StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Product Development - Assignment Example

Cite this document
Summary
In the paper “The Product Development” the author analyzes the product development of the company, which did not spend on any research and development for product modifications. They were equipped with products exactly the same as the ones they used to have but applied different strategies unto it…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
The Product Development
Read Text Preview

Extract of sample "The Product Development"

For Firm product development was never adapted from the previous year and it is shown in their financial summary that proves that they did not spend on any research and development for product modifications. They were equipped with products exactly the same as the ones they used to have but applied different strategies unto it. Needless to say, the focus of the brand was not on the product development. They retained the same number of special commands, error protection and ease of learning. It could be assumed that there was no change in merchandising, packaging and point of purchase categories. Their costs for customer service remained at the same value. They retained the same amount of cash reserve in the end of this period one as period zero. They also did not tamper with any pricing strategy and kept a markup of 49.48% for channel 1 and 2.They kept the same number of sales representatives. They used to have equal distribution for both channels but this year they increased quantities of channel 1 and the weight of the units sold were heavier than channel 2. It must be noted that all products ordered in period zero were sold and disposed leaving no ending inventory for the firm but this was not the case in period 1. No changes in strategies but the firm did not deliver the same results. For Firm 2, the distribution intensity is largely found in channel 2 with a higher markup relative to channel 1 and even to period zero's data. They doubled their production by 37.5% but was not able to sell all. It could be seen that they incurred expenses for R&D for product modifications. Product features were improved.Also they increased their advertising as seen in their increase of 16% in expense. It should be noted that Firms 1,2 and 2 did not invest in Marketing Research Reports. They only had very minimal expenses for such and they were not competitive in this manner because they were not able to connect with the consumers and they were not equipped with what the market needs and demands. They could have increased a feature in their product and still not entice the consumers. Additional promotions and commission expense was incurred. they concentrated in improving customer service and incurring an additional $27,500 outflow. Firm 2 and 3 applied the same strategies. Lastly, Firm 4, the considered most successful implemented various strategies and optimized the changes. Product development is the root of the major edge and advantage of this firm against the 3 others. The values of product features were all improved. The highest average retail price of $ 279.70 for both channels was riveted by this firm.Unlike the previous year, they augmented the production by 5,000 units and still exceeded by 3,710 units leaving no inventories to be transferred. They incurred a net contribution.They had no remaining reserve funds though like the other 3 but increased their budget for the next period by 49.85%. More distribution intensity of sales for channel 1 was realized and that made up 80.4% of the total units sold. Competitive strategy of theirs was to focus on product development and market research. Promotions strategy wise, they diminished advertising expense and affected the pioneering type. Sales promotion bore more bearing this year and results prove its effectivity relative to distribution channel 1 which obviously they concentrated much on. The results of firm 4 was the positive reverse of firms 2 and 3 and definitely of firm1. The market segmentation is constant with their product positioning strategy . 2.) From the perspective of Firm 2, competition might unfold in this industry and there is potential primarily because this period is considered a trial and error allowance for the firms who is deviating from their norms to explore the market. With this, there are major points and the first would relate to launching a new product. As period ended, only Firm 4 incurred net contribution. They all had the option to adapt a new product at the beginning but no one opted for such. In the coming of second period, it could be seen that there is market for VRD and firm 4 proved that by delivering the needs and demands of the market. Product development would be a vital key in being competitive for the next year and if Firm 2 or all the other brands figure more in-depth what the market needs more off and are able to meet these demands, then it would create brand equity for firm 2 or otherwise. If any of the brands act aggressively in terms of branding and image then they would have differentiation right away especially if they explicitly determine their edge against the rest and manipulate it from there. Sales discounts are vital in getting more consumer's attention on their products. The drama of the market nowadays stem from pricing that equals the quality they receive. If firm 2 is able to stabilize such complimenting elements in one product and is able to offer it to the correct market at the correct timing, then their sales will definitely shoot up. For instance, at present, market segmentation shows that the most important product feature are special commands, error protection comes next then ease of learning. If firm 2 is able to allocate their budge of $800,000 majorly on product development and market research to determine which segment needs what product feature and may even add another such as protability and aesthetics then they should be off to success comparative to the rest. In terms of distribution channels, firm 2 may also opt to minimize their expansion and create a niche market for the product/s who are willing to pay the price of actual best quality in the product an are willing to come back for me, though a small market they are. Product positioning is subsequent to this change and definitely they shall see differences- most especially competition,given that they will be one step ahead of the other brands. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(The Product Development Assignment Example | Topics and Well Written Essays - 1000 words, n.d.)
The Product Development Assignment Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/marketing/1526691-marketing-startegy
(The Product Development Assignment Example | Topics and Well Written Essays - 1000 Words)
The Product Development Assignment Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/marketing/1526691-marketing-startegy.
“The Product Development Assignment Example | Topics and Well Written Essays - 1000 Words”. https://studentshare.org/marketing/1526691-marketing-startegy.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Product Development

