43 4) Marketing strategy • Crafting an effective marketing strategy. This strategy will address the following key elements: 1) The initial part : focuses on the market that is going to be targeted, the projected value proposition, sales, market share, and profit objectives for the first few years. 2) The second part : outline of the product's estimated expenses for the first year in terms of price, distribution, and marketing. 3) The third part: long-term sales goals, profit targets, and marketing mix strategy. 5) Business Analysis • This analysis employs existing data to ascertain whether the product's costs, sales projections, and profit goals align with the company's financial prerequisites, thus determining the viability of the project in terms of profitability. 6) Product Development • The company creates product prototypes intended for test marketing, which could undergo multiple revisions before the initial model transforms into the ultimate product version. 7) Test Marketing • Test marketing outcomes portray the level of product acceptance among its intended consumer bases. • Simulated test market, control test market, standard test market 8) Commercialization • Launch the new product in the marketplace. In this stage, full-scale production and marketing programs are planned and then implemented.
44 Past Year Collection: December 2015 c) New products must begin with ideas. Explain FOUR (4) resources for a firm to generate ideas in creating new product. Include suitable examples (12 marks) i) Top Management • Include high rank in the company- for example general manager can give idea on current demand by the market ii) Channel member • Intermediary who supports distribution process- for example 7 Eleven as a retailer can give idea about customer trends iii) Customers • A person who uses the product- for example Ali give information about what he looking for toward new product iv) Competitors • The other company who produce the same kind of product- for example Nestle get idea about new product when Baskin Robbin ( it competitor) launch their ice-cream v) Suppliers • The other company who supplies raw material to the company- for example Jakel give idea about suitable fabric to a blouse manufacturer
45 Crawford, C. Merle, Anthony Di Benedetto. (2021) New Products Management, (12th ed. ) United States of America: Mc Graw- Hill (p. 14) David L. Kurtz, Louis E. Boone. (2006) Principles of Marketing 2006, Canada: Thomson SouthWestern (p. 400) Michael J. Etzel, Bruce J. Walker, William J. Stanton. (2007) Marketing (14th Ed), New York: Mc Graw Hill (p. 219) Michael Baker and Susan Hart. (2007) Product Strategy and Management, (2nd ed. ) Malaysia: Prentice Hall (p. 223-231) Michael Levens. (2012) Marketing Defined, Explained, Applied, (2nd ed. ) United States of America: Pearson Education Inc., (p. 165) REFERENCES
46 POLITEKNIK KOTA BHARU KM 24, KOK LANAS 16450 KETEREH KELANTAN