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Marketing and customer satisfaction these two words are interrelated. From beginning to end the aim of every step in the whole process of marketing is to ensure customer satisfaction. For this one of the major tasks of marketing is to develop new product or to introduce new product. Consumer behavior is very much sensitive and unpredictable. With which product they are satisfied now, may be that product can’t satisfy them tomorrow. That is why company continuously tries to identify consumer’s different changing needs and try to offer them new product according to their demand through the marketing process. New product development can be introducing completely a new product or developing or improving or modifying the existing product. Through this whole paper we have come up with completely a new idea to introduce a new product. Our product is “Tri-Colored Marker Pen” which is named “Colors”. This product is undoubtedly a new product because normally we have seen one marker pen with one color but we are offering three different colors in one marker pen. The whole process of new product development has some chronological steps which has made the whole process systematic. These steps are: Idea generation development Idea screening Test marketing Concept development and testing Business analysis Commercialization product
Marketing strategy development
We have also tried to exercise these steps to introduce our product. And by conducting these steps we have been able to fix up and determine each and every detail of our whole product plan.
Principles of Marketing
We have come to idea screening step with around 7/8 ideas. After judging these factors for all the ideas we have screened out 2 ideas tri-colored marker pen and combined pen & pencil. combined pen & pencil.rainbow color light. In new product development process idea generation is such a process where so many new product ideas are generated through both internal and external sources.condition of target market. manufacturing cost and rate of return etc. And we judge them from different aspects to measure their actual attractiveness. Such as. And it is obvious in common sense. In the process of our new product development we have gathered lot of new ideas. Such as. Idea screening Though all the ideas were looking apparently very attractive but we can not proceed with too many ideas. We have to fix up with one idea which is basically best of the best. Concept Development & Testing 2 Principles of Marketing . tri-color marker pen. development time and cost. fat & sugar free chocolate. Because before doing anything we have to have an idea at least that on what or which basis we are going to work.Colors-The Tri-Colored Marker Pen Idea Generation The process of new product development starts with idea generation step. cloth iron machine like washing machine etc. We wanted to generate and to reach to idea screening process with some quality ideas.
Sometimes lecturers need different colors to point out on the board in order to make students any complicated topic. To test these concepts we have prepared a questionnaire and ask consumers to reflect their view. After summing up all those views we found that consumers prefer tri-colored maker pen more than combined pen and pencil. That is why. Similarly we have developed two concepts of two screened out ideas and tested those in market. close it and open 3 Principles of Marketing . put it on the table and then again open another one. point out on the board. And while teaching they need to open on pen. By this company will be able to know how consumers react to our concept.Colors-The Tri-Colored Marker Pen The ideas that we have generated in idea generation process was just an unstructured initial of the actual product which is simply not understandable to consumers. then close it. Universities of these day’s uses whiteboards and without marker pen there is no other way to writ on it. Product Review Marker Pen has become an integral part of teaching tool to support modern teaching method in today’s universities. company has to transform that initial idea into a structured and organized concept and present it to the consumer to get their view on it. But products are for consumers. whether they appreciate and demand the product or not. Our marker pen has three different colors in one pen. And it is undoubtedly a hassle for the lecturers and it hampers the flow of the teaching. One can use three different colors by this pen which will save the time of opening one. We are offering a new marker pen which can remove all these hassles. So they need to carry ¾ marker pen of different colors. For this we decided to proceed with tricolored marker pen product.
4. 4 Principles of Marketing . Completely a new product. 2. Cost effective. Cost effective.Colors-The Tri-Colored Marker Pen another one. Ink refill facility. Moreover our product offers refill facility for which the customers can use one pen for long time. Extra cost for refill. It will also remove the hassles of carrying three different markers also the. Easy to handle. 2. 3. SWOT Analysis Strengths 1. Easy press button. Remove hassles. Weaknesses 1. Supplement the production of refill. 3. High price. Time saver. Features of our Marker pen- ☼ ☼ ☼ ☼ ☼ Three colors in one pen.
