This presentation discusses the stages of new product development, focusing on market testing, product and service launch, and distribution. It includes a case study on Tommy Hilfiger's new woollen sweatshirt for men and women.
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Product Servive Development
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P5 Construct and pitch a new product along with consideration of market testing, product and service launch and distributions Tommy Hilfigure is an America fashion designer which is best known for founding the lifestyle brand Tommy Hilfiger corporation in 1985.It deals with various products such as clothing, perfumes, sport shoes etc. The major objective of the Tommy Hilfigure is to produce the high quality of product and services and attract large numbers of customers. It desires to gain maximum profitability and market share. For attain this objective, company is going to launch Woollen Sweatshirt for men and women. This new product development idea have major aim is to earn maximum profitability and develop impressive brand image in the market.
Conti.. While company focus on the new product development then it has to focus on the several stages which are as follows- •Market Testing •Product and service Lunch •Product distribution
Market Testing •This is one of the very significant aspect in the new product development under which product and service is tested by the company in the market for analyse its effectiveness and features. •With help of this consideration, researcher can able to know the effectiveness of the product and its associated weakness. In this process, with help of customer reviews and feedbacks, company can acknowledge that how customer likes its new product in the market and what are several further requirement of them regarding new product and services. •In a simple word it can be said that it is an examination the effectiveness of sample product in the market.
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Conti.. •In the context of Tommy Hilfiger company, Test marketing helps to business unit in acknowledging the future sales and profitability associated with new Woollen sweatshirt for male and female. •This method is most reliable method for sales forecasting wherein the product is launched in a selected area and cities. On the basis of the customer responds regarding new product, company can take the decision regarding mass marketing and commercialisation. •Tommy Hilfigure company can also beneficial by this method because they can look at the pros and cons of the product at the early stage and make decisions regarding the commercialisation of new Woollen sweatshirt of male and female.
Product and service Lunch •This is the final stage of the new product development under which company finally going to introduce the new product in the market and attract the customers toward the brand. It is a kind of marketing strategy that is consisted with systematic planning, schedule sequence of events etc.
Product distribution •Distribution is another one of the very significant method in the new product development under which product and service is finally distributes in the market. It is one of the four elements of the marketing mix such as product, price, promotion. There are various kinds of distribution such as mass distribution, selective distribution, exclusive distribution etc. The Tommy Hilfigure will select the selective distribution under which manufacturer can select some number of outlets for selling and handling the product and services.
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REFERENCES •Bahadir, S. C., Bharadwaj, S. G. and Srivastava, R. K., 2015. Marketing mix and brand sales in global markets: Examining the contingent role of country-market characteristics. Journal of International Business Studies. 46(5). pp.596-619. •Homburg, C., Jozić, D. and Kuehnl, C., 2015. Customer experience management: toward implementing an evolving marketing concept. Journal of the Academy of Marketing Science. pp.1-25. •Jaramillo, F. and Spector, P.E., 2015. Sunk Cost Effect, Escalation of Commitment and the Principle of Fungibility: Consumers’ Reactions to Membership Cards. In Creating and Delivering Value in Marketing. Springer International Publishing.