Formation of Apple Start-up

The Product Development process of the company will be put into focus.... By so doing, this was an example of managing The Product Development process.... The Product Development process of Apple has been a mystery to many.... The program manager is very powerful and is nicknamed the 'EPM Mafia' due to the total control possessed in The Product Development process (Lashinsky, 2012).... All Apple's products are developed using this process: a) Design of the product Each product at Apple is developed first and foremost from its design....
5 Pages (1250 words) Case Study

What Is Quality

It is a common fact that when a company or any specific business will not have proper implementation of any quality management system, it will surely make a worse impact not only on the growth and development of the company but also on the retention of the customers of the company.... Quality means to provide product satisfaction to the customers.... f we talk about quality control, we can say that quality control is a process which is employed in order to ensure a required level of excellence, superiority, and quality in a product or service delivered by a company....
8 Pages (2000 words) Case Study

Product Excellence Using Six Sigma

Design for X is the term used for The Product Development.... It is referred to as a system or strategy, which is used in The Product Development lifecycle (Eder & Hosnedi, 2010, p.... In order to improve the technical features of a particular product, the design guidelines provided in the design for X can help in the development, controlling and innovation phase of The Product Development.... The guidelines also educate or increase the procedural knowledge of the engineers, who are involved in The Product Development cycle with technical expertise....
20 Pages (5000 words) Assignment

Product Development Process: Apple iPhones

The Product Development process is such that it is inclusive of all the possible features a potential customer in any part of the world may desire.... product development process is a critical area in manufacturing that determines the extent to which a firm may be competitive in its target market.... Before the company launches a product, the product passes through pre-development, development, and post-development.... The choice of the IOS enables the product to support features that give it a competitive advantage over its competitors....
6 Pages (1500 words) Article

Product Innovation Management

Differences between three approaches: the key difference between the three approaches is their focus on The Product Development process.... It is based on the premise that better the communication between the team members and outsiders, the better will be the performance of the teams hence greater successful will be achieved in product development.... The rational plan approach outlines that the success is achieved through high-quality product development in superior markets whereas the other two approaches are more internal in nature as the success largely depend upon the flow of information within and outside the organization....
7 Pages (1750 words) Essay

Panther's Managing Innovation and Project Management

Company founders are considered as the leaders for solving the problems that occur during The Product Development process.... As Panther had already faced difficulties in the previous product development process, a more professional approach to the process designing was taken place.... If the project team is not created the company can lose the focus on the development process of the product.... The probability of the product's development success is perceived by the leaders to be higher as compared to the other perceivers....
11 Pages (2750 words) Case Study

The Product Development Processes

The paper “The Product Development Processes” will look at a key factor for the success of that particular product in the market.... Effective planning is the important requirement for the success of the product launch when The Product Development is concerned.... A fundamental problem in managing product development is the optimal timing, frequency, and fidelity of sequential testing activities.... The sequential development method is a consecutive action accomplishing the process of production while Concurrent Engineering meets the requirement of simultaneous development of the product....
14 Pages (3500 words) Assignment

The Product Development Process in the Consumer Goods Industry

The paper “The Product Development Process in the Consumer Goods Industry” analyzes seven steps which a product passes through from the inception of the idea till its introduction into the market.... The next step is business analysis, wherein the major research pertaining to the costs, marketing and viability of the product are carried out.... the product and marketing mix development, companies gear their R&D teams to develop prototypes of the actual products, simultaneously the marketing department develops a marketing plan (American Academy, 2001), and then the final customers get to experience the product itself....
40 Pages (10000 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us