Page 1

New Product Development

Anti Radiation Chip New Product Development

CHANGE IS THE ONLY CONSTANT IN TODAY'S MARKETPLACE

Department of Finance

Jagannath University

1|Page


New Product Development

New Product Development: Anti Radiation Chip

Department of Finance

Jagannath University

2|Page


New Product Development

By Rafiqul alam Khan

Department of Finance

Jagannath University

3|Page


New Product Development

Executive Summary Importance of New Product Development in a country is increasing day by day for providing product with punctuality at affordable price and always has to maintain superior quality according to buyer’s requirement. Anti Radiation Chip which is the new product of Global Trade Network is the hypothetical start up. It is a device by which radiation eradicates from electronic devices such as Mobile Phones during talking, Laptops and many other devices during operations. Anti Radiation Chip neutralizes the negative effects of EMR by changing the quality of the Electro Magnetic Field rather than reducing the EMR intensity Global Trade Network is a leading and dynamic company in the IT sector. It provides world class products and services in the realm of information technology. This company is preparing to launch Anti Radiation chip which is quite new and applicable for all types of mobile, laptop and many other electronic devices. Using this Anti Radiation chip people will be safe from the damaging effect of radiation during operation of electronic devices. By launching this product Global Trade Network will maintain social responsibility such as concerning people about the harmful effect of EMR as well. The Anti Radiation chip is based on a revolutionary anti-electromagnetic field technology with proven biological laboratory testing to eliminate damaging effects caused by electro-pollution. EMR is known to cause headaches, heart disease, Attention Deficit Disorder, fatigue, aches, pains, allergies, digestive difficulties and greater risk of diseases such as cancer, leukemia, lymphoma, brain tumors, spontaneous abortions, Alzheimer’s disease, hormonal imbalances and suicidal tendencies. This chip protects the user from the harmful effects of electromagnetic radiation (EMR) without disturbing the function and operation of our electronic devices. By using this chip on cell phones, PDAs, Bluetooth, Computers, Laptops and other EMR emitting devices in home and office, individuals can be protected from the harm causing radiations. To prepare this report we mostly depend on the experience and, secondary data beside this. We also use primary data are originated by the quantitative research.

Department of Finance

Jagannath University

4|Page


New Product Development

Table of Contents Name Chapter– I

Chapter– II

Chapter –III

Chapter-IV

Chapter - V Department of Finance

Acknowledgement Executive Summary Abstract 1.1 Introduction 1.2 Rationale of the study 1.3 Objective of the report 1.4 Scope of the study 1.5 Methodology of the study 1.6 Limitation of the study 2.1 Company overview 2.2 New Product Development 2.3 Idea Generation 2.4 Idea Screening 2.5 Concept development 2.6 Marketing Plan 2.7 Situation Analysis 2.8 Market Summary 2.9 Market Trends 2.10 Market Growth 2.11 Market Needs 2.12 Market Segmentation 2.13 Product Development 2.14 Test Marketing 2.15 Market Research 3.1 SWOT Analysis 3.2 Competitors 3.3 Product Offering 3.4 Market opportunity issues 3.5 Critical Issues 3.6 Vision 3.7 Mission 3.8 Objectives 3.9 Market strategy 4.1 Target Market 4.2 Market Positioning 4.3 Marketing Mix(4P’s) 4.4 Sales Forecast 4.5 Review and Control 4.6 Product Life Cycle Strategies 4.7 Conclusion and Findings Bibliography Jagannath University

Page No. 5 6 9 11 11 11-12 12 13 13-14 16-17 17 17-18 18 18-19 20 20 21 21 21-22 22 22-23 24 24 24 26-27 27 27 28 28 28 28 29 29 31 31 31-35 36 36 37 37-38 40 5|Page


