state the steps are in the new product development process?

- The new product Product-A product is a tangible or intangible offering that is made available to fulfill a
development (NPD) process typically involves several stages, which may vary depending need or want of consumers. It can be a physical item, such as a car or a smartphone, or
on the industry and organization. However, a commonly accepted framework includes a service, such as consulting or transportation. Products can also include digital goods,
the following steps:1.Idea Generation: This is the initial stage where ideas for new software, subscriptions, and experiences.
products are generated. Ideas can come from various sources such as customer Explain verious types of customer products-1. Convenience Products: These are
feedback, market research, brainstorming sessions, or internal innovation everyday items that consumers purchase frequently and with minimal effort. Examples
programs.2.Idea Screening: In this stage, the generated ideas are evaluated and include groceries, toiletries, snacks, and household supplies.2.Shopping Products:
screened to identify the most promising ones..3.Concept Development and Testing: Shopping products are items that consumers compare based on price, quality, and other
Once a promising idea is selected, it is further developed into a product concept. This attributes before making a purchase. These products often require more consideration
involves defining the basic features and benefits of the product and creating prototypes and shopping effort. Examples include clothing, electronics, furniture, and
or mock-ups.4.Business Analysis: In this stage, a detailed analysis is conducted to assess appliances.3.Specialty Products: Specialty products are unique or branded items for
the potential financial viability of the product.5.Product Development: Once the which consumers have strong preferences and are willing to make special efforts to
concept is approved based on the business analysis, the actual product development obtain. These products often have limited distribution and command higher prices.
process begins.6.Market Testing: Before launching the product on a larger scale, market Examples include luxury goods, designer brands, and specialized equipment.4.Unsought
testing is often conducted to validate its acceptance and fine-tune marketing Products: Unsought products are items that consumers may not actively seek out or be
strategies.7.Product Maintenance and Improvement: After the launch, the product aware of until they need them. These products typically require aggressive marketing
lifecycle enters into the maintenance and improvement phase. and sales efforts to generate demand. Examples include life insurance, funeral services,
explain the importance of new product development process in business-1.Innovation and certain healthcare products.
and Growth: NPD enables businesses to innovate and introduce new products or various types of product and services-1.industrial Products: Industrial products are
services to the market. Innovation is essential for staying competitive, attracting goods and services used by businesses or organizations to support their operations or
customers, and sustaining growth over time.2. Meeting Customer Needs:Understanding produce other goods and services. 2.Convenience Products: Convenience products are
and fulfilling customer needs is vital for business success.3. Market Differentiation: everyday items that consumers purchase frequently and with minimal effort.
Introducing new products allows businesses to differentiate themselves from 3.Shopping Products: Shopping products are items that consumers compare based on
competitors.4. Revenue Generation: New products have the potential to generate price, quality, and other attributes before making a purchase. 4.Specialty Products:
additional revenue streams for businesses. Launching successful new products can lead Specialty products are unique or branded items for which consumers have strong
to increased sales and market share, driving revenue growth and improving financial preferences and are willing to make special efforts to obtain.5.Unsought Products:
performance.5. Adaptation to Changing Market Conditions: Markets are constantly Unsought products are items that consumers may not actively seek out or be aware of
evolving due to changes in consumer preferences, technological advancements, and until they need them. 6.Services: Services are intangible offerings that provide value to
competitive dynamics.6. Risk Mitigation: While developing new products involves customers through skilled labor, expertise, or performance.
inherent risks, following a structured NPD process can help mitigate these risks.7. Long- discuss individual product and services decision-1. Product Development: This decision
Term Sustainability: Investing in NPD fosters long-term sustainability for businesses by involves identifying consumer needs, conceptualizing product ideas, designing
ensuring continuous innovation and adaptation to changing market dynamics. prototypes, and refining the product to meet market demands.2. Product Positioning:
what is products life cycle?- The product life cycle is the sequence of stages a product Product positioning entails determining how a product will be perceived by consumers
goes through from introduction to withdrawal from the market. These stages typically relative to competing offerings.3. Product Pricing: Pricing decisions involve setting the
include introduction, growth, maturity, and decline, each characterized by different price at which the product will be sold to consumers.4. Distribution Channels:
levels of sales, profits, and market dynamics. Distribution decisions involve selecting the most effective channels for delivering the
product to consumers.5. Promotion and Marketing: Promotion decisions involve
creating awareness and generating demand for the product through various marketing
channels and tactics.
