PRESENTATION ON NEW PRODUCT DEVELOPMENT

Business Plan

Rajib Chandra das Md Arfanul Hoque

Jobayer Bin Anwar Md Morshedul Anwar

Md Ruhul Quddus

Group Members

NEW PRODUCT DEVELOPMENT

INTRODUCTION

Product development means making changes in the size, design, color, shape, characteristics, packing etc. of the product.

A new product is any product which is perceived by the customer as being new.

NEW PRODUCT DEVELOPMENT PROCESS

STEP 1:IDEA GENERATION

Idea generation is the systematic search for new product ideas obtained internally from employees and also from

Customers Competitors Distributors Suppliers

STEP 2: IDEA SCREENING

The purpose of screening stage is to drop poor ideas as early as possible.

DROP ERROR: error which occurs when the company rejects one really good idea having potential.

GO ERROR: error which occurs, when the company permits & facilitates a poor idea to move onto further development stages & commercialization.

Our new product is different flavour of pop-corn.

Our innovative product Pop corn of Tomato flavour Pop corn of Chicken flavour Pop corn of Mushroom flavour Pop corn of Butter Caramel flavored popcorn

STEP 3:CONCEPT DEVELOPMENT

A concept is an elaborated version of a product idea expressed in meaningful consumer terms.

CONCEPT 1: POPCORN FOR YOUNG & GROWN UPS AS A FUNNY THIRST QUENCHING ITEM.

CONCEPT 2: POPCORN FOR CHILDREN AS A HEALTH SUPPLEMENTS.

CONCEPT 3: FOR ADULTS AS A NUTRITIONAL ENERGY SUPPLEMENTS.From the above 3 concepts, the 1st one looks to be attractive & promising.

STEP 4: MARKETING STRATEGYDesigning an initial marketing

strategy for a new product based on the product concept. First of all, we introduce new Pop corn

flavour towards the customer through advertising

STEP 5: BUSINESS ANALYSIS This stage will decide whether from financial as well as marketing point of view, the project is beneficial or not. The projects overall impact on the corporation’s financial position with & without the new product are estimated & compared.

YEAR MARGIN RATIO1st 20%2nd 30%3rd 35%4th 45%5th 50%

(Expected profit(Up to 5 years)

STEP 6: PRODUCT DEVELOPMENTDeveloping the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.

STEP 7: TEST MARKETING

The stage of new product development in which the product and marketing program are tested inrealistic market setting.

Here the companies conduct 2 types of major testing’s, such as: ALPHA TESTING & BETA TESTING.

ALPHA TESTING: Testing within the firm to see its function.BETA TESTING: It includes listing a set of customers to use the

prototype & give feedback.

STEP 8: COMMERCIALIZATIONCommercialization is the introduction of the

new product into the marketplace. The important factors to which strategists should focus here are: Market entry timing period. Whether to lunch the product in a single locality, a region, several

regions, nationally or internationally, i.e. geographic strategy. To whom the new product should target for i.e. targeting &

segmenting.

CONCLUSION

Every year millions of taka are being spent on R&D for new products development. Such a huge investment is necessary as new products are the only means of survival of a firm.

We hope that our products will be attracted by

common people.

T H A N K S