New Product Development

Contents of Tables TABLE NO

NAME

Page No

4.1

Prices List of the Product

33

Department of Finance

Jagannath University

6|Page


New Product Development

Abstract Much discussion in the new product development (NPD) we are concerned with describing blueprints for more effective systems for managing the process of NPD. Features of the emergent pattern of good practice in NPD include cross functional team working, early involvement, effective project management arrangements and learning systems. However, there is relatively little concept in our mind on the implementation question; how a particular organization can articulate and embed the necessary behavior patterns with accompanying structures and processes needed to make goodpractice NPD work for them. This paper reports on a private firm designing and implementing a new product development like Anti Radiation Chip. In particular, it emphasizes the organizational development processes required to implement and develop ideas to enrich the product. This term paper concludes with some comments on developing new products with new ideas, and on research issues arising from the experience of our own.

Department of Finance

Jagannath University

7|Page


New Product Development

Chapter I

1.1 Introduction Department of Finance

Jagannath University

8|Page


New Product Development

Now a day in the competitive world practical experience is must. It is possible to gather theoretical knowledge by passing through book but it is insufficient to acquire practical experience. In order to complete the BBA program we have to complete a course called principles of Marketing. In completing the course our course instructor gives us an assignment on New Product By preparing the report we will be able to gather knowledge about the different types of Product

1.2 Rationale of the Study  As our course teacher has given to prepare this assignment, we have tried our level best to prepare it.  To know about how to make development of a new product.  To know the preference for the goods of the customer.  To compare the new product with the existing product.  To increase our professionalism in job sector.

1.3 Objective 

of the Report

Primary Objectives:

WE have done this research because our course teacher gave this topic as our assignment. The primary objective of this report is that. As he decided us to make this assignment, we have tried our best to make it relevant. We have tried our best to prepare this assignment perfectly and correctly. If our course teacher satisfied, our primary objective will be successful.

Secondary Objectives:

Department of Finance

Jagannath University

9|Page


New Product Development

Analyzing how to start new product.

At the same time gathering the practical experiences.

Present situation about the market.

To know the product strategies that the organization allows to apply.

To analysis quality of the product.

Gather practical knowledge about New Product.

 To achieve a steady increase in the market position by market penetration pricing. To win a large market share. 

The objectives of this assignment are to know how to start a new product and how to capture the market shares.

The implication of 4p’s of marketing.

We also learned about SWOT analysis of new product.

To maintain positive & strong growth.

1.4 Scope

of the Study

There was huge scope to work in the arena of the report. Considering the dead line, the scope and exposure of the paper has been wide-ranging. The study, “Developing a new product” has covered overall procedures of launching a new product. By preparing this report it becomes more understandable about the real condition of the corporate situation of our country.

Department of Finance

Jagannath University

10 | P a g e


New Product Development

1.5 Methodology of the Study Methodology is the process or purpose of collecting data and information, which are required in connecting with findings tools for best possible outcome. There are various approaches to collect data for the report. But we should carefully select the way according to nature of the report. We have designed the study carefully planned to yield result that are objective as possible. The main lookout of the report is to discover consumer behavior towards Global Trade Network’s new product. In this section, we would like to emphasis on survey process that we have conduct while we were preparing the report. This process consists of the following steps. Sources of data Here the secondary sources of information were used. The secondary sources are:  Web sites  Books  Global Trade Network  Different Business Publication & Notes

1.6 Limitation of the study We have tried our best to prepare this report perfectly. But we are not completely satisfied. We have faced many problems. These problems have created lots of difficulties for us. Some problems/ limitations were yet present there: 

Lack of Experience: The work of collecting the information requires much experience. But we had no adequate idea, knowledge, and previous experience about the report. Therefore it is very normal that error comes into existence in the report.

Lack of facilities:

Department of Finance

Jagannath University

11 | P a g e


New Product Development

At the time of data collection we have faced several problems due to lack of facilities by the management. ď ą

Lack of interest: At the time of data collection it has been observed that most of the participants of the interview did not pay attention in answering the question.

ď ą

Lack of information: The Company is a renowned company in Bangladesh. But our report was only in Dhaka biased. So, the report lacks information.

