Answer to the Question no 1

New product development is the process of bringing an original product idea to market.
Although it differs by industry and we want a develop a local Hand Wash Product, it can
essentially be broken down into six stages: ideation, research, planning, prototyping, sourcing,
and costing.

1. Ideation
Many aspiring entrepreneurs get stuck on ideation, often because we are waiting for a stroke of
genius to reveal the perfect product we should sell. While building something fundamentally
"new" can be creatively fulfilling, many of the best ideas are the result of iterating upon on an
existing product.
The SCAMPER model is a useful tool for quickly coming up with product ideas by asking
questions about existing products. Each letter stands for a prompt:

 Substitute

 Combine

 Adapt 

 Modify

 Put to another use

 Eliminate

 Reverse/Rearrange

2. Research

With My product idea in mind, it may feel inclined to leapfrog ahead to production, but that can
become a misstep if we fail to validate the idea first.

Product Validation ensures we are creating a product people will pay for and that we won’t
waste time, money, and effort on an idea that won't sell. There are several ways you can validate
the product ideas, including:

 Talking about the idea with family and friends

 Sending out an online survey to get feedback
  Starting a crowd funding campaign
 Asking for feedback on forums like Reedit
 Researching online demand using Google trend
 Launching a “coming soon” page to gauge interest via email opt-ins or pre-orders

3. Planning

Since product development can quickly become complicated, it’s important to take the time to
plan before begin to build my hand wash product prototype.

When we eventually approach manufacturers or start looking for materials, if you don’t have a
concrete idea of our product's design and how it will function, it’s easy to get lost in the
subsequent steps.

The best place to begin planning is with a hand-drawn sketch of what your product will look like.
The sketch should be as detailed as possible, with labels explaining the various features and
functions.

Using the diagram to create a list of the different components or materials you will need in order
to bring the product to life. The list does not need to be inclusive of all potential components, but
it should allow us to begin planning what we will need in order to create the product.

For example, a drawing of a purse design could be accompanied by this list:

 Cap

 Plastic Bottle

 Liquid

 Material which will use for hand wash

 Embossed label

Along with the components, we should also begin to consider the retail price or category your
product will fall into. Will the product be an everyday item or for special occasions? Will it use
premium materials or be environmentally friendly? These are all questions to consider in the
planning phase since they will help guide you through not only your product development
process but also your brand positioning and marketing strategy.

The packaging, labels, and overall quality of your materials should be considered as well before
we continue to the sourcing and costing stages. These will have an effect on how we market your
product to our target customer, so it’s important to take these aspects of your product into
consideration during the planning phase too.

4. Prototyping

The goal of the prototyping phase during product development is to create a finished product to
use as a sample for mass production.

It’s unlikely we will get to our finished product in a single attempt—prototyping usually involves
experimenting with several versions of your product, slowly eliminating options and making
improvements until we feel satisfied with a final sample.

5. Sourcing

Once we have a product prototype we are satisfied with, it's time to start gathering the materials
and securing the partners needed for production. This is also referred to as Building the supply
chain: the vendors, activities, and resources needed to create a product and get it into a
customer's hands.

6. Costing

After research, planning, prototyping, and sourcing is done, we should have a clearer picture of
what it will cost to produce the product. Costing is the process of taking all of the information
gathered thus far and adding up what your cost of goods sold (COGS) will be, so you can
determine a retail price and gross margin of Hand Wash.

Begin by creating a spreadsheet with each additional cost broken out as a separate line item. This
should include all of your raw materials, factory setup costs, manufacturing costs, and shipping
costs. It is important to factor in shipping, import fees, and any duties you will need to pay in
order to get your final product into the customer's hands, as these fees can have a significant
impact on your COGS, depending on where you are producing the Hand Wash.

Answer to the Question No 2

Marketing Management is the art and science of targeted marketing and acquisition, retention,
and customer growth by creating, donating, and freely exchanging value products and services
with others. Healthcare organizations are among the last to adopt modern marketing methods in
their marketing programs.
In health care, medications / pills are either branded or branded (paracetamol, which is a drug
Crocin brand name) are common examples. Services are not static in nature. Consultation with
doctors, their advice, etc., is an example of service. There can be clean services and some
services are integrated with products and goods. In today's economic climate, services for
businesses are growing exponentially.
The person purchasing the service may make a decision based on the following:
• How easy would it be to buy it?
• Willingness to pay for this service
• Service evaluation provided
• The impact of a campaign to encourage retailers to carefully plan these items and make an
effort to convince consumers to buy their products
Healthcare adopted the best marketing strategies behind many industries, and the marketing era
could not be considered the first in health care until the 1980s.

Marking your product

Marketing goes hand in hand with the definition of ‘identifying and meeting people’s and social
needs.’ The point here is just speculation. Think about how your hospital will be different from
your phone, ways to think about why your potential customer should be transformed into a
reliable one, and ways to present the above points. These areas could be your related advisors,
the use of modern technology, or your service standards. Positioning your product for profit can
be done with basic location maps. This marketing strategy will inform you of points such as
differences and competitors.

Analyzing market needs

Researching your market has become a first step, the core of marketing strategies. Here the
survey focuses on specific details of what your customer achieves, who your customers are and
what they need. When you have completed your research, then the discussion will be about the
final specifications mentioned here. ‘Need’. As a matter of fact, there is a difference in people's
understanding of the difference between what the customer wants and what he 'needs'. While the
past is something they know, the following is the power of the unused market that you will be
able to access, only with your research paper in hand. In the healthcare industry, one can create
demand for a service by analyzing market needs and increasing its awareness.

