group-1 sweta & payal
TRANSCRIPT
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New
Product Development
Process of Soap
Prepared By:Sweta Patel (107210592008)
Payal Patel (107210592018)
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Introduction
P & S Ltd. is Mehsana based FMCGcompany, established in 2010.
We are offering home and personal careproducts.
Our company mainly focuses on rural marketthat covers in Mehsana district.
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Mission statement of P & S Ltd.
Company wants to capture all area of
Mehsana within one year and allGujarat within five years.
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NEWSOAP
DEVELOPMENTANDLAUNCHPROCESS
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New Product DevelopmentProcess
The New Product Development Processcontains six steps. That are
1) Idea Generation
2) Screening Ideas
3) Concept Development
4) Product Development5) Test Marketing
6) Commercialization
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1) Idea Generation
In this stage, customers needs andindentifying market is included.
Traditionally in rural areas, people uses thesame soaps for washing the clothes andbathing purpose. But now a days trend ischanging.
So, the opportunity of selling the bathingsoaps in rural area is more.
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2) Screening
The screening of idea includes feasibilitystudy of all the factors associated with the
selling of product-soap.
This includes the screening of the idea, isthere any possibility of making the soap withthe resources available with the firm andpossibility of selling it into market.
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Competitors Analysis
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Competitors Analysis
It also includes the competitors analysisand SWOT analysis.
The major competitors of the FlourishSoap are
Lux
Santoor Fair & Lovely
Fairglow
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SWOT Analysis
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Strengths
Strong market research (In Rural area.)
Many variants ( Rose extracts, Chocolate,Strawberry, sandalwood Honey) etc.
Strong sales and distribution network
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Weaknesses
Not that much variations
Not focusing on urban market
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Opportunity
Soap industry is growing by 10% in India
Beauty segments compounded annualgrowth rate (CAGR) is very high
Liquid body wash is currently in growth stage P & S Ltd. should come out with morevariants in this segment
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Threats
High competition
New entrants
Introduction stage threat of vanish thebrand from the market
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3) Concept Development
At this stage, the development of the product
can be done. That is what can be themarketing mix of the product is decided at thisstage.
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Product
Product- Bathing Soap
Product varieties- Flourish roseFlourish Strawberry
Flourish Sandalwood
Flourish ChocolateFlourish Honey Glow
Flourish Milk Glow
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Product
Packaging
Different colors Different variants [Chocolate(Brown
Soap) Cocoa Butter & Pink Rose extracts etc. ]
Package size 100gm & 150 gm
Launched 45gm - Rs 5
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Price
Recent Prices of Flourish ( 100 grams)
Flourish rose Rs. 10
Flourish Strawberry Rs. 10
Flourish Sandalwood Rs. 10
Flourish Chocolate Rs. 12
Flourish Honey Glow Rs. 12
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Price
Discounts 5 % extra
Other Buy 5 Get 1 free
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Place
Distribution Network-
Company- Wholesalers Suppliers - Retailers
Available with 25+ Suppliers
40+ Wholesalers
500 + retail outlets
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Promotion
Done through pamphlets at the door
step.
Posters at retail store
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4) Product Development
Finally the soap has been made at P &
S Ltd.
Product has been produced by the
involvement of employees and othermembers of the firm.
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5) Test Marketing
At this stage, product has been
launched in a specific area for a someperiod of time. If the customers aredissatisfied with any feature or
ingredient of the soap than that can bechanged through test marketing.
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5) Test Marketing
The company is now launching theFlourish soap in the five areas if
Mehsana district, those are :Kadi
Vijapur
Satlasana
Unjha
Kherva
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6) Commercialization
After testing the market, company has
finally launched the Flourish soap inother areas of the Mehsana.
Whatever changes suggested by the
customers that has been changed andfinally soap is launched in the market.
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