Report on New Product Development of Hair Massage Machine

ACKNOWLEDGEMENT

We would like to convey my honorable teacher Ms. Jannatul Mawa Nupur, Lecturer in

Marketing, Department of Business Administration of Northern University Bangladesh.

Without her guidance this report would not have seen the light of day.

We are grateful to the Department of Business Administration of Northern University Bangladesh for providing us such opportunity to come closer to real situation.

Table of Content

Executive summary

SL .NO. PAGE NO.

1.0 Methodology---------------------------------------------------------------------5

1.1 New Product Development (NPD)---------------------------------------- 6

1.2 Characteristics of hair massage machine-----------------------------------6

1.3 How to use the product -------------------------------------------------------6

2.0 Marketing plan-----------------------------------------------------------------6

2.1 Situation analysis--------------------------------------------------------------6

2.3 Market summary---------------------------------------------------------------7

2.4 Market Demographics---------------------------------------------------------7

2.4.1 Geographies------------------------------------------------------------------7

2.4.2 Demographics----------------------------------------------------------------7

2.5 Market needs-------------------------------------------------------------------8

2.6 Market trends-------------------------------------------------------------------8

2.7 Market growth------------------------------------------------------------------8

3.0 SWOT Analysis----------------------------------------------------------------9

3.1 Competitors-------------------------------------------------------------------10

3.2 Product offering--------------------------------------------------------------10

3.3 Critical issues-----------------------------------------------------------------11

3.4 Marketing Strategy-----------------------------------------------------------11

3.5 Vision -------------------------------------------------------------------------11

3.6 Mission------------------------------------------------------------------------11

3.7 Marketing objectives---------------------------------------------------------11

3.8 Financial objectives----------------------------------------------------------12

4.0 Target markets----------------------------------------------------------------12

4.1 Positioning--------------------------------------------------------------------12

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4.2 Marketing Mix----------------------------------------------------------------12

4.3 Marketing research-----------------------------------------------------------15

4.4 Sales forecast-----------------------------------------------------------------15

4.5 Controls------------------------------------------------------------------------15

4.6 Implementation---------------------------------------------------------------15

5.0 Conclusion--------------------------------------------------------------------16

5.1 Recommendation-------------------------------------------------------------17

5.2 Reference----------------------------------------------------------------------17

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Executive Summary

Importance of New Product Development in a Country is increasing day By day for the providing quality product with punctuality at affordable price and always maintains delivery schedule according to buyer’s requirement.

Sales man always have to follow up the existing customer always have to take care customer. Sometimes customer focuses various kinds of problem. Sale executive solve it.

To prepare this report I mostly depend on the experience and, secondary data beside this. We also use primary data are originated by the quantitative research.

Primary data are collected from the direct observation. Secondary data are collect from the company insight, advertising, related publication and many more. Based on this information we prepare this qualitative report based on observation for providing insights of the report topic.

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1.0 Methodology

Primary data

Primary data was collected from the given below: For the procedure of different marketing activities. Creating conceptual decision-making.

Secondary data

Secondary data was collected from the given below: The Internet has been also used as a theoretical source of knowledge. Secondary data has been collected through relevant books. To collect information from shaping mall.

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1.1 New Product Development (NPD)

Improving and updating product lines is crucial for the success for any organization. Failure for an organization to change could result in a decline in sales and with competitors racing ahead. The process of NPD is crucial within an organization. Products go through the stages of their lifecycle and will eventually have to be replaced There are eight stages of new product development.

1.2 Characteristics of hair massage machine:

Super easy to use. Non- harmful and no painful. No create pressure for brain skein. Epilator with hair protection.

1.3How to use the product:

To remove the battery after use the hair massage machine. The battery size AA. Before use the hair massage machine should be conscious

about the clean. Never use the machine with wet hand

Marketing Plan:

The present document continuous the basic principles of crisis procedure as include in

the employers guide and some crises communication and media relations guidelines

aimed at helping employer’s unexpected crises. The guideline explains the public relation

department procedures for handling media and internal contacts during.

Situation Analysis:

Twist Company limited is entering its first year of operation. Its productions have been

well received and marketing will key to the development of brand and product awareness

as well as the growth of the customer base. Hair massage machine is a technical process

of hair. This machine can grow up blood circulation.

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Market summary

Hair massage machine possesses good information about the market and knows a great

deal about the common attributes of the most priced customer. This information will be

leveraged to better understand who is served, what their specific needs.

Market Demographics

The profile for the typical Twist company Ltd customer consists of the following

geographic, demographic, behavior factors.

Geographic

Twist Company has no set geographic target area. By leveraging the expansive

reach of the Internet and multiple delivery services, Twist company can serve

both domestic and international customers.

The total targeted population is 10 million users.