Department of Finance

Jagannath University

12 | P a g e


New Product Development

Chapter II

Department of Finance

Jagannath University

13 | P a g e


New Product Development

2.1 Company overview Global Trade Network is a pioneer, dynamic, professionally managed business organization has Strong experience in the field of Information Technology. Our business is completely automated and online with strong support team dedicated and committed for success. We at Global Trade Network are with the right support system, right products for the right people. We focus on achieving the highest standards of business excellence by offering people an opportunity to grow and excel with it. This business is driving in Bangladesh in a big way. The mobile phone users in Bangladesh are increasing drastically day by day. The Mobile industry current users 7 crore and its growth rate are 40% per year.

Global Trade Network supplies products and services to the Government & Non Government organization Like Bangladesh government organization, Bangladesh Telegraph & Telephone Board, Cellular Operators, Installation Companies & NGO’s. Our clients are very much happy to work with us because we have dedicated office staffs who provide our customers a very good service. 

Head Office Panthapath

Branch Office Panthapath

Department of Finance

Jagannath University

14 | P a g e


New Product Development 

Warehouse Magbazar

Service Centre Green Road

Our own people operate those office & we have resellers our products all over the country. We have service center of our own. We have a huge capacity of warehouse in Maghbazar.

2.2 New Product Development New product Development (NPD) is an important task for a company. Every product has a life cycle. So a company gets a little opportunity to carry on its business with a particular product for a long time. As a result a company has to improve or update its product to keep pace with the market’s demand. New product development is really risky because if a company fails to do well then it faces decline in sales and cannot go ahead from its competitors.

2.3 IDEA GENERATION

We are living in the soup of dangerous radiation. Research now links long term exposure to electromagnetic fields (EMFs) with chronic health issues, from stress, fatigue to cancer. Overwhelming numbers of scientists now agree that EMFs created by cell phones power lines and other technologies are Carcinogens. But like any massive public health threat, Department of Finance

Jagannath University

15 | P a g e


New Product Development

it may be years before the talk stops and the action starts. Considering the need of growing mobile phone, laptop and other electronics device users which emit dangerous radiation, a new and improved featured Anti Radiation Chip is needed from get rid of such harmful radiation. In this Anti Radiation Chip there are features that are experienced by any person before. From this thought the idea of this Anti Radiation Chip has came to light.

2.4 IDEA SCREENING We have considered many new products for development like Finance calculator, intelligent clock, Outstanding Battery etc. But we have chosen this product because of its usability, unique features and also this product will help its user to safe from EMR. Moreover, by concerning people about the bad effect of radiation we are maintaining social responsibility. We did not choose those others products because it’s demands, great investments. In this modern world of information technology such a product like this is really needed. Now we reveal the name of our product. The name is Anti Radiation Chip.

Department of Finance

Jagannath University

16 | P a g e


New Product Development

2.5 CONCEPT DEVELOPMENT

Characteristics of Anti Radiation Chip:

There are some certain characteristics of Anti Radiation Chip which make it different from other chips.The characteristics of Anti Radiation Chip are given below:

It is easy very to use.

It can easily bearable.

It eradicates harmful radiation which is detrimental for human being.

It can easily attach with any mobile phone, laptop and other electronic devices which emits radiation.

It is skinny.

It does not need any extra power to work.

How it Works:

An American scientist, developed and patented a version of KERT ( K. Energy Resonance Technology) neutralizes the negative effects of EMR by changing the quality of the Electro Magnetic Field rather than reducing the EMR intensity. In the presence of external electromagnetic field, the chip’s KERT shield technology component emits subtle low frequencies (the ‘noise field’) of electromagnetic oscillations that resemble resonance frequencies of living cells in the body. These oscillations compensate and neutralize the harmful effects of EMR generated by cell phones and electronic devices while simultaneously providing support for cellular functions in the body. This noise-field technology was initially developed in a research funded by the US Army in 1986, as the Army was concerned about the effects of radiation from communication equipment on key personnel. The research uncovered the connection between the constancy in EMF wave and the cell’s trigger response. Then they discovered that by superimposing a random field on the EMF wave, the EMFinduced biological effects are eliminated. Department of Finance

Jagannath University

AntiRadiation Chip

17 | P a g e


New Product Development

How to use the product:

It is very easy to use. There are some guide lines to use it more easily and efficiently. The guidelines are given below:  Dirt free cell phone, laptop or other electronic device.  Remove the paper from the back of the Anti Radiation Chip.  Fix Chip on backside of phone or other devices close to antenna.