Winning a game-making game

Once the need has been met and you are ready with a proposal for your business plan, the next
step will be its implementation, the final presentation to the public. In hospitals, this is necessary
when planning marketing activities. For a health care provider, for example, the need may be any
lifestyle disruption spread across your market niche, and the ‘value’ here will come with
understanding such an increase in society. Here the hospital brand goes in, by educating the
public about their marketing activities in marketing and promotion, that such an increase requires
intervention and that we are ‘here’ with its own solution. Because many advertising services fail
in a few steps, not because the 'need' was lacking, but because your customer did not understand
you. The system will be constructively simple.

Write the customer value

The competition is great and your buyer has many options to choose from. What the seller needs
to work on is to make them understand why they need to ‘spend’ on your product. This requires
a survey of the number of customers where they understand what the product says. Advertising
campaigns based on community causes, events, awareness celebrations, etc. Be under the
umbrella of communicating important messages that the community understands, respects and
views, through these health campaigns. For example, hospitals may come up with a special
women's health package for breast cancer awareness, or an orthopedic ‘parenting’ campaign,
targeting specific market segments.

Pressure on internal advertising

Internal marketing is where you involve all your employees, from the lowest to the highest level
of succession. You have many employees who work with you day and night; these people
represent what your product represents and that understanding must be clear. This is not limited
to employees but includes commercial employees. Why? Because health care is focused on
consumers. Patients here have a choice. This is where the market comes up with a combination
of these values with campaigns to align all employees to represent the value of your product. If
you have a campaign and all your staff (customer contacts, nurses, medical staff, counselors and
everyone else) (a) can (b) understand the `` need '' expressed in your branding and promotional
activities and most importantly (c) match the value shown is the product and message it
promotes, and then wait for the results.

Benefit strategy

Your client is your patient in the patient department who come to see a doctor or have regular
health check-ups. And they can be patient acceptance. Now, your customer will only choose
your app if you get a profit from it. Marketing is not about marketing your company, but about
how your customers think about how they benefit. Here, the strategy follows an old formula for
value, profit and cost. The formula states that ‘value’ equals ‘profit’ over ‘cost’. This means that
customers will pay for your service only if they see that the 'value' is greater than 1, which is
when they realize that the profit they are earning is greater than the price they are paying.

Website development

Healthcare is a growing industry where its consumers are up to date with all the health-related
information available online. Whether it is epidemic disease, genetic predisposition or new
technological advances in the field, medical management or surgery, awareness is the elephant in
the room. In the case of digital progression, you need to establish your online presence again.
Your hospital website should contain all the information, from tie-up to help numbers, online
help 24 * 7, query correction, retrieval, proof, supervisor details, availability, access categories,
and all other details your customer should know and constantly updated.

Directing communication through various channels

Hospital marketing strategies should focus on not only recruiting new customers, but also
keeping them always available. The next category of loyal customer is the product promoter.
This will only happen if customers get the service they desire, in addition to what was expected.
Analyzing the backlog and moving other links is important for product reliability. Your social
channels can be monologue (ads, promotions etc.) or chat channels (emails, call centers etc.).
Hospitals can work on changing inputs and reductions from these sources, changing leads and
thus working on strengths and correcting mistakes in the process of increasing customer loyalty.

Monitor product equity

Despite major wars, some commercial campaigns fail, due to their unprecedented profits. This
could be due to a gap left elsewhere in strategic planning. In order to be consistent it is necessary
to regularly inspect and maintain the balance of your product. This will help you grow, build
relationships with your customers, increase demand and help you identify customer segments in
emerging markets.

Sea strategy

As new hospitals emerge with their promotions and huge investments, your hospital needs to
maintain an existing position. When we are discussing a new market entry, it is usually red,
where a competitor enters the market which may already be stable with neck competition. To
keep standing here, your organization can always check out the ‘blue’, which means putting
heads in a complete market uninstalled and uncluttered with maritime-ready strategies (blue sea
strategy).
When the market plays with key colors, marketing strategies will help you pressure them to grow
in your niche market segment.

Answer to the Question No 3

Step-1:

50 %( 80,000X) = (80,000X -1,200,000) - 800,000

Step-2
40,000X =  80,000X - 2,000,000

Step-3

40,000X -80,000X = -2,000,000

Step-4

-40,000X = -2,000,000

Step-5

Cancelling Subtract from subtract

Step-6

X = 2,000,000 / 40,000

Step-7

X= $50

Hence Sale Price per unit is $50

Calculation of Breakeven Volume:

Break even Volume = Total Fixed Cost/Profit Volume ratio

So here Total Fixed Cost is $ 800,000 and Profit Volume ratio is 0.7 (calculated below).

Hence Break even Volume will be $1,142,857.142

*Calculation of Profit Volume Ratio

Profit Volume Ratio = Sales - variable cost / sales

Here Sale price is $50 and Variable cost is $15

So, PV Ratio is 0.7.

https://docs.google.com/spreadsheets/d/18DCm5ldwhlpblAER3Y6g15QsQLNxJqhQZVicEbMk
a0Y/edit#gid=0