Demographics

There is a big revolution for female because Twist company produces hair

messenger only for female users.

Of the users who are over 20, 65 percent have an under graduate degree or

substantial undergraduate coursework.

Market needs:

The company seeks to fulfill the following benefits that are important to its customers.

Quality Craftsmanship:

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The customer work hard for their money and do not enjoy spending it on disposable

products that only work.

Well-though-out designs:

The industry experience and personal dedication to the sport will provide it with the

needed information to produce insight fully designed products.

Customer Service:

Exemplary service is required to build a sustainable business that has a loyal customer

base.

Market Trends

A trend is a direction or sequence of events that has some momentum and durability.

Trends are more predictable and durable than fads. A trend reveals the shape of the future

and provides many opportunities. For example, the percentage of people who value

physical fitness and well-being has risen steadily over the years, especially in the under-

30 group, the young women and upscale group, and people living in the west .Marketers

of health foods and exercise cater to this trend with appropriate products and

communication.

Market growth:

With the price of product going down due to competition by so many companies, the

market has had steady growth throughout the world. We are expected that every year

increasing market growth. More and more people are discovering and in many cases

rediscovering the hair benefit.

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SWOT Analysis

SWOT analysis is the method through which a company analysis its situation. SWOT is

acronym for an organization’s environmental analysis. Where,

S= Strengths

W= Weaknesses

O= Opportunities

T= Threats

Among the four factors strengths and weaknesses are internal environmental factors and

opportunities and threats are external factors.

SWOT analysis factors are given below:

Strengths:

Latest sales point in right place.

Utilizing the target market.

Reasonable price of the product.

To improve the product quality.

Better manufacturing capability.

To grow up blood circulation.

Weaknesses:

No clear strategic decision.

Lack of managerial depth and talent.

Weak distribution network.

Lack of proper implementation of effective marketing strategies.

Missing some key skills or competence.

Higher overall unit costs.

Falling behind in research and development.

Opportunities:

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Participating within a growing company.

Well brand image.

Favorable governmental policy.

Diversity into related product.

Vertical integration.

Increasing sales due to the strengthening of the economy.

Threats:

The market is very competitive.

Quota system may affect negatively.

Adverse demographic change.

Inflation and slow growth of the economy.

Price offered competitors are some cases low.

Competitors of Twist Company Limited

Panasonic company limited Philips company limited LG company limited Singer company limited

Product Offering

Product offer and services:

1. Twist company Ltd offer brand new Hair massage machine.

2. Provide after sale service.

Value added services

1. Give free servicing massage machine for a certain period.

2. Solve the customer’s problem timely.

3. Provide consulting services.

4. Always keep contact with customer.

Critical Issues

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As a start-up business, Twist Company is still in the early stages. The critical issues are

for Twist Company to:

Pursue controlled growth that dictates that payroll expenses will never exceed the

revenue base. This will help protect against recessions.

Constantly monitor customer satisfaction, ensuring that the growth strategy eill

never compromise service and satisfaction levels.

Marketing Strategies:

Twist Company Industry Ltd, marketing strategy is to offers superior quality products at

a competitive price with maintains strong quality control system. This company tries to

maintain total quality management to keep the continuous growth of the organization.

This company has strategy for development of product and use of modern technology.

Marketing strategy in establishing seal of quality organization. Provide market

intelligence to producers and exporters on products demands. Strategy to increased

institutional facilities through trading and export house to encourage export.

Vision

Our services and products will exceed the expectations of the customers.

Mission

To ensure quality of the products To maintain the delivery just in time. To satisfy the customers needs and wants. To achieve more orders from the customers.

Marking objectives

Maintain positive, not with standing seasonal sales patterns. Achieve a steady increase in market penetration.

Financial objectives

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Increase the profit margin through efficiency and economy. Maintain a significant research and product developments.

Target market

Hair massages machine target higher and medium demand customers. They serve a

specials segment this strategy limit sales and limit profitability because this is a new

product. Hair massage machine are targeting the customer they have many problem. To

remove hair fall and Dan draft. It can comfort for head scene. Massage machine any

customer to use their hair. Hair massage machine will use to male and female.

Positioning

Twist Company limited competitive advantages are higher quality medium price, offering

more benefit to the customer, feature differentiate the company from the competitors.

Hair massage machine exists in the market on the basis of it, competitive price, maintain

stick delivery schedule and standard quality products.

MARKETING MIX

Product Mix Strategy

It means the goods and services combination the company offers to the target market.

Actually product is anything that can be offered to a market for attention, acquisition, use

or consumption that might satisfy a want or need.

Product includes:

Variety: Three types of product category.

Massage machine. Oil massage machine Combination of oil and massage machine

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Quality: It has many good qualities rather then other product.