2.7 Marketing Plan of Anti Radiation Chip:

If a company wanted to launch a new product they would have to be a good market plan strategy. Market plan is important because a good plan helps a product to achieve its goal. So, let’s see what’s the marketing plan of Global Trade Network for Anti Radiation Chip.

Department of Finance

Jagannath University

18 | P a g e


New Product Development

2.8 Situation Analysis: GTN limited is entering its eighth 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. Anti Radiation Chip is a technical process by which non-visual electromagnetic radiation absorbed by this chip. So in the booming market of IT, this product will serve well.

2.9 Market summary: Anti Radiation Chip possesses good information about the market and knows a great deal about the common attributes of the all types of customer especially mobile phone and laptop users. This information will be leveraged to better understand who is served, what their specific needs.

2.10 Market trends: A company should analyze the market trends to sustain in the market with a new product with new features. Various companies wants to take the market changing colors, sizes etc so that the consumer can be attracted to the new product. Here we have taken the product- Anti Radiation Chip to help human being from the dangerous effect of radiation. This quality of the product will hopefully capture the market.

Department of Finance

Jagannath University

19 | P a g e


New Product Development

2.11 Market Growth:

The market growth stage is very much important for a new product. When a new product satisfies the market it will enter a growth stage. Then the sales will start climbing quickly. When a new product comes into a market with some new feature then the market will expand. So we are expecting to take the market with our new product. There have to use several strategies to sustain rapid market.

2.12 Market Needs: Market needs are the integration of the needs of all consumers of the market. It was found that the consumer is very much needing of a chip which is not only helps to deduct harmful effect of radiation but also help in various purposes. People normally use mobile phones, laptops, and many electronic devices. Almost all people in our country use mobile phone. People are very much habituated to use it. But if they Department of Finance

Jagannath University

20 | P a g e


New Product Development

aware about the harmful effect of radiation, the chip will be a must needed thing for them. Specially the students, teachers, officers feel the necessity of the Anti Radiation Chip in this generation. Thinking about the market needs we have brought a new chip in the market with some attractive features.

2.13 Market Segmentations: 

Geographic:

Anti Radiation Chip has no specific geographic target area in Bangladesh but we prefer both urban area and rural area. People can use this chip in all area of our country. 

Demographic:

People of all classes may use it. Male, female and young people can be able to use it. People who are educated are major concerning customer. People who are involved in earning and lead a prosperous life also our concerning customer.

Behavior Factor:

Young people specially students and educated people will prefer our product most. This chip is slightly stylist. Old as well as matured people will also like it because of its importance.

Psychographic:

After all we divided the market into group based on customer knowledge, attitude, use or response to a product. Anti Radiation Chip is a new and uncommon product and its segmentation is different to other types of product. Its segmentation bases on Gender (men & women) Department of Finance

Jagannath University

21 | P a g e


New Product Development

 Social class (Upper, middle and lower)  Density (urban area and city area)  Attitude toward product (positive, adaptable with new things.)  Generation(young) Our market segment is quite measurable because our main target customer is 15–64 aged people and its approximate size is 63.6% of total population. In order to actionable our marketing program our market segment will help us. We can introduce different marketing strategy and promotional strategy according to men and women choice, preference and needs. So our market segment is measurable, accessible, actionable, and differentiable.

