To develop new product efficiently, company use a specific sequence or steps to make their product ready for market. In a group of 5, students must develop a new product utilizing the New Product Development process discussed in class and write marketing strategies for that new product.

Your report should include the list of information needed:

1. Prepare executive summary for the development of the product

2. The New Product Process

You should include 7 (SEVEN) stages an organization goes through to identify business opportunities for product and services. Describe all stages by answering the following guideline:

1. New product Strategy Development (5 marks)

Prepare SWOT matrix for selected company. Briefly described.

2. Idea Generation (5 marks)

What source of information do you use to generate information?

3. Screening and Evaluating Ideas (5 marks)

What factors should be considered before your idea is moved to project planning stage.

4. Business Analysis (5 marks)

How will the product meet definite customer needs?

How to the product will be logical to the companys product mix?

Will product increase revenue by reaching market segment?

Development: Prepare a prototype (sketches only) and how to ensure your product will be tested? (Test Marketing)

3. Marketing Strategies

• Identification of target market (5 marks)

Who is primary target?

• Product Strategy (5 marks)

Detailed description of new product, features of product, packaging/labelling (include the labels, brand, content, material used, weight etc).

• Pricing Strategy (5 marks)

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

• Place (what is marketing channel will be used? Justify your answer. (5 marks)

• Promotion (10 marks)

Decide on your promotional mix. You will decide on how you are going to promote your product. Provide TWO (2) suitable method and justify your reason.