Brand name: Its strong brand name is Twist HAIR MASSAGE MACHINE.

Packaging:Packaging department maintains the department manager. There main products are Master Gum. All packaging Industry have customer. Marketing manager find the packaging industry, meeting the purchasing manager, collecting order and supply the product and collect money. There education abilities are Bachelor Degree.

Services: Always keep contact with customers. Continuous use 30 minutes.

Size: Medium and large size.

Warranties: 1 Year whichever will come first.

Price Strategy: Companies set prices by selecting a general pricing approach that includes three set of factor the cost base pricing, value base pricing, competition base pricing.Twist company Limited sometimes charge it products price more that or less then its major competitors.

Prices list of Apprition:

Product category Country of origin Pricing

Oil massage machine Bangladesh 410TK.

Massage machine Bangladesh 460TK

Combination of oil and Massage machine

Bangladesh 850TK

Discount: Our products have 10% discount.

Payment period: Only cash payment.

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Credit terms: No credit terms.

Promotion mix strategy

Advertising:

Advertising strategy consists of creating effective massages and selects most effective

advertising media to convey massages to the large number of target audience.

Public relation:Public relation strategies consists of product publicity to the target customers, such as create website, lobbing relation. Lobbing strategy is to maintain relationship with legislators like government official and agency for getting business relevant advantages.

Direct marketing

Direct marketing strategy consists of direct mailing of the target customer sending an offer announcement. For this purpose company use internet e-mail, fax mail etc.

Place mix strategy

Channel

This Product Is Produce By Gazipur.

Coverage: Producer’s product should be covered target market area. The customer in target market will get product easily.

AssortmentFive types of assortment.

Location: Danmondi, road no- 27 Rapa plaza, Mirpur Road no-1 Prince Plaza, New market, Shantinagore Kornofuly super market.

InventoryThese refer to means by which inventories are managed. Inventories exist at every stage of the chain as either raw material, semi finished or finished goods. They can also be in-process between locations.

TransportOur product is transport by pickup, Truck.

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Marketing Research

Twist Company Limited is blessed with the good fortune of being located in the center of

the messenger world. It will be able to leverage this opportune location by working with

many of the different messenger that live in the area. Twist Company was able to test of

its products not only with its principals, who are accomplished messengers, but also with

the many other dedicated and “newbie” users located in Bangladesh. The extensive

product testing by a wide variety of users provided Twist Company with valuable product

feedback and has led to several design improvements.

Sales Forecast

Twist Company Limited feels that the sales forecast figures are conservative. It will

steadily increase sales as the advertising budget allows. Although the target market

forecast listed all of the potential customers divided into separate groups, the sales

forecast groups customers into two categories: Recreational and Competitive. Reducing

the number of categories allows the reader to quickly discern information, making the

chart more functional.

Controls

The following areas will be monitored to gauge performance:

Revenue: Monthly and annual

Expenses: Monthly and annual

Customer satisfaction

New product development.

Implementation

Marketing implementation is the process that turns marketing plans into marketing

actions in order to accomplish strategic marketing objectives. It is important to

accomplish each one on time and on budget.

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Conclusion

Twist Company Ltd follows the nation low. This company does not provide any

compensation to cover the living standard expense. Twist company Ltd sometime does

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not able to pay the worker salary in proper week time schedule for this reason workers

are dissatisfied company always prepared to pay compensation for insured workers. No

labor allow by the twist company. Twist Company Ltd. provides enough light in the

workplace and has well ventilated work environment to the workers. The company

provides well temperature workplace for worker and very conscious about a good

working environment. The company does not set standard waste management system.

The company does not maintain a high disciplinary organization rules. The company

does not use any physical punishment, mental and verbal abuse for any types of fault

occurred by the workers.

Recommendation

At first we want to say that Twist Company Ltd should have a specific marketing

department which will work under the supervision of the executive directors. This

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department consisting of marketing specialist whose main job are planning and

implementing of marketing activities such as advertising, promotional campaigns, public

relations, providing market information to sales department.

The major activities of the department can be listed as follows:

Carry out market reach, customer satisfaction survey.

Collect and review information on market, top competitor.

Encourage the customer to the brand new vehicle.

The authority should be conscious about their marketing strategy .

Should be more advertisement in the content of whole Bangladesh focused on

billboard, print media and web ad. Etc.

Need regular communication among clients and sales persons.

The company should have to ensure good use of fund.

The company should offer more facilities to the customers as per customaries

requirement.

Reference

Kotler and keller. Marketing management.12th edition. Kotler and keller. Marketing management.11th edition. Philip Kotler marketing management.11th edition. Kotler p. and Armstrong G. Principles of Marketing.10th edition.

Websites.

www.Google.com

Others Alma’s super shop

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