PRODUCT PROMOTION,for the new product development process concept development and testing.pptx

the new product development process concept development and testing.pptx

1. PRODUCT PROMOTION , NEW PRODUCT DEVELOPMENT PROCESS, CONCEPT DEVELOPMENT AND TESTING GROUP 7​

2. What is product promotion? A Product promotion is an important aspect of product marketing. One of the primary goals of product promotion is to increase sales by expanding awareness of the product to buyers and its benefits to potential customers.

3. Product Promotion The  Product Promotion  means disseminating the information about the product, product line, brand and company to the prospective buyers with the intent to generate sales and develop a brand loyalty. The Promotion is the fourth element of the marketing mix (Viz. Product, price, place,  promotion ) which is considered as a mode of communication that business adopts for achieving the specific set of objectives .

4. Promotion Mix The  Promotion Mix  refers to the blend of several promotional tools used by the business to create, maintain and increase the demand for goods and services. The fourth element of the 4 P’s of Marketing Mix is the promotion; that focuses on creating the awareness and persuading the customers to initiate the purchase. The several tools that facilitate the promotion objective of a firm are collectively known as the Promotion Mix. T he Promotion Mix is the integration of Advertising, Personal Selling, Sales Promotion, Public Relations and Direct Marketing. The marketers need to view the following questions in order to have a balanced blend of these promotional tools.

5. Elements of Promotion Mix

6. Elements of Promotion Mix Advertising:   The advertising is any paid form of non-personal presentation and promotion of goods and services by the identified sponsor in the exchange of a fee. Through advertising, the marketer tries to build a pull strategy; wherein the customer is instigated to try the product at least once. The complete information along with the attractive graphics of the product or service can be shown to the customers that grab their attention and influences the purchase decision. Personal Selling:   This is one of the traditional forms of promotional tool wherein the salesman interacts with the customer directly by visiting them. It is a face-to-face interaction between the company representative and the customer with the objective to influence the customer to purchase the product or services.

7. Elements of Promotion Mix Sales Promotion:   The sales promotion is the short-term incentives given to the customers to have an increased sale for a given period. Generally, the sales promotion schemes are floated in the market at the time of festivals or the end of the season. Discounts, Coupons, Payback offers, Freebies, etc. are some of the sales promotion schemes. With the sales promotion, the company focuses on the increased short-term profits, by attracting both the existing and the new customers. Public Relations:   The marketers try to build a favorable image in the market by creating relations with the general public. The companies carry out several public relations campaigns with the objective to have a support of all the people associated with it either directly or indirectly. The public comprises of the customers, employees, suppliers, distributors, shareholders, government and the society as a whole. The publicity is one of the form of public relations that the company may use with the intention to bring newsworthy information to the public.

8. Elements of Promotion Mix Direct Marketing:  With the intent of technology, companies reach customers directly without any intermediaries or any paid medium. The e-mails, text messages, Fax, are some of the tools of direct marketing. The companies can send emails and messages to the customers if they need to be informed about the new offerings or the sales promotion schemes.

9. Why is product promotion important? Product promotion is important because it is an essential part of a brand’s marketing strategy. It can increase brand awareness to potential consumers in the marketplace—as well as deepen customer relationships by rewarding customers via referrals, loyalty programs, or special deals—which can potentially increase sales.

10. How to promote products To efficiently promote your brand’s products, it’s important to build a product marketing strategy for potential buyers and keep the following elements and the four P’s of the marketing mix in mind. 1. Know your audience - Before you think of how to promote a product, conduct some research to determine who is your core audience in the overall marketplace. Who are you trying to reach with this promotion, and how can this product benefit them? Also keep in mind whether you’ll be remarketing to reengage shoppers who have already bought from your brand, or even a previous version of this product, perhaps via email marketing if they’re already subscribed to a newsletter. Or maybe you’re looking to reach new consumers or potential customers. It can help to tailor the strategy to appeal to these groups and assist in customer retention.

