Product and Brand Management

Product and Brand Management

New Product Development and Branding Project guideline

Project Team:

You are required from day (1) of classes to form groups  … expected 4-5 members/group. The objective of the project is to give you hands on experience in product development and management.

You have 2 options:

1. Choose an existing product and improve by developing it
2. Create a new product

Deliverables last day of classes:

• Powerpoint presentation to be delivered to the whole class (class 6)
• One paper copy of the powerpoint to be given to me
• One soft copy to be sent by mail
• Each group will have 20-25 minutes to present the project

Project development phases:

Phase 1: Idea Generation

• Identify product ideas
• Methods of generating ideas
• SWOT analysis
• General benefits of the product
• NB. You can conduct mini-surveys, or interviews to identify ideas – use customer needs and wants to identify product development

 A report on idea generation is discussed in class 2 and worth 5% of  grade

Phase 2: Idea Screening

• Use standard format writing up new product ideas
• Try to apply the RWW screening framework
• Brainstorm an evaluation criteria that could apply to your selected product
• Customer analysis, Market analysis, Competitive analysis
• Finalize idea selection
• NB: you can use PEST analysis at this stage

Phase 3: Concept development and testing

• Profile target markets
• Estimate market sizes
• Assess purchase intentions (Consumer Behavior)
• Positioning
• Use quantitative and qualitative techniques in your research
• NB: please refer to Marketing Research course content

A progress report is required at this stage and worth 10% of grade

Phase 4: Marketing Strategy

• Design an initial marketing strategy for a new product based on the product concept
• Target market, Product positioning, Sales, Market share, Profit goals, etc.,

Phase 5: Business analysis

• Estimate the commercial performance of the proposed product
• Pricing analysis, Sales forecast
• Breakeven analysis
• NB: in phases 4 and 5 please refer to Strategic Marketing course content

Phase 6:  Assume technical product development

• At this stage work on branding, labeling and packaging as well

NB: You will have to include the branding part of the project which should include:

• Identifying and establishing brand positioning and values

• brand mantra
• POD – POP
• Positioning statement

• Choosing brand elements to build brand equity

• Brand name
• URL
• Logos and Symbols
• Slogan
• Packaging
• Marketing Mix

• Secondary brand association

Phase 7: Test Marketing

• Select the type of test marketing that can be used with your selected product
• Give reasons for your selection

Phase 8: Commercialization

• Develop a mini IMC plan
• Including: Advertising, Personal selling, Sales promotions, Public relations, Direct Marketing….etc.
• Prepare for Product launch and distribution
• NB: Please refer to IMC course content

Final report PRINTED and project presentations worth 30% of grade

Idea generation mini report 5%

Progress report after concept development 10%

Final report and presentation 30%

                                                                                   Thank you and best of luck!