Product Development Brief Template

This document provides a template for creating a product development brief, including sections on market opportunity, target market, price point, and product and marketing objectives. It also includes recommendations for the development of a meat-free and vegan food product in the Maldives.

Product development brief template
. The maximum word count for the reflection (excluding references) is 750
words.
Student number: Insert your student number here
Group number: Insert your group number here
Focal FMCG market: Meat free and vegan food
a. The market opportunity
The state of market or industry that reflects the demand or potential demand of
customers for new service, product or idea offerings, which are accepted as the
base for attracting customers by companies with the motive of growth (Baker
2016). The economic state of Maldives is majorly dependent on sectors like
tourism, agriculture and fishing (Camilleri 2018). The country experienced a growth
in GDP of 5.5 percent in the year 2018. The country earlier experienced the major
influence of only one religion, Islam but with the increasing tourism inflow and
globalization, Maldives have incorporated diversity in their cultural and food
offerings. Based on the data extracted from PEST analysis, the market opportunity
for addressing the arising preferences of the local people in the southern city Addu
in Maldives (Kotler et al. 2015). Due to the heavy inflow of travellers from around
the world, the country have experienced a growth in employment opportunities.
Employment rate for 2018 is 61.42 percent, which is lower than the rates in 2014
but have been stable from 2016. The decent employment rate of Maldives have
led to a transformed lifestyle of the local people. The increasing opportunities and
busy schedules in day to day life marks the need for ready to eat food products,
which can be consumed on a daily basis by the local people in Addu. The world is
becoming more aware of the concept of ‘veganism’. There are vegan restaurants
in Maldives, they have a proper ‘dining experience’, which may not be feasible for
the localities and are comparatively expensive than local food, which creates a gap
for responding to the needs of the need of local people and option availability. The
gap in the market can be addressed by introducing the factor of convenience
associated with affordable healthy vegan food.
b. Target market
The process of dividing the population based on demographic, geographic,
psychographic and behavioural segments for constructing homogeneity in the
market, which allow organizations to address the needs effectively is known as
market segmentation. Targeting is a phenomenon of selecting a homogenous set
of potential consumers for the purpose of offering products and services in order to
satisfy the preferences of consumers. The target market for The Meat free vegan
food will target segments like geographical, psychographic and behavioural. The
geographical area/segment that will be selected for the targeting for the Meat free
and Vegan food is the Southern city of Maldives, Addu. In the psychographic
1

segment, lifestyle (healthy) and interests (veganism) will be targeted. In
behavioural segment, benefits needed will be targeted for the local people in terms
of availing health benefits associated with convenience of the Meat free and vegan
food. The decision of targeting local people with the preferences of vegan and
healthy food can be facilitated by the strategy of associating with the local
supermarkets. Veganism is becoming popular in Maldives, but is only offered with
dining experiences. “Meat free and vegan food” will allow the opportunity of
targeting health conscious localities with the offerings of convenience due to the
nature of ready to eat food. The recommendation for target market for the ‘Meat
free and Vegan free’ is to focus on the decision of communicating the health
benefits of ‘Meat free and Vegan Food’ to the target market in Addu, Maldives.
c. Price point
The process of setting price for the purpose of selling products, services and idea,
which is included in the marketing plan is known as Pricing structure. There are
four types of pricing strategies, penetration strategy, economy pricing, price
skimming and premium pricing (Chernev 2018). The price strategy that will be
beneficial for ‘Meat free and Vegan food’ is economy pricing. In the strategy of
economy pricing, ‘Meat free and Vegan food’ will incorporate no frills pricing. The
investment on advertising and marketing cost can be used for constructing the
wide availability of the product in supermarkets, as it can last up to two days
(Nagle and Müller 2017). The rationale behind selecting economy pricing is the
objective of targeting a wider reach for attracting local people for the ready to eat
healthy vegan food. Another reason for the selection of economy pricing is to
respond to the existing competition and to existing cooked meal (which can take
longer), attracting the customers by offering more values in less price in
comparison to the local options can be considered as the competitive advantage.
The attempt of creating brand recognition, is not necessary at the initial stage for
the product ‘Meat free and vegan food’, as the product will majorly target localities
of Addu, the southern city of Maldives. Therefore, the company should be
focussing on the aspect of quality, health benefits, affordability and availability will
help in the product to achieve the objecting of addressing the gap in market
opportunity (Haider et al. 2019).
d. Product and marketing objectives
The aims and goals structured by businesses of a region for the purpose of communicating the
offerings amongst the potential customers is known as marketing objectives.
o Specific: To address the gap in the existing availability and customer
demand for healthy vegan food
o Measurable: To accomplish the market reach by targeting local people in
Addu, Maldives.
o Achievable: The goal can be achieved by focussing on the integration of
availability, quality and affordability.
o Relevant: The goal will direct the focus on building the brand organically by
associating with the supermarkets.
o Time-bound: The goal will be accomplished within six months.
2

Recommendations:
o The company needs to focus on the consistency of the quality of the
product ‘Meat free vegan food’
o The company should be focussing on the strategy of associations with the
local supermarkets for targeting local people
o The supermarkets can be targeted for advertising the product by free
sampling for the footfall in the shop, which can decrease the advertising
investment requirement further.
References (Harvard system)
Baker, M.J., 2016. What is marketing? In The Marketing Book (pp. 25-42). Routledge.
Camilleri, M.A., 2018. Market segmentation, targeting and positioning. In Travel Marketing,
tourism economics and the airline product (pp. 69-83). Springer, Cham.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press.
Haider, A.A., Zafar, A., Khalid, A., Majid, A., Abdullah, M.A. and Sarwar, M.B., 2019. Marketing
Management.
Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson Higher
Education AU.
Nagle, T.T. and Müller, G., 2017. The strategy and tactics of pricing: A guide to growing
more profitably. Routledge.
3