Service-A service is an intangible offering provided by one party to another, typically
involving the performance of skilled labor, expertise, or the delivery of a specific
outcome.

enumenate various steps of life cycle?-1. Introduction Stage: This is the initial stage the internal and external factors that affect a business pricing decision.- Internal
where the product is introduced to the market. Sales are typically low as consumers Factors-1.Cost Considerations: (i)Variable Costs: Costs that vary directly with the level of
become aware of the product and its features.2. Growth Stage: In this stage, sales begin production, such as raw materials and labor.(ii)Fixed Costs: Costs that do not fluctuate
to accelerate as consumer demand increases.3. Maturity Stage: The maturity stage is with production volume, such as rent, salaries, and utilities.(iii)Total Cost: The sum of
characterized by stable sales and market saturation. Competition intensifies, leading to fixed and variable costs at different levels of production, which sets the floor for the
price competition and potential product differentiation efforts.4. Decline Stage: Sales pricing.2.Corporate Objectives:Companies may set prices to achieve specific objectives
start to decline in the decline stage due to factors such as technological advancements, like maximizing profit, capturing market share, or achieving a target return on
changing consumer preferences, or the emergence of new products. investment.3.Marketing Strategy:Pricing is a critical element of the marketing mix
discuss product life cycle strategies-1.introduction Stage Strategies: Focus on creating (product, place, price, promotion) and should align with the overall positioning and
awareness and generating interest in the new product. Strategies may include heavy branding strategy. 4.Other Internal Considerations:The level of internal expertise in
marketing and promotional efforts, targeting early adopters, and offering introductory pricing strategies. External Factors-1.Market and Demand:The nature of the market
pricing to encourage trial.2.Growth Stage Strategies: Capitalize on increasing demand (competitive, monopolistic, etc.) and the elasticity of demand influence how a price
and market acceptance. Strategies may involve expanding distribution channels, change might affect sales volume.2.Competition:The pricing strategies of competitors
investing in product improvements or innovations, and building brand loyalty through are crucial in highly competitive markets. A business might choose penetration pricing
customer engagement and satisfaction.3.Maturity Stage Strategies: Maintain market (setting lower prices to gain market share) or premium pricing (higher prices due to
share and profitability in a competitive environment. Strategies may include perceived superiority).3. Economic Environment:Broader economic factors such as
differentiating the product through branding or features, optimizing pricing and inflation, interest rates, and economic growth can impact consumer spending power
distribution strategies, and extending the product's life cycle through product line and pricing strategies.4 Social and Legal Considerations:Consumer perceptions and
extensions or diversification.4.Decline Stage Strategies: Manage the decline phase societal values can impact pricing strategies. For example, pricing too high might lead to
effectively while maximizing profits or minimizing losses. perceptions of price gouging.5.Technology:Advances in technology can reduce costs,
what are the charecteristics of products life cycle?1. Finite Duration: Products have a alter consumer behavior, or create new product categories, impacting how products are
limited lifespan, progressing through distinct stages from introduction to decline.2.Sales priced.
and Profit Variation: Sales and profits typically vary across the stages of the life cycle, Explain the importance of pricing in business-1. Revenue Generation: Pricing directly
with initial low sales during introduction, rapid growth during the growth stage, stable impacts a company's revenue and profitability.2. ompetitive Advantage: Pricing
but potentially declining sales during maturity, and decreasing sales during strategies can differentiate a company from competitors.3. Demand Management:
decline.3.Market Dynamics: Market dynamics change as products move through the life Pricing strategies can be used to manage demand and optimize sales.4. Market
cycle, including shifts in consumer preferences, competitive landscapes, and Positioning: Pricing contributes to a company's market positioning and competitive
technological advancements.4.Marketing Strategies: Different marketing strategies are strategy.5. Profit Maximization: Effective pricing allows businesses to maximize profits
employed at each stage to maximize the product's success, such as promotional efforts by balancing revenue and costs.