2.14 Product development:

Product outfit:

The outer portion of the product must be attractive or skinny so that it becomes easy to hold. The main objective of bringing perfection is to make the product choice able to everybody and make the product beautiful enough that everybody will want to touch it. 

Product weight:

Department of Finance

Jagannath University

22 | P a g e


New Product Development

This product will be very light so that everyone prefers this product. We will use very light tech to build or develop it. ď ą

Product color:

We are using various colors in our anti radiation chip because we know that various people have various taste of choice. And we change our product color according to the taste of our targeted customers. ď ą

Contents of the product:

The product is made of a chip which is thin and very tiny. The tiny chip is the property of the semiconductor material silicon.

2.15 Test marketing: Before introducing the product we will test products acceptability in the market without taking the risk of full marketing that is called test marketing

2.16 Market research: Before launching test marketing we have to gather enough knowledge about market and make a step of researching. And after research we marketed our product.

Department of Finance

Jagannath University

23 | P a g e


New Product Development

Chapter III

Department of Finance

Jagannath University

24 | P a g e


New Product Development

3.1 SWOT Analysis: SWOT analysis is the most effective analysis in the field of business. This analysis has four part or meaning or four separate analysis to do Analysis of strength Analysis of weakness Analysis of opportunity Analysis of threats

The first two elements are in the hand of our own but the next two elements depend on the external environment of our project or business.

Strength 

It’s a totally new feature.

Easy to use.

Provide comfort from the special dangers of cell phone Electromagnetic Radiation.

Suitable for almost all types of mobile phone and electronic devices which emits electromagnetic radiation.

We ensure product differentiation.

Weakness

Production cost and price would be higher.

No brand awareness of the new product as a set up company.

Lack of depth industry experience and insight.

Department of Finance

Jagannath University

25 | P a g e


New Product Development 

Many people don’t really know what radiation is? So, do they inspire to buy it?

Opportunity

It will enjoy less competitive because this kind of product is not yet come in the market. That’s why it will be available to earn more money than other existing product of this company.

Threats

Larger companies such as-Nokia, Samsung, DELL Computers may publicized that their products do not produce any sort of damaging radiations. They may also publicize a negative approach against this Anti radiation chip.

3.2 Competitors: Αs a product like Anti Radiation Chip there are hardly any competitors sustain in Bangladeshi market. But services like Software firm, IT firm there are too many competitors for Global Trade Network in the existing market.

3.3 Product Offering: 

    

Product offer and services: GTN Ltd offer brand new Anti Radiation Chip for Mobile and Laptop. Provide after sale service. IT Firm Software Firm Value added services

 Solve the customer’s problem timely.  Provide consulting services.  Always keep contact with customer. Department of Finance

Jagannath University

26 | P a g e


New Product Development

3.4 Market opportunity issues: Assuming just about 70 million of mobile users which is 48% of total population of Bangladesh, the market potential comes to about 1.5 million per year. More over the tie –up with large authorized dealer and exploration of 3 lack strong armed forces, tribal and coastal areas offers tremendous opportunity for growth. The key success factor in the institutional market is the provision of quality products in desire quantities and at reasonable prices. Access to quality raw material at low cost which is remunerative to the producer is another requirement for success in this market.

3.5 Critical Issues: As a growing-up business, Global Trade Network is still in the early stages. The critical issues are for Global Trade Network is 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 will never compromise service and satisfaction levels.

3.6 Vision:  Anti Radiation Chip will exceed the expectations of customers.

3.7 Mission:  To ensure the quality.  To satisfy customers needs and wants.  To bring a revolution in the history of technology.

Department of Finance

Jagannath University

27 | P a g e


New Product Development

3.8 Objectives: It is also an important matter to set up objectives of a new product to sustain in the market in a long run.

Marking objectives

 Maintain positive, not withstanding seasonal sales patterns.  Achieve a steady increase in market penetration.

Financial objectives

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

3.9 Market strategy: Of course customers focus with operational efficiency and customer intimacy. Global Trade Network 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 Department of Finance

Jagannath University

28 | P a g e


New Product Development

institutional facilities through trading and export house to encourage export.

