'Principles of Marketing: New Product Development\r'

'UNIVERSITY OF THE PUNJAB GUJRANWALA CAMPUS â€Å"Principles of Marketing” â€Å" market placeING drift” â€Å"New intersection point knowledge” Submitted to: â€Å"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 witness CONTENTS 1. naval division & stub Marketing (Characteristics: How give birth fit with T. M. ) 2. Product Ideas ,Screening, Concept Development & Testing. 3. adopt Estimation 4. Marketing amalgamate 1) Product 2) scathe 3) Placement ) Promotion (Print, Radio & T V ads. ) 5) 5. price Estimation Variable tollFixed cost P. U. P. U. 6. localise Cost part & Target Marketing cleavage: â€Å"Dividing a foodstuff place into smaller groups with distinct postulate characteristics or behaviors who might require separate reaping or commercialiseing mix” Geographic Segmentation: We conside red the Punjab as a whole grocery for our Product and divide the Punjab on the basis of cities e. g. Gujranwala, Lahore, Gujrat. We divide the GRW market on zone basis i. e. Satellite township, arche display case town, Urdu bazaar, People liquidation etc.\r\nDemographic Segmentation: (on the family size basis) straight off we divide the selected urdu fair market on the basis of family size. A family whose has ten members expect a contact arm later on sextet months or fill-in of rubber is necessary after threesome or four months. Target Market: Our mathematical overlap is consumer carrefour and raw materialally for household. Our Targeted Market is Urdu Bazar in which we tot the wip wiper arm on contrary shops for sale. Our Targeted Customers atomic number 18 families in which thither ar five or more family members. Targeted market How wip wiper fit with the Target Market?\r\nOur Product Wip wiper is fit with the Targeted market of urdu Bazar because it is a hous ehold item and is bargain ford by the family hoi polloi. And in Urdu Bazar of Gujranwala nation come for purchase of different household items and our harvest wip wiper has additive quality of irrigate supply so our carrell of product pass on gain the people and people lead buy it due to its excess features. And there argon also effectiveness buyers of wiper that purchased the wiper after six months we can also transform these buyer on our product. Our product is consumer product.\r\nIt is the need of every house and we be providing additional readiness in this product i. e. wet supply supply. In the selected targeted market, there leave alone be m either customers of product â€Å"WIP WIPPER” So its split market for our product New Product Development â€Å"New Product Development cognitive operation exist of predilections generation, judgments screening, concept development and testing, business analysis, test market, commercialisation and launching the new product in the targeted market. We argue the four these amours relating to our Product of wipe wiper. Now the detail information of these is under(a):\r\nIDEAS GENERATION followers atomic number 18 the New Product ideas ar generated by our assemblage members. Which are as follows: 1) Create such(prenominal) attribute of machine, that transfer any blood group into requisite blood group. Just like we motivation â€Å"O Negative” and we create â€Å"A supreme” therefore machine ordain help us to convert our available blood group of â€Å"A Positive” into indispensable â€Å"O Negative” blood group. 2) NOKIA busy guild should acquire that type of mobile in which translator facility is included. This Mobile Phone provide give advantage to the people who are non able to speak different type of languages. ) there should be a wiper with additional qualities of urine supply, detergent supply and killing the diffuse smoothly. col lectible to this product the depart of women will be little and they have nevertheless to manage the wiper with water supply. 4) PlayStation gaming company should to create that type of specs in which there is facility of observatorying boob tube and playing different type of games. This type of glasses will can 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 check up on system for switching off the TUBE well-fixed when required without movement of the person. 6) Replacement of petrol army tank into CNG tank in order to use the CNG instead of petrol in Motorcycles. It will be practiced to save the petrol and to ascendence the pollution in the environment because CNG is less costly as compared to petrol. 7) GFC sports fan company should develop that type of ceiling fans that are running with the help of solar system without victimization electri city. And that fan should use individually 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 opposites indoors a specific distance. 9) PEPSI company should make chalk Cream products just like FEAST, CORNATO and OTHER interchangeable 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 accidental events. Before any type of accident. 1) There should be a secede which are fix in forepart of the vehicles and by which the people can pay the TOOL value by prepaid accounts. That system will exploit the traffic problems. 12) Use of infixed device (Bluetooth) in CPU for data share-out IDEA cover version â€Å"Idea Screening means screening new-product ideas in order to spot good ideas and drop un fortunate ones as soon as possible”. following step of new product development process is idea screening in which most able ideas with possibilities to develop the new product are selected. Following are the three ideas which are selected by us for new product development.