11. How to promote products 2. Determine your marketing strategy - As you’re about to promote a product, make sure that there is a sound go-to-market plan that encompasses what will happen in the editorial, mobile, content, social media, etc., strategy. A proper marketing strategy should drive the steps from ideation to launch after establishing the business goals, creating a clear message and positioning about the product about how it could improve a customer’s life for the right price in the right place, and forming a strong call to action. This is also a good time to reassess brand identity and see if there are specific ways to build your brand in addition to the product itself. 3. Measure your results - It’s important to analyze the outcome of any promotion strategy afterward, so there should be a postmortem to build upon its success and improve future metrics and key performance indicators (KPIs). This could include any improvements in metrics, such as objectives and key results (OKRs) or return on ad spend (ROAS), as well as monitoring how effective brand collaborations or a new social media campaign had been and whether your brand would want to employ similar tactics in the long term. Any changes to website traffic to blog posts, open rate of email marketing, social media engagement, and sales should be closely monitored.

12. Four Effective Ways To Promote Products 1. Offer A Discount For new product launches or to find new-to-brand customers, promoting a coupon, joint offer, or free shipping to buyers can be an effective way to find customers who may be interested but aren’t ready to pay full price. Setting a window to make the promotional period a limited-time offer could also add a sense of urgency to try out the product, especially if the calendar aligns to opportunities with holiday marketing for ideal sales promotion. 2. Create Content To Promote The Product Before launching or relaunching a product, you could help create buzz by preparing a press release from your brand, a Q&A with the founder via blog posts, or social media. The right digital advertising strategy can give you flexibility to reach audiences on multiple channels, especially with video ads that demonstrate what your product can do for shoppers who want to see it in action before committing to buying.

13. Four Effective Ways To Promote Products 3. Create Brand Collaborations Collaborating with the right spokesperson in your market with a thoughtful promotion strategy can be an effective way to reach a specific audience, increase brand awareness, or earn credibility through someone that they already trust. After researching who could be a potential representative for the brand, be prepared with product samples that they could demonstrate on their channels. A seasoned content creator on a video app, for instance, could assist with effective video marketing techniques. 4. Host Events Kicking off a product launch through experiential marketing could be an exciting way to connect with consumers through either virtual events or in-person pop-ups. Events, which should feature on-brand messaging, should be memorable for attendees—whether by inviting influencers or industry leaders for Q&A panels, promoting hashtags, showing off fun packaging, offering free samples or discounts, or showcasing behind-the-scenes content or demonstrations for the sales promotion of a new product.

14. What is new product development ? A New product development refers to the process that goes into bringing a new product to market, from brainstorming an idea to understanding if it fits into the market, ironing it out to prototyping to final commercialization.

15. 7 Stages of the New Product Development Process 1. Idea Generation (Ideation) The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research. T he following factors when initiating a new product concept: Target market:  Your target market is the consumer profile you’re building your product for. These are your potential customers. This is important to identify in the beginning so you can build your product concept around your target market from the start.  

16. 7 Stages of the New Product Development Process Existing products:  When you have a new product concept, it’s a good idea to evaluate your existing product portfolio. Are there existing products that solve a similar problem? Or does a competitor offer a product that doesn’t allow for market share? And if yes, is your new concept different enough to be viable? Answering these questions can ensure the success of your new concept. Functionality:  While you don’t need a detailed report of the product functionality just yet, you should have a general idea of what functions it will serve. Consider the look and feel of your product and why someone would be interested in purchasing it. SWOT analysis:  Analyzing your product strengths, weaknesses, opportunities, and threats early in the process can help you build the best version of your new concept. This will ensure your product is different from competitors and solves a market gap.  SCAMPER method: To refine your idea, use brainstorming methods like SCAMPER, which involves substituting, combining, adapting, modifying, putting to another use, eliminating, or rearranging your product concept.     