CHAPTER IV

Department of Finance

Jagannath University

29 | P a g e


New Product Development

4.1Target market Anti Radiation Chip’s target customers are ordinary mobile phone, laptop and other electronic device users; remote areas people and armed forces.

4.2Mraket Positioning Anti Radiation Chip will position itself as a value for money brand one that is easy to use, no tension for power up, no need to electricity etc. Global Trade Network limited competitive advantages are higher quality medium price, offering more benefit to the customer, feature differentiate the company from the competitors. Anti Radiation Chip exists in the market on the basis of it, competitive price, maintain stick delivery schedule and standard quality products. Its appeal will be “Get the facts. Take control, Be Safe.� Because In the meantime, people are getting sick by harmful Electromagnetic Radiation. We have to consider the fact of market position of ours in case of launching a new product. The main term we have to determine that are we market ruler or market challenger, or are we market follower.

4.3 Marketing Mix

Department of Finance

Jagannath University

30 | P a g e


New Product Development

 Product The chip neutralizes the negative effects of EMR by changing the quality of the Electro Magnetic Field rather than reducing the EMR intensity. The chip’s KERT shield technology component emits subtle low frequencies (the ‘noise field’) of electromagnetic oscillations that resemble resonance frequencies of living cells in the body. 

Variety:

There are basically two types of product.  Anti Radiation Mobile Chip.  Anti Radiation Laptop Chip. 

Quality:

It has many good qualities rather than other product. 

Brand name:

Its brand name is GTN Anti Radiation Chip. 

Packaging:

Packaging department maintains the department manager. The main products are radiation absorbing Chip. All packaging industry have customer. Marketing manager find the packaging industry, meeting the purchasing manager, collecting order and supply the product and collect money. Services: Always keep contact with customers. 

 Size: Small and extra small size.

Warranties: 1 Year whichever will come first. 

Department of Finance

Jagannath University

31 | P a g e


New Product Development

 Price It will offer value for money beginning with an average realization of taka 300 PU. A discount of 10% will be offered on the invoice price for volumes exceeding 1000 unit month. The distributor or retailer will decide the maximum retail price to be printed on the unit. 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. Global Trade Network Limited sometimes charge it products price more that or less then its major competitors. 

Prices list of the Product: Table 4.1

Product category

Country of origin

Pricing

Anti Radiation Mobile Chip

Bangladesh

500TK

Anti Radiation Laptop Chip

Bangladesh

850TK

Discount:

Our products have 10% discount. 

Payment period:

Only cash payment. 

Credit terms:

No credit terms.

Department of Finance

Jagannath University

32 | P a g e


New Product Development

 Place Initially Anti Radiation Chip will supply to institutional markets directly. In the second year of operation the product will be launched under “GTN” brand in few major town of Sylhet, Chittagong, Rajshahi, Khulna, Barishal, and Rangpur, at select outlets through authorized dealer.

 Promotion The basic promotional route will be point of purchase material, altercative danglers. Placed near checkout counter and sample trail. This will be done only for the branded products. For the institutional markets the major trust will be efficient supply dealer management, weekly visit to headquarter and major outlets by senior personnel Continues feedback and multiple contacts with distributor. They way we want to promote our product are given below.

Television ads: It is the most popular way to reach people. Informative ads would be aired frequently on all the Bangladeshi channels especially between higher rated programs such as news etc. If we raise awareness towards people about electromagnetic radiation which emits from electronic devices like mobile phone, laptop etc. They should think about our product. We want to give ads on these selected channels.

Paper ads: Exclusive eye dragging ads on the front page of newspapers and on the back pages of selective magazines.

Department of Finance

Jagannath University

33 | P a g e


New Product Development 

Radio promotion: Today a lot of people do listen to the radio music stations. There are many popular stations like Radio Foorti, Radio Today, Dhaka Fm, Radio Amar etc. We will broadcast the name, location and other information during the young generation music programs. The will be a one kind of promotion as no other chips do promotion via radio. We would like to give ads on these popular FMs.