2. educational market in Threats institution 1.As this product can serve the purpose of three individual products that is why it is cost effective. 2. They will get all three colors in this product. then open a new one. 3. People may take time to accept corporate the product.Consumers don’t need to carry three different colored markers. or they don’t need to buy the markers again and again. The product may incur too much cost for publicity & promotion.whenever lecturers will need two/three different colors to point out they will not need to close one marker.It is undoubtedly a new product with a new concept for the consumers.Colors-The Tri-Colored Marker Pen Opportunities 1. put it on the table. After increase firms. Easy to handle. Remove Hassles. ∗ Strengths 1. Cost effective. Capture international market. ∗ Weaknesses 5 Principles of Marketing . 2. Completely new product. Consumers will buy this marker once and then they will just refill only that color which will finish. 4.
Increase market in corporate firms. 2. ∗ Threat1.As the product offers a refill option so there has to be another supplement production for refill ink. Time to accept the product. ∗ Opportunities1. And this will incur a big budget for us. Capture international market.As the concept of this marker pen is completely new so we can export this product after meeting local need.As this product combines three colors and offers a refill option so. 6 Principles of Marketing .Usually university lecturers is the main users of marker pen. 3.As it is a new product with new concept so we have to promote it very widely to reach every targeted consumer.Sometimes people react negatively to any new product. But business people also need marker pen to do their business plan presentation. Too much cost for publicity & promotion. 2. 2. Supplement the production of refill. High price. Extra costs for refill. the product’s price is naturally little bit higher than normal or traditional marker.consumers have to incur an extra cost for refill.Colors-The Tri-Colored Marker Pen 1. And this product is really a new and unusual concept for people so they may take some time to accept which can cut out the profit figure.
Generally Principles of Marketing 7 .Colors-The Tri-Colored Marker Pen Objective & Issues Objective To achieve our goal that means in order to establish our new marker pen strongly in the market we have fix up some shorter objectives. Because collectively. We have fixed up that- ☼ We will capture at least 10% share of current market within one year. fulfillment of all these shorter objectives will make our goal achievement struggle easier. From the very beginning we have to position our product in such a way that it will left no scope for arising doubt in consumers mind. Issues There is a proverb “Morning shows the day”. If we can have a better starting then definitely it will lead to better ending through a better journey. We have an intension to capture foreign market as well. To do this we have taken the help of branding concept. And in next year or period with the new version of our product we will grab at least 50% of total market. ☼ ☼ We will try to expand our market in corporate sectors in the next period. But creating a brand is not an easy task.
better service and the uniqueness of that product.Colors-The Tri-Colored Marker Pen a brand is created through the better quality. To establish the name of the product “Colors” as a brand we have tried our best to ensure all these factors in our product concept. We have displayed a picture of a butterfly on marker pen’s body as our product logo. Because. marker pen is useable on whiteboard and today 8 Principles of Marketing . we have to have it in our mind that we need to incur a big cost portion in promotion and publicity of the product to earn a large profit. The primary or the foremost targeted consumer of our product is university lecturers. the use or the benefit of our new marker than the traditional one will be understood only by these people. Marketing Strategy Segmentation We have segmented our market according to the demographic segmentation. Because one of the component of demographic segmentation is occupation and normally marker pen is used by the teachers or anyone who is related with educational profession. Sometimes a logo helps better to recognize the product. Through large and wide promotion and publicity we have to reach to every consumer. Target Market As we have segmented our market on the basis of occupation. So. So. it has become obvious that we have chosen the differentiated marketing strategy. But a name can be a successful brand if we can aware people about its uniqueness.
With the help of this marker pen they will be able to make their boss understand by pointing out different points of the presentation with different colors.three colors at one pen. refill facilities etc. We are trying to positioning this marker as a convenient and cost effective product for professional use. we have differentiated our marker pen from the traditional one at the point of use of marker pen. Differentiation & Positioning We have followed product differentiation strategy for our marker pen. And to do these they use whiteboard and marker along with PowerPoint. Business people off and on needs to present their business plans in front of their hierarchies and needs to make them understand. In Bangladesh. All these universities use whiteboard and marker pen as well in their teaching method. So. there are about 500 universities. cost effectiveness. For this our primary targeted segment is little bit large in size. We are offering the previous product with a new dimension and with new features.Colors-The Tri-Colored Marker Pen universities use whiteboard as obvious. Principles of Marketing 9 . marker pen is almost must for these universities. Marketing Mix Product Our product is completely a new product with new concept for the consumers. Normally we have seen one marker pen with one color but we are offering three colors in one marker pen. We want to enlarge the size of our target market by attracting the corporate firms. By using this marker pen the lecturers will be able to make students understand faster than before because they can remove the hassles of opening one pen. mark something. By concept our product itself is completely different from the traditional marker pen. The marketing strategy will be based on some basic factors of the product such as.
