NPD on flavored cheese
NPD on flavored cheese (New Product Developement on flavored cheese)
Brief of Marketing Coursework
Pick a product. Any product. Preferably something simple. Something that you can carry in your bag. But definitely something that excites you. That triggers idea in you. This is the most critical part, you know. For this is what you are going to be wedded for the next three months. Literally.
As a group I want you to look at this product and:
1. Define the total product layer by layer.
2. With the core need in mind, define the target customer segment. Do a profiling of the target customer (tell me about his geographic, demographic, psycographic and user profile) Delight me by telling at least two other brands of any other product that he may be buying.
3. Look at least 3 competitors fulfilling the same core need.
4. While you are at it, make the product mix chart for any one of them (I would expect the competitor organisation with the maximum product in its basket)
5. Define the total product for all these three. In as specific words as possible, define the attributes including the packaging, warranties branding etc (be smart, turn it into a readily referable chart)
6. Define their position mapping.
7. Briefly tell me about their marketing mix (not more than 2 lines about each P of the 4P’s)
8. Now identify a vacant slot for you if you were an entrepreneur and had to design a product to fulfil the same need better. Write down your positioning statement.
Make sure to keep the original products of these competitors or their photographs for ready use. As is obvious, when you will be defining your own products marketing mix this will tell you what not to or what to do.
The difference between a good project and a mediocre project will come from consumer insight. Go around, talk to a few consumers and a few retailers who sell this product to read the enigmatic consumers mind better.
Three pages should be sufficient to contain this above sought information. Please do not make it verbose. In-depth study of stage 1 is the guide to Successful designing of marketing strategy. Flimsy work will not be accepted.
STAGE – II
By now you would know your customers, competitors and dynamics of the environment that influences your market like the back of your hand.Now get on to defining your product in the minutest of the details.
1. Write down the description of your product on all parameters of product in great detail (refer to the chapters on product) It should be so good that if one were to only read it, one should be able to draw a mental picture accurately of your product, its packages and all other attributes.
2. Make a prototype. Use paper, thermocol or whatever your vivid imagination can decipher. Overlap the prototype of the product or at least the packaging and labelling of the product.
3. Where not possible, draw the product.
By this time you should be clear who your customers are, what do you want to be for them and what exactly is your product like.Now comes the next critical decision which will have an immense impact on your expense sheet i.e. the distribution channel set up.
1.Define the distribution channel and strategy of 2 competitors
What is the flow? How many channels are present parallely? Define each flow separately, diagrammatically.
What are the roles and responsibilities of each intermediary?
What are the expenses, profit margin etc at each level?
The spread of network in terms of Numbers nationally or regionally speaking.
2.Identify the time and place utility you intend to create.
. Customer: (Waiting time between purchase decision and purchase)
. Company: (Cost of stock out and substitutability)
. Competition: (Service levels provided)
Therefore what is the marketing implication?
- Place utility
. Consumer: Maximum distance a consumer is willing to travel for the product.
. Company: Natural flow of goods.
. Competition: Extent of reach attained
Therefore what is the implication?
3.Define the flow of the channel/channels you intend to use?
4.Identify the criteria required to be present in each of the intermediary for you to choose it and classify them into essential criteria and situational criteria
5.For each tell me if they are to be subjectively measured or objectively
Do not exceed 3 pages. Use diagrammatic and chart based representation as much as possible.
So, you are on the last leg of the project. And, by now you know your two major cost heads – Product and Place.
Now you ought to define how much mullah you would rake in
- Define a price and justify it. Also tell me what approach and strategies you have employed.
Of course, all this would go waste is your target are not aware or motivated enough to pick your product. This brings us to Promotional Strategy.
Define your integrated marketing communication strategy. Make sure to mention your objective, message media tools and vehicle mix, financial resource allocation and measurement criteria. Your creativity in finding below the line avenues of promotion would be highly appreciated. The time line that you are looking at is 1 (one) year.
Make one creative instrument. It could be anything from a jingle, to an advertisement, to posters.....the list is endless
In case you are choosing advertisements as one of your communication mix elements, please define the media mix for the first year.
If there is any modification you intend to make in any of your branding activity such as your packaging etc should be brought on board now.
Your ability to rationally strategise and creatively execute, both are being judged here.
So get going, allow you’re logical and creative juices flow. Mind you, your foresight and vision would be your best assets.
Wish you a Happy Hard and Smart working.
Best of luck!
Source: NPD on flavored cheese