New Product Development

Principles Of Marketing
Dr. Imran Khan
Table Of Contents:

Topics……

1). Idea Generation

2). Idea Screening

3). Concept Development & Testing

4). Marketing Strategy & Development

5). Business Analysis

6). Product Development

7). Test Marketing

8). Commercialization

9). Product Design

10). Conclusion
 Idea Generation
We are Generating Total Eight types Of Ideas are as Follow….

1). Heated Butter Knife

2). Liquid Detergent

3). Advanced Eye Protection

4). Hands Free Mobile Stand

5). Travel Smart Mini Iron

7). Mini Ac (((Full Small))) …

8). Motor Cycle Mobile Stander

 Idea Screening

 Many Ideas Generates in our Mind but we are selected

(((Heated Butter Knife)))

One of the things you figure out in

Adulthood is that butter lasts longer in the fridge,
but its lack of spread ability makes for horrible
buttered toast.

You’ve probably also figured out that

popping the stick of butter into the microwave and
pressing the One minute cook button also ruins the
butter, although in a different way.
Concept Development & Testing
There are some different concepts on which basis I am
going to choose this idea:

Concept 1. Easy to use

Concept 2. Easy to carry out
Concept 3. Less expensive
Concept 4. Ratio of profit is more

Introduction
A button on the handle activates the heating
elements, with a flashing LED indicator informing the user that
it’s running.
When heated, the blade should be able to spread
cold butter straight onto a slice of bread in as little as 30
seconds.
The batteries slip into a compartment right in the
handle, so the user can quickly reload whenever needed.
 Not the entire length of the blade gets
heated though the heating elements are confined near the tip
where it will be used to melt the butter when spreading onto
bread.
We can develop our concept by collecting different
questions from the end users like ladies working at home.

Different types of questions are as follows:

Q 1. Do you understand the product?

Q 2. What you think what is the most important

thing in this product?

Q 3. What is your perception about the product?

Q 4. What you think what should be the

improvements we have to made?

Q 5. Would you buy the product?

 Marketing Strategy Development

Introducing our product in the market to build the

long term relationship with our customers.

Segmentation:
Various market segments possible for the marketing of
our product are:

Geographically it would be more preferred by the urban

population as the consumption of butter is more in urban area
than that in rural area. In terms of demography descriptor
variable, the 54% people in between the age group of 21-30 are
more interested in our product.
Students, working professionals, married
workingwomen segment as well as the housewives who like
trendy products can be our potential customers.
In the psychographic analysis of population through
our survey we reached at a conclusion that the people who
look for something trendy and time saving and easy to use are
the one that our product targets to
DIVIDING DEMAND INTO SEGMENTS

The identified demand component parts can broadly

be classified into two categories.

Households

The target households are the ones consisting of

either working mothers or bachelors /spinsters.
The amount they would be willing to spend will be limited.
They require this for seldom use, at most once a day.

Office Use

The target Employees are the ones consisting of

either working mothers or bachelors /spinsters.
The amount they would be willing to spend will be limited.
They require this for seldom use, at most once a day.
 Marketing Mix Elements:

Product……

1). Easy To Carry

2). Less Expensive
3). Different Thing in the Market
4). Chargeable
5). Used for melting cutting the butter jam cheese honey

Price……
Penetration pricing is a pricing strategy where
the price of a product is initially set low to rapidly reach a wide
fraction of the market and initiate word of mouth.
The strategy works on the expectation that
customers will switch to the new brand because of the
lower price.
Place ……
We have used the direct distribution strategy
to direct distribution is when the company either sends the
product to the end customer or when the channel length is less.
We used this strategy like we sell our product
online and on the big stalls or big marts like hyper star and
package’s etc.

Promotion……

We Use Different Promotional Strategies to

make their product more Widely know to other businesses and
the General Public.

Social Networking

Sharing Websites

Bill Boards
 Business Analysis

In Business Analysis involves a review of

the sales, costs and Profits Projection for a New Product to find
out whether the Satisfaction of the Company Objectives.

Cost of the product: 1800

Sale rate of the product is: 2200

Product Development

In Product Development step, Research

& Development or Engineering Develops the Natural
Anti- insect into a visible Product and Calls for a large
jump in investment.
 Product Design
Product design is the most basic
level of structure making for a product. It includes both
detailed level as well as high level design of the product.
It basically turns, which turns the what
of the requirements into a specific how this particular
product will meet those requirements and stand up with
the expectations.

Test Marketing

We are Using Standard Test Marketing.

Standard Test Market. A form of test
market in which the company selects a small number of
representative cities in which to trial the full marketing mix
prior to a new product launch.
 Commercialization

After testing the market we have concluded

that our product is used for the butter as the name shows we
all knows butter is used mostly in winter season.
So the best time to launch it now
because we have a long time, a period of 6 months to remind
our product in the minds of the customers.
Second thing is that our product is
available at big marts, bakeries with the bread and breakfast
items.