Billboards, leaflets and flyers: Other than newspapers the most efficient strategy to engrave our message to the potential customers is through billboards, leaflets and flyers. But this kind of advertisements will be heavily concentrate in areas like Dhaka, Chittagong, Sylhet areas as our desired target customers are settled in these places. Promotional Activities:

We will take some promotional activities- We will hold jingle types of advertisement in the radio channels. Young generation is the most vital customer of our product. We will also add in periodical like different types of magazines. We will sponsor different events and give wall and bill board advertisement in the important places to draw attention of the people. Finally we will hold customer driven campaign in most of towns. Such as  Distribution of samples  Discount of coupons to customers in the retail stores  Prize through raffle draws  Free trials of new customers

Department of Finance

Jagannath University

34 | P a g e


New Product Development

Discount coupon will serve as marketing strategy to develop similar loyalty scheme in order to identify and stimulate brand awareness in the Bangladeshi market. 4.4 Sales forecast

Sales forecast is a statistical analysis very useful to determine the sales amount or product releasing. We can observe the previous attempt to release a new product and its particular response. Global Trade Network 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 group customers into different categories. Reducing the number of categories allows the reader to quickly discern information, making the chart more functional.

4.5 Review and Control Anti Radiation chip will have simple, decision friendly weekly, monthly, quarterly, half yearly and yearly report focusing on –

   

Revenue and unit sales Expenses Customer feedback Market log (self and competitive major activities)

 Control:  Similarity or differences in assume production and real production  Similarity or differences in assume marketing and real marketing.  Revealing the fault in production and marketing.  Take remedial measure.  Control product quality.  Maintain quality development according to price.

Department of Finance

Jagannath University

35 | P a g e


New Product Development

4.6 Product Life Cycle Strategies: After launching the product, GTN’s management wants the product to enjoy a long and happy life. Although it does not expect the product to sell forever, the company wants to earn a decent profit to cover all the effort and risk that went into launching it. From the analysis we can say that Anti Radiation Chip is in introductory stage.

4.7 Conclusion and Findings:  Findings of the study: The intention of this study is to examine the New Product Development and its implementation in the existing market especially in Bangladeshi market. The company brings innovative products for regenerative IT sector. The aim of the company is to improve the quality of life by developing innovative products, at present it is working on multiple projects. The major findings of the overall study are discussed below sequentially: 

New Product:

It is a totally new product with new features.

Lacking:

No popular brand name. People are not accustomed with it.

Product life cycle stage:

This product is in introductory stage. Department of Finance

Jagannath University

36 | P a g e


New Product Development

ďƒ˜ Conclusion: As Anti Radiation Chip is a new product in our country, so it has some lacking such as no popular brand name, people are not accustomed with such kind of product etc. but we hope we can easily overcome these lacking in our nearest future by providing better quality and creating strong brand loyalty among the customer. We believe that our people will prefer the Anti Radiation Chip as mobile chip and as laptop chip etc. after getting the product benefits. Hopefully in near future our people will realize the harmful effect of radiation and will get familiar with our product.

Department of Finance

Jagannath University

37 | P a g e


New Product Development

Chapter V

Department of Finance

Jagannath University

38 | P a g e


New Product Development

Bibliography

Journals:

 World Research organization, for innovation of new product.  The economist, cell phone health hazards.

Books:

 Philip Kotler & Gary Armstrong, Principles of Marketing, 13th Edition. (United States of America: Prentice – Hall, Inc, 1999)

Web Sites:

 www.google.com  www.wikipedia.com  www.answers.com

Others:

 Annual report of Global Trade Network Limited.

Department of Finance

Jagannath University

39 | P a g e

New Product Development  

This is a research on new product development named "Anti Radiation Chip" and its marketing strategy.

Read more
Read more
Similar to
Popular now
Just for you