17. 7 Stages of the New Product Development Process 2. Idea screening and product strategy Once you’ve come up with a product idea, the next stage of the product development process is to check its validity using product scoring models, checklists, market research and insights. 3. Product concept development and testing In this stage of the product development process, you validate your  best and most promising  product ideas from the screening process using concept testing. Concept testing allows you to capture real-time feedback on product concepts early in the development cycle by evaluating the strengths and weaknesses of your ideas. It’s super valuable as you can identify [customer] perceptions, wants and needs associated with your product or service. It’s important to bear in mind that concept testing is not a replacement for the ideation phase. Instead, it tests the basic ideas that come out of the ideation phase, whether they’re fully formed or not.

18. 7 Stages of the New Product Development Process 4. Prototyping During this stage, you extensively research and document your product by creating a detailed business plan and developing a “prototype”. These early-stage prototypes could be as simple as a drawing or as complex as a computer-rendered design, either way — these prototypes will help you to identify areas of risk (or opportunity) before you create the final product. What you’ll want to do at this stage is work on the following: Feasibility  — Determine the workload and estimated timeline and whether you have the resources to achieve your goal. Market risk  — Determine if there are any barriers to the new product development process before it’s created. Eliminating these barriers will ensure that your product is launched on time.

19. 7 Stages of the New Product Development Process Development strategy  — Who will do what? Assigning responsibilities to certain tasks and setting them against a timeline will hold people accountable and keep your project on track. One way to plan effectively is to use the critical path method. MVP  — You’ll want to come up with a product concept that’s the minimum viable product that you can launch with. In other words, functions as intended but without all the bells and whistles. 5. Initial design and testing Following the MVP prototype, it’s time to produce a mockup of the product. Ideally, you’ll want to involve key project stakeholders to ensure your initial design meets all of the previously specified requirements. You’ll also have to keep tight communication with them so they’re aware of progress and potential roadblocks (which they may be able to help with). When the design is complete, ask everyone to pitch in. Feedback is essential if you’re to create the best possible product for launch. Revise the product design as needed until you arrive at a final design that everyone’s happy to develop and launch with. You may have to make several versions of your initial design before you get it right. Once the design is approved and ready for hand-off, you can move onto market testing.

20. 7 Stages of the New Product Development Process 6. Market testing This product development stage is critical to ensure the long-term viability of your new product. Some companies will carry out their market testing by going through a ‘soft launch’, where they’ll release their new product to a small fraction of the market to test how it works and how it’s received. Alternatively, they’ll send out their product to select individuals to essentially review and provide feedback on the product before it’s shared with the wider market. Something like a “beta” test or an “early access” preview. These individuals will usually put the product through its paces to see if there are any issues or areas for improvement. A t this stage, you can use several internal and external sources to test your product to understand how likely it is to perform and become a successful product after launch. You should also look to finalize your marketing strategy in preparation for your product launch.

21. 7 Stages of the New Product Development Process 7. Commercialization and product launch This is the final stage of your product development and revolves around making a success of it. By now, you’ll have finalized the design of your product and tested it rigorously and constructed a robust marketing plan — not just for the launch of your product, but for its ongoing promotion. At this stage, you should be working on product development and improvement through constant iteration. You should have feedback cycles set up every quarter or half-year so that you can review progress. Product iteration and development - From initial uptake and usage, what are you seeing that needs improvement? Or perhaps there are features that you can add to address the needs of a specific target market? Either way, post concept development you can start to work on the existing product. In the software space, organizations typically have updates or “patches” that improve the functionality of the software and add new capabilities.

22. 7 Stages of the New Product Development Process Distribution - As part of your marketing efforts, you’ll no doubt have a platform through which to advertise and promote your new product and its availability. For software solutions, ‘availability’ isn’t so much of a concern as it is for brands or organizations that sell physical items, e.g. computer processing chips, laptops and so on.  Therefore, you’ll want to think about how you distribute your product if it’s a physical item. Customer service and support - Every new product launch requires a dedicated customer service team for those interested in the product, as well as for those who have purchased it. As well as customer service, there should be a support team for any technical issues or inquiries. Sales measurement - As mentioned above, you should have a sales team set up to measure performance against your key performance indicators outlined in the earlier stages of the product development process. Furthermore, the sales team should help drive deals and purchases by leveraging marketing collateral and messaging. Ultimately, they are your best tool in getting your product out there and into the hands of customers.

