Principles of Marketing: New Product Development

UNIVERSITY OF THE PUNJAB GUJRANWALA CAMPUS Principles of Marketing MARKETING PROJECT raw(a) return knowledge Submitted to Prof. Hafiz Ihsan-ur-Rehman Submitted By Usman Khalid Mc09023 Umar Farooq Mc09002 Faraz Raza Mc09040 M. Usman Mc09026 Jahangir Badar Mc09061 Ahmad Khayyam Mc09035 PROJECT CONTENTS 1. Segmentation & bespeak Marketing (Characteristics How harvest-festival fit with T. M. ) 2. Product Ideas ,Screening, excogitation Development & Testing. 3. Demand Estimation 4. Marketing Mix 1) Product 2) Price 3) Placement ) advancement (Print, intercommunicate & T V ads. ) 5) 5. represent Estimation Variable followFixed cost P. U. P. U. 6. Plant Cost Segmentation & arse Marketing Segmentation Dividing a market into smaller aggroups with distinct needs characteristics or behaviors who might take on separate harvest or marketing mix Geographic Segmentation We considered the Punjab as a full-page market for our Product and assort the Punjab on the dry land of cities e. g. Gujranwala, Lahore, Gujrat. We divide the GRW market on zone basis i. e. Satellite town, modeling town, Urdu bazaar, People colony etc.Demographic Segmentation (on the family size basis) Now we divide the conducted urdu Bazar market on the basis of family size. A family whose has ten members need a contact arm afterward six months or re broadcastment of preventive is necessary after troika or four months. Target Market Our intersection point is consumer harvesting and basically for phratry. Our Targeted Market is Urdu Bazar in which we issue the wip mopr on different shops for sale. Our Targeted Customers argon families in which at that place are five or more family members. Targeted market How wip windshield contact arm fit with the Target Market?Our Product Wip wiper is fit with the Targeted market of urdu Bazar beca office it is a household item and is purchased by the family mint. And in Urdu Bazar of Gujranwala people come for purchase of different househo ld items and our produce wip wiper has additional pure tone of pee system cut so our Stall of product lead suck the people and people give subvert it imputable to its additional features. And there are also voltage buyers of wiper that purchased the wiper after six months we can also convert these buyer on our product. Our product is consumer product.It is the need of every house and we are providing additional facility in this product i. e. water supply. In the selected targeted market, there will be numerous customers of product WIP WIPPER So its better market for our product New Product Development New Product Development process consist of ideas generation, ideas screening, concept preparement and testing, backing analysis, test market, commercialization and launching the new product in the targeted market. We discuss the four these things relating to our Product of wipe wiper. Now the detailed information of these is underIDEAS GENERATION Fol get-going are the New P roduct ideas are generated by our Group members. Which are as follows 1) Create such character reference of machine, that convert any extraction group into required blood group. Just like we want O Negative and we do A Positive then machine will help us to convert our available blood group of A Positive into required O Negative blood group. 2) NOKIA mobile troupe should produce that case of mobile in which translator facility is included. This Mobile Phone will give advantage to the people who are not able to speak different type of languages. ) in that location should be a wiper with additional qualities of water supply, detersive supply and cleaning the dust smoothly. imputable to this product the work of women will be little and they have still to manage the wiper with water supply. 4) PlayStation gaming political party should to create that type of glasses in which there is facility of watching television and fulfilling different type of games. This type of glasses wi ll try advantage to the people to watch different types of movies, program and play different type of exciting games during traveling. ) PHILIPS Company should develop remote ascendence brass for switching run into the TUBE LIGHT when required without movement of the person. 6) Replacement of petrol tank into CNG tank in monastic order to use the CNG instead of petrol in Motorcycles. It will be beneficial to save the petrol and to control the pollution in the environment because CNG is less costly as compared to petrol. 7) GFC fan company should develop that type of ceiling fans that are running with the help of SOLAR system without using electricity. And that fan should use by the piece its own SOLAR system. ) DOLCE and GABBANA wrist watch company should create that type of wrist watches in which Willkie Talkie facility is included. That gives advantage to the people for communicating with each others within a specific distance. 9) PEPSI company should make Ice Cream products just like FEAST, CORNATO and OTHER similar Ice Creams that gives advantage to the PEPSI company for creating more market share. 10) HONDA motors should make that type of brake system in cars that immediately stop the cars from unintended events. Before any type of accident. 1) There should be a chip which are fix in front of the vehicles and by which the people can pay the TOOL TAX by prepaid accounts. That system will solve the traffic problems. 12) Use of internal device (Bluetooth) in CPU for data share-out IDEA SCREENING Idea Screening means screening new-product ideas in order to spot nigh ideas and drop poor ones as soon as possible. Next step of new product development process is idea screening in which most suitable ideas with possibilities to develop the new product are selected. Following are the three ideas which are selected by us for new product development. subsequently further verification and availability of resources we will select one of them for real(a) produc t development. 1) PHILIPS Company should develop remote control system for switching off the TUBE LIGHT when required without movement of the person. 2) There should be a wiper with additional qualities of water supply, detergent supply and cleaning the dust smoothly. Due to this product the work of women will be less and they have only to manage the wiper with water supply. 