abhishreshthaa
Abhijeet S
Product Development:
Aiming to meet marketing objectives by designing and developing new products or by adapting and updating existing ones in market
(a) Promotion
• Putting banners, hoardings which is eye catching.
• Selecting Proper location and mode for advertising our product “Quench It”.
• NGO.
• Posters of Shah Khan with our product “Quench it”.
(b) Research and Development
• Our researchers have used special formula in chewing gum which is not at all addictive and makes the product completely herbal.
• We have also tried the product to every level of our employees who smoke - the formula worked on them too and most of them have now stopped smoking.
1. Introduction
This is when the product has just been launched after development and testing. Sales will be quite low to begin with and may increase quite slowly.
Profit margin will be very less. Here product is a basic model.
As our product “Quench it” is based on a social cause so initially the price of the product will be kept low. Our product will be newly introduced in the market and according to our research there are no competitors existing in the market so Quintessence shall enjoy the monopoly in the market.
There will be no proper recognition in the market of our product “Quench it” so promotion will be at highest level to make consumer aware of the product arrival in the market.
2. Growth
It is a product life cycle stage in which a product’s sales start climbing quickly. It is a period of rapid market acceptance and increasing profits.
When our product “Quench it” will be effectively promoted and well received by the market then our sales of the company will grow significantly.
Our extensive advertisement will make consumers convinced to make repeated purchases. Brand identification will help to establish consumer’s loyalty.
No. of outlets will increase, indicated by strength of consumers demand for our product “Quench it”.
Planning for product improvement and development will increase to maintain consumers appeal.
This stage cannot last forever although all firms wish it would. Eventually this may take days, weeks, or even years, sales growth will begin to slow and might stop which leads the product to next stage.
The reason for growth dying down will be – consumers will overcome their habit of smoking and they needn’t to buy our product in future.
3. Maturity
It is a product life cycle in which the sales growth slows or levels off. At this stage the sales fails to grow but they do not decline significantly either. This stage will last for years.
Prices will remain fixed. Company will concentrate more on brand imaging and less on advertising as the product is already established and will be recognized by the market.
At this stage we will be planning to expand internationally. Mainly targeted countries would be England and Canada.
According to our survey percentage of smokers are higher in Britain and Canada than any other country in the world.
Advantages of expanding internationally are:
• It will lead to international recognition.
• Profit margin of our company will increase by charging high price in foreign countries.
• There will be good support from the government as our product is for social cause.
• As there are no competitors in the market we will be able to enjoy the monopoly internationally too.
By expanding internationally there will be slight change in packaging.
According to surveys the demand for our product in targeted countries is high so we will be likely to increase the price of the product to build brand image gain consumer loyalty and to increase Quintessence’s profit margin.
In rural areas the prices will be charged less or reasonable so that, even the people there
shall be able to buy the product accordingly. Moreover in India we will be changing the product’s taste slightly by adding flavours like strawberry, lemon and chocolate their packaging will change accordingly.
All these are part of extension strategies. The profit and sales of the company might remain fixed throughout until and unless there is no competition.
As our researcher said that sales might get affected as the consumers will overcome their habit smoking and they needn’t to buy our product further in future there will be no decline to our product as the no. of smokers will keep on emerging even if the percentage of smokers declines.
Aiming to meet marketing objectives by designing and developing new products or by adapting and updating existing ones in market
(a) Promotion
• Putting banners, hoardings which is eye catching.
• Selecting Proper location and mode for advertising our product “Quench It”.
• NGO.
• Posters of Shah Khan with our product “Quench it”.
(b) Research and Development
• Our researchers have used special formula in chewing gum which is not at all addictive and makes the product completely herbal.
• We have also tried the product to every level of our employees who smoke - the formula worked on them too and most of them have now stopped smoking.
1. Introduction
This is when the product has just been launched after development and testing. Sales will be quite low to begin with and may increase quite slowly.
Profit margin will be very less. Here product is a basic model.
As our product “Quench it” is based on a social cause so initially the price of the product will be kept low. Our product will be newly introduced in the market and according to our research there are no competitors existing in the market so Quintessence shall enjoy the monopoly in the market.
There will be no proper recognition in the market of our product “Quench it” so promotion will be at highest level to make consumer aware of the product arrival in the market.
2. Growth
It is a product life cycle stage in which a product’s sales start climbing quickly. It is a period of rapid market acceptance and increasing profits.
When our product “Quench it” will be effectively promoted and well received by the market then our sales of the company will grow significantly.
Our extensive advertisement will make consumers convinced to make repeated purchases. Brand identification will help to establish consumer’s loyalty.
No. of outlets will increase, indicated by strength of consumers demand for our product “Quench it”.
Planning for product improvement and development will increase to maintain consumers appeal.
This stage cannot last forever although all firms wish it would. Eventually this may take days, weeks, or even years, sales growth will begin to slow and might stop which leads the product to next stage.
The reason for growth dying down will be – consumers will overcome their habit of smoking and they needn’t to buy our product in future.
3. Maturity
It is a product life cycle in which the sales growth slows or levels off. At this stage the sales fails to grow but they do not decline significantly either. This stage will last for years.
Prices will remain fixed. Company will concentrate more on brand imaging and less on advertising as the product is already established and will be recognized by the market.
At this stage we will be planning to expand internationally. Mainly targeted countries would be England and Canada.
According to our survey percentage of smokers are higher in Britain and Canada than any other country in the world.
Advantages of expanding internationally are:
• It will lead to international recognition.
• Profit margin of our company will increase by charging high price in foreign countries.
• There will be good support from the government as our product is for social cause.
• As there are no competitors in the market we will be able to enjoy the monopoly internationally too.
By expanding internationally there will be slight change in packaging.
According to surveys the demand for our product in targeted countries is high so we will be likely to increase the price of the product to build brand image gain consumer loyalty and to increase Quintessence’s profit margin.
In rural areas the prices will be charged less or reasonable so that, even the people there
shall be able to buy the product accordingly. Moreover in India we will be changing the product’s taste slightly by adding flavours like strawberry, lemon and chocolate their packaging will change accordingly.
All these are part of extension strategies. The profit and sales of the company might remain fixed throughout until and unless there is no competition.
As our researcher said that sales might get affected as the consumers will overcome their habit smoking and they needn’t to buy our product further in future there will be no decline to our product as the no. of smokers will keep on emerging even if the percentage of smokers declines.