Pricing is very important for our organisation, as if we price too low or too high could see us loosing sales. The group decide our future pricing policy will be based on proper evaluation of competitions prices and if prices do have to be reviewed in the future then the above process will be followed again.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

42

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Market share
Thermos is the strongest in this industry and market share tells us the amount of the pod is being sold by different players in the industry, such as Rigatta, Thermos, Grunwerg against the total sale by all our competition in the industry. As market share (Fig28) is an indicator of market competitiveness and it shows how well we are doing against our competitors, while also helping us to evaluate primary demand and finally also showing us trends in customers choices between competitors.

Fig28

Our assumption is increase in market share equate to cash surplus and main reason we havent gone for predatory pricing system is that every extra market gain could mean actual cash lost. The companys tactics in increasing our market share is to focus on the share of preference which is the approach of using the pricing, promotion, product and distribution/place:

Promotion
Increase investment in advertising and brand awareness of our product will increase market share except if our competitors respond with same increase in promotional investment.
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

43

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Distribution/Place
To increase our market share in future we would add new distribution channel and expand to new emerging market, or just increase our distribution intensity in our current places of selling.

Product
In order to increase market share in future, we might change some of our product characteristic to meet more requirements of our customer and this could be in form of improving our product quality.

Price
Because price elasticity of demand is elastic that is greater than 1, a cut in the price of GoPod will result in the increase in sales of the product. This tactic will work if our competitors are not willing to engage in price war.

Growth
Development
We are in the incubation stage of the Product life cycle at the moment we dont have any sales and we are preparing to introduce GoPod always hot to the market. The investment costs are high and the profits are negative.

Introduction
When the GoPod is introduced, sales will be low until customers become aware of the product and its benefits. In our case the level of competition are practically non -existent. We are now looking at low sales, high cost per customer and a negative profit.

Growth/Forecast
At this stage we have very high expectation. Sales increase as more customers become aware of the product and its benefits and additional market segments are targeted. This is the period of rapidly rising sales, an average cost per customer and rising profit.

Maturity
The Maturity stages also known as the most profitable stage in the product life cycle. We expect our sales continue to increase but at a slower pace. The brand awareness is strong by
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

44

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

now and we can reduce the expenditures of advertising. We have a low cost per customer, high profits and reach our peak sales. Some products remain here for ages.

Decline
We hope that our product wont get into this stage. In the case it does, the sales will begin to decline as the market becomes saturated; customer taste change or the product becomes technologically obsolete. Low cost per customer declining sales and profits.

Product Commercialisation Plan


Commercialisation is the introducing of a new product into the market (Gary Armstrong, 2012) After the test marketing we were able to come to a decision whether to continue and launch the product or not, while bearing in mind the cost associated with new product introduction into the market place. You as shareholder, your interest are also put into consideration Far too many executives have become more concerned with the "four P's" pay, perks, power and prestige - rather than making profits for shareholders. (Pickens, 2013) Before rolling the product into the market, we had to be sure it is a viable business and going to make you as shareholders decent return on capital employed. We had to get a factory set up where we could build and store the product; also we had to create sales promotion, advertising, brand awareness Brand value is very much like an onion. It has layers and a core. The core is the user who will stick with you until the very end." (Artzt, 2007)

We decided on the introduction timing for the product, as this is a flask that keeps liquid substance warm, introducing this product in the heat of the summer might be a reckless risk and from our pestle analysis the business cycle we currently in was an issue too and we finally decided to launch the product .

Lastly, as a group we decided where we would be launching our product and since we are a starting up company we didnt have the capital or the confidence to launch on a national or international scale, even with the financial support we receive from you as a shareholder.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

45

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

The group decide on market rollout overtime, starting in the London area and backed it with 100,000 worth of advert in camping and outdoor magazine.

Place of Introduction
Our customers can find GoPod in any company with a JML stand, online and through JML catalogues (Fig29). Due to the fact that JML will be stocking GoPod means that we get all the advantages and benefits of GoPod being in over 1000s of places and stores.

