new product development & launch

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Transcript of new product development & launch

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Vinod Gaikwad

15 years of experience in Market Research, Product & Brand Management, Sales, Marketing & Business Planning.

Work Experience

IMRB - Market Research

HUL - Sales

Desai Brothers Ltd. – Marketing & SalesProducts Developed- Pickles, Paste, Ready-to-cook,spices, Papads , RTE, Frozen, Pulps, Fruit & Vegetables in vinegar

Green Ways Foods & Beverage (D) Pvt. Ltd – Sales, Marketing & Business Plan, Products Developed-Fruit Juices, Energy Drink & Cocktail MocktailMixers

Muster Maven- Research, Brand Key designing, Marketing plan development, Business plan designing and launch of productsProduct Developed- Frozen, Namkeen, PDW, fruit Drink, Edible oil, Bakery products etc

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New Product Development & launch Carrying out UNA studies for basic category understanding among various segments

Identification of the new product categories based on Market visit

Study and analysis of the secondary sales data to arrive at the potential products mix.

In-house structured evaluation of the competitors product with R&D team.

Designing the product requirement for R&D team for product development.

Visiting Markets, Restaurants, kitchens to get the authentic recipes for the product development.

Getting the products developed from R&D team.

Getting them evaluated from the TG through blind organized studies like FGDs, CLTs, Product

placement, Cabinets and kitchen audits.

Finalizing the recipes based on the product benchmarking and product costing.

Identifying the third-party vendors for commercial product manufacturing and raw material

buying.

Carrying out the third-party capacity audit with Operations team.

Finalizing the commercial terms and agreements post negotiation.

Getting the products manufactured

Developing the packaging

Finalizing the pricing based in market trends and product costing

Launching the product in the market with 360 deg marketing support

Consumer feedbacks and corrections (if any)

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Live Case Study: Mother’s Recipe Spices

Recommendations of McKinsey:

1. Re-launch Mother’s Recipe (MR) Pickles

2. Launch Blended Spices

3. Launch Papads

4. Launch Namkeens

Spices:

1. Initial Product Portfolio

2. Packaging innovation: Standipack with zipper, for

retaining freshness even after opening the pack

Getting the Taste Right:

1. Regional differences

2. Study formulation of regional brand leaders

3. Develop 2-3 options for each spice

Consumer Testing:

1. Across Regions

2. Prepare dishes, e.g, Chana Masala

3. MR options & regional brand leader

4. Identify most preferred

5. Note suggestions

Fine Tune formulation & test in

in-house panel

Costing, Pricing, margins

Test Launch in two towns:

1. Product placement

2. POS material

3. Wet sampling

4. Consumer feedback

Fine tune Marketing Mix & National Roll Out

5-year Business Plan:

Industry size/ growth

Market share

Sales plan

Marketing plan

P&L

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