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Product and Brand Management

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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!

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