23. What is concept development and testing ? A A re important steps in the development of a new product. There are plenty of companies that are developing and testing new ideas to market.

24. F Concept development is a process that starts with identifying a problem and develops a purpose for gathering information. It involves a thorough explanation of the idea and transforms data into tangible information. This is used for deducing insights, making decisions, and evaluating objectives or goals via questionnaires or interviews. The concept development process involves experts in the field to see what needs to be fixed and what needs to be studied in more detail. Typically, a concept highlights the most advantageous aspects of the suggested solutions in terms of convenience, quality, functionality, price, and experience. What Is Concept Development?

25. F Concept testing is a process of evaluating an idea or concept by the target audience before it is available in the market. It helps you assess client acceptance and willingness to buy your product so that you can make important decisions before launching the product. Concept testing enables you to confidently put your product on the market with a good understanding of how customers will respond to it. The concept you want to test could be something significant, like a new product or service you intend to introduce. It might be something more modest like your brand name or logo. What Is Concept Testing?

26. Why Is Concept Testing Important? Concept testing is crucial for the credibility of your product and your brand. The employment of subject-matter experts will be at the center of concept testing. By inviting potential customers to provide feedback on your concept, you’re opening up your ideas to critical evaluation. When you take the feedback into consideration, your product, brand, or service will be much stronger. Failure to test new ideas can lead to unsuccessful products, services, or features that cost the company significantly more money to develop and deploy. The risks remain for products, logos, messaging, advertisements, and more.

27. Benefits of Concept Development and Testing The business world constantly expands, and thousands of new companies enter the market each year, creating competition. A company has a lower chance of success if it hasn’t invested in costly testing to learn client sentiments. Below are some of the key benefits of concept testing. 1. Get direct user feedback - Concept development is important because it makes sure that you do not miss anything and develop your concept most effectively. Many new concepts come with a lack of clarity or feedback because they are fresh to the market. Concept developers are not used to working with users and can sometimes overlook certain things that need to be fixed.

28. Benefits of Concept Development and Testing 2. Eliminate Bias based on sentiments - Concept testing cuts through business politics, bringing all perspectives to a common denominator. It brings everyone together behind a concept that has a possibility because you have facts to support it. The ultimate decision-makers for a brand are its customers, and using their feedback removes any bias based on your opinions or sentiments. 3. Enables you to improve your concept - Most importantly, concept testing can help you refine your concept of something and is not just a wish. You can help you make your ideas a reality, which means something important for everyone in today’s market. Additionally, it provides the last foundation for your invention and is an essential stage in pre-funding your concept.

29. Benefits of Concept Development and Testing 4. Develop confidence in your ideas - Through concept testing, you will be provided with data and feedback that will give you the best version of the concept. As a result, the data from the test will boost your confidence. You can go forward with your choice, presenting it confidently to your business partner with supporting details and feedback from real users. 5. Identify the best features - The main benefit of  concept development and testing  is being able to identify the best features for your product. Typically, this will happen naturally as your product develops. Your primary goal is to identify the features that should be prioritized and the features that the product will be built around.

30. Benefits of Concept Development and Testing 6. Realize how to make your idea profitable - One of the beneficial aspects of concept testing is being able to manage the cost and profitability of a concept. Finding the best iteration of a concept or idea will also aid in the success of your company. Consumer-focused investments are essential to success. This is because customers are more inclined to purchase the products they like. 7. Find your potential customer base - A concept testing process ensures your idea is met with open arms and enthusiasm. It also ensures that your product meets the needs of your potential customer base and will make them happy. It can direct you to specific demographic groups or market segments that best suit your concept.

31. Benefits of Concept Development and Testing 8. Reduces overall risk factors - One way to reduce risk is to start concept testing your idea before bringing others on board. The purpose of concept testing is to triangulate your idea. It explores whether the idea is feasible by comparing the results between your concept and the shared social experience.

32. Thank you GROUP 7 INRI M. PASICARAN DANELYN NEDAMO JOMASE PADAYAO MEAGAN PETEROS JANE ROSE QUEZON