Question

Think about any new product you have seen in the past of two years, then answer the following questions from your own words.

Questions

1. How would you define the attributes and benefits of the chosen product?

2. Define the core, actual, and augmented product benefits.

3. Briefly describe the steps in the new product development process.

4. Each product will have a life cycle, although its exact shape and length are not known in advance. Explain each step in the PLC.

Answer 1

Ans 1– Attributes of product and benefits of new Balaji potato chaps –

· Taste - Taste is very good.

· Quantity -Chips quantity is good against another brand.

· Availability -Available maximum shops.

· Types / Flavours - Having different types of chips according to taste.

· Cost -Cost is less against other big brands.

Ans 2 - The product taste is very good and loved by all generation, the quantity of chips is also good in other product most of the air filled in the bag. This product has different flavour which attract the peoples. The most important is that the availability of this product, it can be available on rural area also. And the cost is less than other brand that is why also be preferred by peoples.

Ans 3- New Product development process-

· Idea Generation – The first step is the idea generation in which thinks about the current market and the opportunity of new product. And work on how the new product better than the competitor products.?

· Idea Screening- The huge Cost involved in new devolvement; the screening process become crucial in avoiding huge financial loss. In screening idea must involved into the overall business strategy.

· Concept Development and Testing – Concept development crafting a detail version of an idea product in terms of customer’s prospective. The Concept should focus on the basic principal of product in order to customer requirements.

The Concept testing stage involve the big amount of market and consumer research.

· Business and Marketing strategy devolvement – the marketing strategy development include the following aspect-

- Profit goal during establishment and after stabilised.

- Pricing, distribution and budget distribution.

- Long term sales prospect.

· Product Development- develop the proto type sample of the product to understand the practical process of product and the testing of the product.

Product of high risk take more time for the testing and sample also require more.

· Commercialization- in this work on the cost of the product. After understand the all stage of process and their cost of operation product cost is decide and the product commercialization done.

Ans 4- Product life Cycle –

Product life cycle having four stages-

· Introduction – in this the initial time company understand the consumer response over the product. The principle of this stage is the build the demand of the product and get into the hands of consumer. The initial the cost is slightly high.

· Growth – In this stage the product is liked by the consumers and the increasing sales. The concept in proven and the sales increase. As the market expanded to present in market the price is reduce and the product work on high demand to get the profit over it.

· Maturity – When the product reach to the maturity level the sales is drops. companies often begin innovating to maintain the market share, changing and developing the product meeting the new consumer requirement.

· Decline- In this stage the product sales drop significantly and the consumer behaviours changes as there less demand of product. The company lose the market share and the competition tends to cause sales down.