New Product Development
Paper, Order, or Assignment Requirements
New Product Development. and the rest of instructions in the additional files.
Assignments 2& 3 – Group Assignment:
The group assignment will account for 40% of the module mark: 20% based on the group report, and 20% of the group presentation.
You are required to create self-selected groups of four to five for this group assignment which will be completed between week 12 and week 13 of the program, no later. Late arrivals must find groups to join or find others (via StudySpace Communication) in a similar situation with whom they can form a group. Your lecturer is not responsible for finding you a group. Those not in a group by week 13 or 14 are likely to fail the assignment, as individual submissions are not allowed.
You are required to carry out the preliminary stages of a new product development project in your given market category, which will be allocated to you in the class in week 12. You must assume the role of a new entrant into the market; you cannot be an existing company eg Apple, Cadbury, Kellogg’s, McVitie’s and so on. Your project activity and final report need to cover the following:
- Secondary research – a market audit covering:
The market – sales volume/value of the market, historical trends, market segmentation, distribution outlets, competitors – who, how many, where, brand shares and advertising expenditure of the existing brands
Consumers – demographics, consumer behaviour
Analysis of the external marketing environment
A summary of the proposed market segment with rationale
A completed Store Audit Sheet must be included in the appendices
- Concept Development:
Idea generation
Screening
Concept proposal
Concept proposal testing via qualitative research (focus groups). A completed research plan must be included in the appendices.
- Recommendations:
Final concept description, based on research findings
Proposed marketing strategy with basic marketing mix (the 4 Ps)
- Profit& Loss (P&L) statement – for the first year of the product launch – to include target market share, target sales, target growth rate, target price, target revenue and the marketing costs associated with the product launch (promotional and distribution costs).
During tutorial sessions, all groups will be required to discuss and develop the various stages of the assignment and to present their thinking to the tutor. The Teaching Programme details the various stages that will be covered in these sessions.
