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Tuesday, February 28, 2012

It is the solved assignment of “Explain briefly what are the several processes involved in new product development.” The assignment has been solved for MB0046 (Marketing Management) of SMU MBA. You may see International Market Entry Strategies and Requisites of an Effective Segmentation also.

New Product Development:

New products are essential for existing firms to keep the momentum and for new firms they provide the differentiation. New product doesn’t mean that absolutely new to the world. It may be modification, or offered in the new market, or differentiate from existing products. Therefore it is necessary to understand what are new products?

New Products:

They are really innovative: Google’s Orkut a networking site which revolutionized social networking. In this site people can meet like-minded people; they can form their own groups and many more.

They are very different from others: Haier launches path-breaking 4-door Refrigerators first time in India.

They are imitative: these products are not new to the market but new to the company. For example, Cavin Kare launched ruche pickles. This product is new to Cavin Kare but not to the market.

New Product Development Process:

Stage 1: Idea generation: new product idea can be generated either from the internal sources or external sources. The internal sources include employees of the organization and data collected from the market. The external sources include customers, competitors and supply chain members.

Stage 2: Idea screening: Organization may have various ideas but it should find out which of these ideas can be translated into concepts.

Stage 3: Concept development:

Stage 4: Concept testing: at this stage concept was tested with the group of target customers.

Stage 5: Marketing strategy development: the marketing strategy development involves three parts.

Stage 6: Business analysis: it is the analysis of sales, costs and profit estimated for a new product to find out whether these align with company mission and objective.

Stage 7: Product development:

Stage 8: Test marketing

Stage 9: commercialization: in this stage product is completely placed in the market and aggressive communication program is carried out to support it.

Sunday, February 12, 2012

It is the solved assignment of “List out the 5 important requisites of an effective segmentation by giving suitable examples”. It is the assignment of MB0046 (Marketing Management) for SMU MBA. You may view Define Customer Relationship Management and International Market Entry Strategies also.

Requisites of Effective Segmentation:

  1. Measurable and Obtainable: The size, profile and other relevant characteristics of the segment must be measurable and obtainable in terms of data. If the information is not obtainable, no segmentation can be carried out. For example, Census of India provides the data on migration and education level, but do not specifies how many of the migrated employees are educated and if educated how many are there in white color jobs.
  2. Substantial: The segment should be large enough to be profitable. For consumer markets, the small segment might disproportionably increase the cost and hence products are priced too high. For example, when the cellular services started in India cost of the incoming calls and outgoing calls were charged at Rs. 12/minute. As the number of subscribers grew, incoming calls become free.
  3. Accessible: The segment should be accessible through existing network of people at a affordable cost. For example, Majority of the rural population still not able to access the internet due to high cost and unavailability of connections and bandwidth.
  4. Differentiable: The segments are different from each other and require different 4Ps and programs. For example, Life Insurance Corporation of India needs separate marketing programs to sell their insurance plans, unit plans, pension plans and group schemes.
  5. Actionable: The segments which a company wishes to purse must be actionable in the sense that there should be sufficient finance, personnel and capability to take them all.

Segmentation of market is the biggest task in our country for the diversity. The task always changes with the region, state and community.

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