Description
Posting (500 words)
Write and post 500 words, analyzing the first component of the marketing plan, titled, ‘Introduction and New Product Development’. The marketing plan should open with an introduction, explaining the purpose, structure, and main goals of the plan. The Introduction helps top management to find the plan’s central points quickly. In addition, it makes navigation and understanding easier as it explains to the reader how the report is organized. Most importantly, however, the introduction is the ‘space’ in which you are expected to present and justify your new product idea. At the same time, you will have to access how this idea fits with your strategy, market position, skills and resources.
Your ‘Posting’ and ‘Responses’ to other student postings will be graded on a weekly 20 point scale:
Grading Rubric
- Address the right task - Component 1: Introduction and Idea for New Product Development) and the requirements presented above (3 Points)
- Support your analysis with at least 2 points from the week’s readings relating to strategy (1 point)
- Relate new content about the importance of creativity and innovative in new product development (1 point)
- Relate content to your own personal experiences as a professional or consumer (1 point)
- Critically analyze the content - your posting should not be just a summary of the reading. Justify your decision about the development of this particular product (3 points)
- Be grammatically correct and proofread for spelling errors. It counts in the real world, so it counts here too (1 point)
References must be utilized preferably Harvard Business review (Harvard referencing system must be used for any reference utilized).
Explanation & Answer
Attached.
Introduction and Idea for New Product Development
Introduction and Idea for New Market Development
Student’s name:
Course name:
Instructor’s name:
Date of submission:
1
Introduction and Idea for New Product Development
2
Health care and beauty of the skin is a primary concern of every individual. Personal care
products industry is enormously growing in the recent years. Currently, advertisements are full
of enticing soaps, gels, facial creams, powders and body lotions. But have you ever taken a look
at the ingredients of that body lotion you apply and soap you use to bathe that assures to keep
your skin moisturized and smelling good all day, have you ever thought of the damage it may
cause to your eyes or endocrine system. Lilly hand and body lotion are made of ingredients to
protect your skin and keep it nourished all day different from other body lotions.
This paper on marketing plan presents the new product Lilly hand and body lotion that is
unique and skin friendly to protect against germs and skin diseases such as rashes. The marketing
plan offers a map on segmentation, targeting and positioning of the product. ( Peter & Donnelly
2011) It presents the product’s target market which is the female group across all ages from 5
years to 50 years; the primarily targeted consumers within this group are teenagers and youths.
This marketing plan gives an analysis of the industry and the competitors which are quite
promising with factors affecting the production being costs, labor and among others. The
analyzed factors using Porter’s five forces analysis and PESTLE analysis discussed in this paper
will be utilized in making strategic decision making by determining the competitive situations of
the product. The plan will focus on objectives and strategies both short-term and long-term and
possible controls of Lilly hand and body lotion. The plan further discusses the implementation of
the marketing mix, considering constraints of cost and time. Finally, it touches on evaluation and
control of the implementation.
Our company focuses on satisfying the customer, as learned a marketing plan should
have well-strategized objectives that go in hand with the available resources and skills. (Kotler &
Keller 2012) The product Lilly hand and body lotion are fit to be produced by our company
Introduction and Idea for New Product Development
3
basing on the resources and competencies that we have. Looking at its short term and long term
objectives and outcomes, the product is a healthy development. The product will be produced in
containers of different sizes and milliliters with various prices affordable to all the targeted
consumers. ...
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