BEMM069 MARKETING AND NEW PRODUCT INNOVATION ASSIGNMENT 2

You are acting as New Product Development (NPD) consultant for your
chosen company (Sony Music or Procter & Gamble), looking for new
product/service options.

Your purpose is to contribute to the organic growth of the organisation by
identifying significant opportunities for product/service introductions that
build on the organization’s current skills and assets. Specifically, the
organization wants you to look for a New Product/Service Development
opportunity that:

You are required to submit a management report covering all aspects of
the operational and strategic process of bringing a new product or
service to the marketplace.

The report is aimed at identifying a gap in the market through the market
audit, outlining an acceptable new product/service concept, predicting the
market accurately, indicating the required resources needed, and
establishing the financial implications expected in order to aid the
successful implementation of marketing strategies in the marketing plan.
It is expected that the report will cover:

ACADEMIC INTEGRITY
Plagiarism and collusion are serious offences and will not be tolerated. Your work must
be your own and correctly referenced using the standard APA format. For further
support, visit the Referencing pages of the Academic Development Resources.

The report must contain ALL the following elements:
A brief statement of what the plan proposes

1. Corporate Strategy Corporate mission/vision – what is the company’s current mission
Corporate goals/objectives – how your NP will impact the overall corporate goals

2.Market Audit

Macro-analysis
Micro-analysis
Internal Analysis – identification of key facts about the company relevant to the proposal
Situational Analysis – SWOT analysis (in table format)

3. Brief product description
Concept statement
Target Market
Product Positioning

4.Objectives

Marketing Objectives (i.e. awareness; distribution; trial; repeat purchase; market position,
etc.)
Financial Objectives (i.e. could refer to sales, market share, contribution, etc.)
Societal Objectives

5. Marketing mix

Product – product specification and performance; brand name; product range; packaging
Price – proposed price; comparison with competition
Place – channels of distribution; target retailers/distributors
Promotion – promotional activities
If applicable: Physical evidence, People, Process

6. Financial evaluation

Sales Forecast and Rationale (i.e. how the sales forecast was made)
Financial Evaluation (i.e. product costing; marketing budget; net contribution) and Rationale
(i.e. how the product costings were calculated, how the marketing budget was calculated,
etc.)

7.Time plan

Pre-launch – you decide how long and how detailed this period is
Year 1 – monthly entries

Monitoring and control
Monitoring – bench-marking, key/critical success factors
Control – profitability control, productivity control, strategic control, etc.
Contingency plan

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