They will get all three colors in one pen. We will give advertisements in television and newspapers as well. Principles of Marketing 10 . We will distribute by ourselves. That is why our marker pen is named colors. we need this product”. We will not use any middleman distributor to distribute our product to the retail stationary stores. We will try to cover all most all the stores there. Though the cost is little bit high but still it is cost effective to the consumers as they do not need to incur the cost of buying three different markers. Moreover. Promotion As our product is completely a new product. Place We will offer our product to the stationary stores so that the customers can easily get it. And for refill facility they can use one pen for long. Price The price of our Marker pen is little bit high than the traditional marker pen. we have to keep it in mind that we have to incur a big number of costs for the large and wide promotion and publicity of our product. We will also give leaflets and brochures to the university lecturers. our marker pen includes refill facility.Colors-The Tri-Colored Marker Pen close it. and then again open another one. so we have to promote it very strongly to establish it in the market. Through our promotion and publicity we have to make people feel that “yes. So. Our first selected area is Nilkhet because it is the largest market for stationeries. We will also distribute our product to the stores near around the universities for example the stores located in Dhanmondi area. Because here we are offering three colors in one pen and refill facility and cost of implementing all these mechanism has pulled up the price of the pen.
These springs will be connected with three different press buttons which will be visible from outside. When 11 Principles of Marketing . At the upper half of the pen there will be three different nibs for three different colors. B c I k it r l kn F e a l Rdn Ft r e I ki e l B en Ft r l I ki e u l In our marker pen there will be three different ink filters which will be placed at the lower portion of the marker pen. Though the product is almost hi-tech product again we had to keep it in our mind that we have to keep the cost budget as minimum as possible otherwise it will force us to set high price which may discourage consumer to buy the product. And all these mechanism has to be easy and user friendly otherwise the consumer will loose their interest to use it. At the end of the pen there will an opener through these ink filters can replaced.Colors-The Tri-Colored Marker Pen Product Development Our marker pen is highly technology based in compare to the traditional marker pen. refill facility. In total we have to offer a user friendly and quality product at a reasonable price. We are offering three different colors. each will be wrapped up with three different springs. easy press button in our marker pen.
Then the ink will come in to the nib and will make the foam in front of the nib wet with ink. The pressure of press button will also push the nib to come out and finally we will be able to writ down with the pen on the whiteboard. Business Analysis 12 Principles of Marketing .Colors-The Tri-Colored Marker Pen we will press a particular button for example if we press black button it will open the door between the black ink filter and black nib.
We will check each and every product to find out the defective product.Colors-The Tri-Colored Marker Pen Control From the very beginning we are saying that we are committed to ensure better quality which requires a tight control system. So that if a whole lot of production hampers for any equipment troublesome then we can catch the problem at the beginning. We decide to monitor the overall process very closely. By this we can save our cost and reputation as well. 13 Principles of Marketing .
Our marker pen offers three colors in one pen and helps the teachers to make students understand easily. 14 Principles of Marketing . And marker pen is just a brush to paint life with those colors. butterfly encourages us to roam around the different sector of the education and grasp the zest of those. Similarly. And to make it more useful we tried to give it a new dimension. Because we believe education has different colors for different subject area and fills up a human’s life with those colors. We have named our marker pen “Colors” and displayed a picture of butterfly on the pen.Colors-The Tri-Colored Marker Pen Conclusion Marker pen is an integral part of today’s education method. we believe that our marker pen will definitely proved a useful and amazing product to all those who are related with education in some how. So.
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