\r\nAfter further check mark and availability of resources we will select one of them for material product development. 1) PHILIPS Company should develop remote control system for switching off the TUBE hop out 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\r\nAfter 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 allay the women in their working, so there will be many customers for this product. So, our selected idea is the development of the wiper with water supply. CONCEPT DEVELOPMENT & TESTING\r\nThe idea of wipe wiper with additional quality of water supply and supply of detergent for lavation and cleaning rooms So, There is no need to separately handle the water pipe 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 observation of time, Group mentation is to develop this idea into actual product. We have discussed the idea of wipe wiper with many people and we have listen favorable words for our product and the pote ntial buyers are agree to buy the new product, if we quip for sale.\r\nAfter satisfying the test market we are in a position to develop the â€Å"WIP WIPPER” carry 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 month or there is need for replacement of rubber. So, we conclude according to above estimation that the pauperization 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 non sufficient. This barter has attractiveness due to its expanding market. Marketing Mix â€Å"The set of all controllable tactical market 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: PRODUCT Any thing that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.\r\n aimS OF PRODUCT Before actual Product, we have to think on the three aims of the product. The more basic level of the product is the core benefit of the product. The endorse level of the product is actual product level and the live level of the product is to limn the product at the augmented level of the product. Now we construe these levels relating to â€Å"WIPE windscreen wiper”. 1:-CORE BENEFIT â€Å"cleanup position in token(prenominal) 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. NAME OF PRODUCT: disinfect wiper 2. FEATURES:\r\nAdditional water supply of det ergent, minimum time consumption, independently replaceable rubber. 3. DESIGN: gumshoe of wiper will be in different colors, flexible handle pipe attachment. 4. QUALITY LEVEL: Use of high quality rubber and drying with in minimum time. 5. PACKAGING: It will be in simple packing. 6. BRAND NAME: â€Å"WIPE wiper” 3:-AUGMENTED LEVEL 1. Facility for replacement of rubber. 2. warrant within 2 months Product Inputs Following are the main elements which are used to produced the â€Å"WIPE WIPER”. These are 1. WIPER coat 2. Steel planer 3. Pipe of 4 Feet 4. Ball bulwark 5. dot Paint 6. Rubber Nails . 1 Piece of prig PROCESS OF PRODUCTION Bend steel winding-sheet to capture wiper rubber and then practice session the sheet to capture rubber after that tack wiper pipe and place ball environ 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 crap of the brand of the wip wiper in the labeling at the front of the product . PRICING FOR THE NEW PRODUCT â€Å" The list of money that a consumer has to pay to obtain the product. ” devil strategies are used for setting prices for the New product. ? expense PENETRATION PRICE SKIMMING Price penetration: Setting a low price for a new product in order to attract a great(p) number of buyers and a large market share. Price Skimming: Setting a high price for a new product to skim maximum revenues mold by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales. determine Strategy for our Product We select penetration determine because there are enough competition in market. Our product is convenient product. It has certain features which are not available in the market such as water supply, detergent supply etc PLACEMENT OF THE â€Å"WIP WIPPER”\r\nWe will use indirect merchandising channel in the Gujranwala in which product is supplied to the retailer and then to the last-place drug user because the targeted market is short and within the city and easily manageable. But when we decide to launch the product outside the city means in an other city Lahore then we use indirect selling channel (that will be vertical marketing channel) in which we will provide the product to the distributer and then retailer and finally to the end user LOCAL MARKET OUTSIDE CITY MARKET Cost Estimation We are going to produced g-force units of wipe wiper. Fixed cost estimation for this mathematical function is as follow:\r\nFIXED COST prove cost 200000 Estimated life of plant is 10 twelvemonth so 200000/10=20000 And 20000/12=1667 And1667/1000 so 1. 67 per unit Land cost myriad per month so 10000/1000=10 so 10 is the per unit land cost. advertizing Cost25*1000=25000 TOTAL COST |Variable Cost per Unit |= |323 | |Fixed Cost per Unit |= |11. 67 | | |= |334. 7 | |Advertising cost |= |25 | | innate Cost |= |359. 67 | Produc t PriceRs. 425 TOTAL changeable COST For this the estimated variable product cost is under: |Items |Items name |Cost of input | constitutional 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. | advertize cost |10 |10*1000=10000 | |10. |Electricity |3 |3*1000=3000 | |11. | gass |5 |5*1000=5000 | | |Total Cost |323 |323000 |\r\n requisite for human force Labor: 4 skilled people are required for operating Plant and for distribution 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 Satellit e town Model town Urdu Bazar People colony MANUFACTURER MANUFACTURER retailer Distributer CUSTOMER RETAILER CUSTOMER\r\n'