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New Product Development

Executive Summary
This project is about new product development by XYZ company. XYZ company has been very innovative in making new products. This company uses Tetra pack packaging for its products. The new product develop by XYZ company is Pine apple juice named as Vitomax. We have made a Marketting mix strategy for our product. We have devided market into different markets and decided to target young students of colleges and universities that belong to Middle class family. We have paid special attention to the packaging , colour , and price of Vitomax. We have decided to place the product in all markets of Khyber pakhtoonkhwa specially in universities and colleges canteens. We will promote our product through electronic media , print medeia , internet and cable network. We have also conducted a survey to know peoples preferences.

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New Product Development

Product:
XYZ company is launching a new Pine apple juice in the market named as Vitomax

Brand Name:
Vitomax

Slogan:
Refresh life with Vitomax

Picture: ??????

Purpose:
The purpose of launching Vitomax is to give people a new taste. As peoples are drinking almost every juice available in the market. We want to provide people a fresh juice with important ingredients required to be healty. Vitomax has all these qualities.

Product Related Attributes:


Some of the features of Vitomax are: 1) 2) 3) 4) It is good for health. Provides calcium. Provides vitamins. Excellent in taste.

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New Product Development


5) 6) Beneficial for kidneys. Give freshness.

Marketting Mix strategy:


Marketting segmentation is performed on the basis of 1) Age 2) Gender 3) Income 4) Occupation 5) Education 6) Life style 7) Personality

Targetting:
We will target following customers
1) Young

2) College and universities students 3) Belongs to middle class


4) Want a new, refreshing and food in health juices.

Diffrentiation :
We will differentiate our product on the basis of following attributes.
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New Product Development


1) Comparitively less price 2) New taste. 3) Good in health 4) Effective distribution

Vitomax With respect to 4ps

Product:
A product is any thing that can be offered to a market to satisfy need or want. Vitomax is a tangible product. Due to its new taste and less price , vitomax will easily capture the market. But after some time , probably within 2,3 years large companies like Nestle, HAleeb may produce a product similar to Vitomax. How ever three years is enough time to capture the market and become the market challenger. On the basis of the information received from the survey we have decided that the size of Vitomax will be 250 gm. Vitomax contains Calcium , Vitamins etc. It is free from harmful chemicals. It has been tested in laboratory and Vitomax does not have any side effect. Product units are packed in a six layered tetra pack Brick Aseptic packaging.

Place:
Every marketing activity including pricing should be directed in achieving certain goal. So there is a specific objective of Pricing. There are mainly three objectives of Pricing. 1) 2) 3) Profit oriented Sales oriented Status oriented

So we have selected Sales Oriented objective for our Product Vitomax.

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New Product Development

Our Price strategy: The total per unit price of the 250 gm of Vitomax is as follow.

Cost of Pine apple Electricty Factory overhead Miscellaneous Retailer margin Profit

Rs 4 Rs 2 Rs3 Rs 4 Rs 2 Rs 5

In accordance of our stategy we have decided that the price of our 250 gm Vitomax will be Rs 20. Which is very reasonable and effrodable.
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New Product Development

Placement:
We have decided to place our product in all the major markets and canteens of schools, colleges and universities of KPK. For this purpose we will acquire the services of large and organized distribution channel of KPK.

Promotion :
Promotion is one of the important aspect of Product success. Some times products fails due to less or no promotion. We will promote our product through commercial , news papers and Different scheme of Bonuses. Following are the benefits that are offered to customers to make them more valuable and hence it is also used as advertisement. 1) 2) Give five rappers and get one Juice free. Purchases ten juice packs and get one juice pack.

3) If you purchase a small crate of juice then you be able to participate in a lucky draw and you can win following prizes. a) b) DVD system Rs 5000

SWOT ANALYSIS:

Strengths: 1) Low price 2) Research based product

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New Product Development


3) Inovative promotion 4) Strong brand Image 5) New taste

Weaknesses:

1) Lack of awareness
2) Not yet popular.

3) Taste of customer changes with time

Opportunities: 1) Changing life cycle of the people. 2) New product trend are shifting.

Threats: 1) Technology Change 2) Political instability 3) Chances of Price war 4) High taxes levised by the government.

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