Fig29

Our buyers can look and find GoPod in most supermarkets, shops, stores anywhere with a JML stand. GoPod can be purchase from over 100s of big high street retailers like Tesco, Sainsburys, Makro, Boots, Superdrugs, Robert drays, Argos and many more.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

46

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

GoPod can also be found online at JML direct website and many retailers websites and in catalogues. As we already mentioned in our market entry, we will send samples to

companies, celebrities and garget critics (Which), attend trade fairs and well also look at what some of our competitors are doing in terms of place and learn from them plus make ours different so that our customers can differentiate.

Viability of GoPod
Comparing GoPod on a 3-legged stool, one of the aspects of it is what we have to offer the general public. Having established that the demand for GoPod is high, from the secondary research, it was recognised that over 50% of people would like a portable device. Knowing that setting a competitive price is not just enough to make people buy GoPod, we then moved on to the second leg of the stool, which is purely about our customers. Understanding the information passed on to us from the survey conducted. We understood that GoPods market is open to many segmented groups.

This places GoPod in a prominent position in the market places. On the third leg of the stool, from the research conducted we see that the buzz word that was mostly used was portable, convenient and smart. Meeting all this requirement to us is important and have tailored the GoPod to meet this desires. This gives our customer the satisfaction that they want. From the research carried out, we realised that there is a mass demand for GoPod, and was assured that it would generate revenue to defend the investment we are to be making on it.

There is a sense of exclusivity GoPod offers in the market that competitors do not have in this industry. Having known that, the more the uniqueness it possesses the better it will do in the market. As we have legally protecting the design and product, potential customers will not able to get it anywhere else apart from where we sell which will profit us invariably.
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

47

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

From all this, we have come up with a price that is affordable to everyone and that will also yield us a product by large; this was done by calculating our production cost and also measuring GoPod against the current market enabling us to set it at a right price that commensurate with the will of our customers.

Conclusion
This assessment has showed us that it is very challenging to develop a new product; especially to cover all different situations meaning, the risky ones such as investing money, time and resources in new technologies, but it creates opportunities for business, in our case the product we developed is a new innovation. We conducted detail research to be able to understand people and the market place. This makes us aware that we needed to make more money than our competitors.

We learn very quickly that in a competitive industry, we have to use all the resources we have, including knowledge and skills; for example, we needed to work as a team to share expertise and ideas. This allows everybody to play a part in the process in moving our business forward. It also helped us to overcome obstacle, empowers individuals to take on more responsibility and provides each of us with more job satisfaction.

There were other challenges we dealt with, i.e. we tried to be more focused on socially responsibility like ethics, sustainability and community interactions; but, the problem we faced were that the number one reason is to turn in profit. So we ended up creating the best possible product we could to make profit. We decided that socially responsibility can be focused on as a long-term strategy, so it can help our business to outperform our competitors and increase our market share.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