3) Use of internal device (Bluetooth) in CPU for data sharing Selected Idea for Project subsequently screening ideas, we are going to develop a wiper with additional qualities of water supply, detergent supply and cleaning the dust smoothly. Due to this product the work of women will be less and they have only to manage the wiper with water supply. As this product will provide the much benefits to the people and there is need for such type of product in the society that will facilitate the women in their working, so there will be many customers for this product. So, our selected idea is the development of the wi per with water supply. CONCEPT instruction & TESTINGThe idea of wipe wiper with additional quality of water supply and supply of detergent for washing and cleaning rooms So, There is no need to separately handle the water shriek and other equipment for washing the rooms and places of houses and offices. This is the concept of the product that might facilitate the cleaning of offices and houses. By utterance of time, Group thinking is to develop this idea into true(a) product. We have discussed the idea of wipe wiper with many people and we have listen favorable words for our product and the potential buyers are agree to buy the new product, if we offer for sale.After filling the test market we are in a put down to develop the WIP WIPPER Demand Estimation In Gujranwala, there are 2200000 people and when we divide the Gujranwala population on 10 (Average family members in a family) i. e. 2200000/10 =220000 We received 220000 families and there is a need of a wiper after six mont h or there is need for replacement of rubber. So, we conclude according to supra estimation that the demand for our product in Gujranwala will be 220000 or more or less wiper at the start of the business and there will be a decrease in the demand after one month. e considered that our demand will be 220000/6=36666 For expansion of business, we have to go in other cities and for proper running of business, this demand is not sufficient. This Business has attractiveness due to its expanding market. Marketing Mix The set of all controllable tactical marketing tools i. e Product, Price, Place and Promotion that the firm blends to produce the response it wants in the target market. Following are the elements of Marketing Mix point of intersection Any thing that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.LEVELS OF PRODUCT Before actual Product, we have to think on the three trains of the product. The more basic level of the product is the core benefit of the product. The second level of the product is actual product level and the last level of the product is to define the product at the augmented level of the product. Now we examine these levels relating to WIPE WIPER. 1-CORE BENEFIT Cleaning in minimum time. 2-ACTUAL PRODUCT Now we turn the core benefit of cleaning in minimum time into actual product and define the product at this level. 1. discover OF PRODUCT Wipe wiper 2. FEATURESAdditional water supply of detergent, minimum time consumption, independently replaceable rubber. 3. DESIGN gum elastic of wiper will be in different colors, flexible handle pipe attachment. 4. QUALITY LEVEL Use of juicy quality rubber and drying with in minimum time. 5. PACKAGING It will be in simple packing. 6. BRAND NAME WIPE WIPER 3-AUGMENTED LEVEL 1. Facility for replacement of rubber. 2. Warranty within 2 months Product Inputs Following are the main elements which are used to produced the WIPE WIPER. These are 1. WIPER Rubber 2. brace Sheet 3. Pipe of 4 Feet 4. Ball Wall 5. Spray Paint 6. Rubber Nails . 1 Piece of Nozzle PROCESS OF PRODUCTION Bend steel sheet to capture wiper rubber and then drill the sheet to capture rubber after that prepare wiper pipe and place ball wall and nozzle on it and made supply of water into wiper rubber then fitting and last step is colouring. PACKAGING It will be in simple packing. LABELING There will only the name of the brand of the wip wiper in the labeling at the front of the product . PRICING FOR THE advanced PRODUCT The amount of money that a consumer has to pay to obtain the product. Two strategies are used for mise en scene prices for the New product. ? PRICE PENETRATION PRICE SKIMMING Price Penetration Setting a low price for a new product in order to attract a large image of buyers and a large market share. Price Skimming Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the h igh price the company makes fewer but more profitable sales. Pricing Strategy for our Product We select penetration pricing because there are enough competition in market. Our product is convenient product. It has sure features which are not available in the market such as water supply, detergent supply etc PLACEMENT OF THE WIP WIPPERWe will use indirect marketing channel in the Gujranwala in which product is supplied to the retailer and then to the final user because the targeted market is short and within the city and easily manageable. But when we finalize to launch the product outside the city means in an other city Lahore then we use indirect marketing channel (that will be vertical marketing channel) in which we will provide the product to the Distributor and then retailer and finally to the end user LOCAL MARKET outside CITY MARKET Cost Estimation We are going to produced grand wholes of wipe wiper. Fixed cost estimation for this purpose is as followFIXED COST Plant cost 2 00000 Estimated life of whole kit and caboodle is 10 year so 200000/10=20000 And 20000/12=1667 And1667/ kelvin so 1. 67 per unit nation cost 10000 per month so 10000/1000=10 so 10 is the per unit land cost. Advertisement Cost25*1000=25000 TOTAL COST Variable Cost per Unit = 323 Fixed Cost per Unit = 11. 67 = 334. 7 Advertising cost = 25 Total Cost = 359. 67 Product PriceRs. 425 TOTAL VARIABLE COST For this the estimated variable product cost is under Items Items name Cost of input signal Total cost No. Per unit 1. WIPER Rubber 50 50*1000=50000 2. Steel Sheet 30 30*1000=30000 6/8INCH of pipe 4 Feet 60 60*1000=60000 3. 4. Ball Wall 100 100*1000=100000 5. Rubber Nails 5 5*1000=5000 6. Nozzle 10 10*1000=10000 7. colour 20 20*1000=20000 8 Wielding exp. 30 30*1000=30000 9. Labor cost 10 10*1000=10000 10. electrical energy 3 3*1000=3000 11. gass 5 5*1000=5000 Total Cost 323 323000 Requirement for adult male force Labor 4 skilled people are required for ope rating Plant and for dispersal and sale, we are available. Requirement of Running Capital For proper running of Business there is approximately 500000 rupees are required. Gujranwala Satellite town Model town Urdu Bazar People colony Satellite town Model town Urdu Bazar People colony MANUFACTURER MANUFACTURER retail merchant Distributer CUSTOMER RETAILER CUSTOMER