48

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

References
Anon., 2013. Frost Sullivan. *Online+ Available at: http://www.frost.com/prod/servlet/mcon-mktmeasures-life-cycle.pag *Accessed 2 March 2013+. Anon., 2013. Net MBA Business Knowledge Center. *Online+ Available at: http://www.netmba.com/marketing/product/lifecycle/ *Accessed 3 March 2013+. Anon., n.d. Blake Lapthorn Solicitors. *Online+ Available at: http://www.bllaw.co.uk *Accessed 15 February 2013+. Anon., n.d. Patent, Trademark. *Online+ Available at: http://www.ipo.gov.uk *Accessed 19 February 2013+. Artzt, E., 2007. allaboutbranding.com. *Online+ Available at: http://allaboutbranding.com/index.lasso?article=22 *Accessed 20 February 2012+. Bell, A. G., n.d. Inventor of the first practical telephone, London: Innovate design. Cliford, E., 2012. Convenient coffee, Chicago: Mintel. Depot, L., n.d. *Online+ Available at: http://www.lawdepot.co.uk *Accessed 16 February 2013+. Design, I., n.d. Innovate Design. *Online+ Available at: http://www.innovate-design.co.uk *Accessed 15 February 2013+. Forbes, S., 2008. http://www.woopidoo.com. *Online+ Available at: http://www.woopidoo.com/business_quotes/innovation-quotes.htm *Accessed 15 February 2013+. Franklin, B., 2006. New York: American Statesman and Inventor. Gary Armstrong, P. K., 2012. Principles of Marketing. In: fourteenth EDITION. Harrow: Pearson Education, p. 291. JML, 2011. www.jmldirect.com. *Online+ Available at: http://www.jmldirect.com/uk/terms+conditions/page/terms/ *Accessed 20 March 2012+. Kotler, A., 2005. Marketing. In: J. Shelstaf, ed. Principle of Marketing. New Jersey: Prentice Hall, p. 283. Kotler, P., 2008. Principles of Marketing. In: Principles of Marketing. 5th Edition ed. Essex: s.n.
Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

49

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Kotler, P., Armstrong, G., Wong, V. & Saunders, J., 2008. Principles of Marketing. 5th ed. Essex: Pearson Education Limited. Kotler, P. et al., 2012. Marketing Management. 2nd ed. Essex: Pearsoned Education Limited. MacIntyre, E., 2011. Essentials of Business Law. 3rd ed. Essex: Pearson Education Limited. Marketing, 2010. Marketing Made Simple. *Online+ Available at: http://www.marketing-made-simple.com/articles/promotionalstrategy.htm#.UTN48KW9Dy8 *Accessed 1 March 2013+. marketing, 2012. earnmarketing. *Online+ Available at: http://www.learnmarketing.net/npd.htm *Accessed 22 February 2012+. Mintel, 2013. Transumers, London: Mintel. Palmer, A. & Hartley, B., 2012. The Business Environment. 7th ed. Berkshire: McGraw-Hill Education. philip kotler, g. a. v. w. j. s., 2008. principle of marketing. In: fifth european edition. harlow: Pearson Education Limited, p. 561. Pickens, T. B., 2013. www.brainyquote.com. *Online+ Available at: http://www.brainyquote.com/quotes/keywords/shareholders.html *Accessed 19 February 2013+. Post, L. v. d., 2011. Howtospendit.ft.com. *Online+ Available at: http://howtospendit.ft.com/personal-luxuries/3639-the-flask-that-fills-a-vacuum-inthe-market *Accessed 3 March 2013+. Retail week, 2011. www.retail-week.com. *Online+ Available at: http://www.retail-week.com/news-by-topic/supply-chain/jml-to-focus-on-growththrough-supply-division/5026793.article *Accessed 9 March 2013+. The State of Queensland 2012, 2013. www.business.qld.gov.au. *Online+ Available at: http://www.business.qld.gov.au/business/business-improvement/new-productdevelopment *Accessed 17 February 2013+. Wikipedia, t. f. e., 2013. Wikipedia. *Online+ Available at: http://en.wikipedia.org/wiki/New_product_development *Accessed 15 Febuary 2013+. woopidoo, 2012. http://www.woopidoo.com. *Online+ Available at: http://www.woopidoo.com/business_quotes/action-quotes.htm *Accessed 20 February 2012+.

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

50

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Appendices
Appendix 1- Questionnaire

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

51

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

52

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

April 2013

Appendix 2 Non-Disclosure Agreement Form

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

53

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Appendix 3 Trade Mark Form

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

54

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Appendix 4 Patents Form

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

55

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Appendix 5 Cash Flow Statement

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

56

Marketing The Development of GoPod always hot Stephen Fettes

April 2013

Appendix 5 Other Testing Conducted

Okikiola Lookman Imam 121396 Cynthia Naa Adokai Adeyemi 122588 Bisola Amodu 121271 Oliver Akwe 122532

57