to create awareness during introduction, branding and differentiation strategies during briefly describe the cost plus pricing method with an example- Cost-plus pricing is a
maturity, and cost-cutting measures during decline.5.Product Evolution: Products may method where a company sets the price of a product by adding a markup to the cost of
undergo changes or enhancements over time to adapt to market demands, production. Example: Let's say a company manufactures a widget that costs $10 to
technological advancements, or competitive pressures.6.Competitive Pressures: produce, including materials, labor, and overhead. The company decides to apply a 50%
Competition intensifies as products progress through the life cycle, with new entrants markup to cover other expenses and generate profit. Using cost-plus pricing, the
challenging incumbents and market leaders striving to maintain their company sets the selling price of the widget at $15 ($10 cost + $5 markup).
positions.7.Customer Behavior: Customer behavior evolves throughout the life cycle,
including variations in purchasing patterns, brand loyalty, and product preferences.
differentiate between cost based pricing,value based pricing competitive pricing- Advertising- Advertising is a form of marketing communication that aims to promote
Cost-based pricing involves setting prices based on the cost of producing, or sell a product, service, or idea. It involves creating and disseminating messages
manufacturing, or delivering a product or service, typically by adding a markup to the through various channels, such as television, radio, print media, online platforms, and
cost to achieve a desired profit margin.Value-based pricing focuses on determining outdoor displays, to reach and persuade a target audience. The primary goal of
the price of a product or service based on the perceived value it provides to advertising is to increase awareness, generate interest, and ultimately drive consumer
customers. It considers the benefits, features, and unique value proposition of the action, such as purchasing the advertised product or service.
offering, rather than solely relying on production costs.Competitive pricing involves explain major decision of advertising-1. Setting Advertising Objectives: This involves
setting prices based on the prices charged by competitors in the market. This strategy defining clear, measurable goals for the advertising campaign, such as increasing
aims to stay competitive by matching, undercutting, or premium pricing compared to brand awareness, driving sales, or changing consumer perceptions.2. Message
competitors' prices. Strategy: Determining the key message or messages that the advertising campaign
illustrate the break even pricing and target return pricing Break-even pricing: aims to communicate to the target audience.3. Budget Allocation: Allocating financial
Imagine you're selling handmade candles. To calculate break-even pricing, you need resources to different aspects of the advertising campaign, including creative
to determine all the costs involved in making those candles—materials, labor, utilities, development, media placement, and monitoring and evaluation.4. Media Planning
packaging, and so on. Let's say all those costs add up to $5 per candle. If you plan to and Buying: Planning the timing and placement of advertisements across chosen
sell 100 candles in a month, your total costs would be $500 (100 candles x $5 each). media channels to maximize reach and impact, and negotiating with media vendors
To break even, you'd need to price each candle at $5 to cover all your costs. Any price to secure the best possible rates.
above $5 would mean a profit, while any price below would mean a loss.Target return discuss how sales promotion campaigns are developed and implemented?-1. Define
pricing: Now, let's say you want to not only cover costs but also make a profit of, say, Objectives: The first step is to clearly define the objectives of the sales promotion
$200 per month. You'd need to incorporate this profit into your pricing strategy. If campaign.2. Understand the Target Audience: It's crucial to understand the
your total costs for 100 candles are $500 and you want to make an additional $200 characteristics, preferences, and behaviors of the target audience for the product or
profit, your total revenue goal would be $700. To achieve this with 100 candles, you'd service.3. Implement Promotion: Execute the promotion according to the planned
need to price each candle at $7 ($700 total revenue ÷ 100 candles). This $7 per candle strategy and timeline.4. Evaluate Success: After the promotion period ends, conduct
would cover your costs and provide the desired profit. a comprehensive evaluation of the campaign's success against the defined
objectives.5. Select Promotion Type: Sales promotions can take various forms, such
as discounts, coupons, rebates, free samples, contests, loyalty programs, or bundle
offers.
direct marketing-1.Targeted Communication: Direct marketing allows businesses to
tailor their messages to specific segments of their audience based on factors such as
demographics, psychographics, past purchase behavior, and interests.2.Measurable
Results: Direct marketing campaigns can be easily tracked and measured, allowing
businesses to assess the effectiveness of their efforts and make data-driven decisions
to optimize performance.3.Personalization: Direct marketing enables businesses to
personalize their messages and offers, making them more relevant and engaging to
individual recipients. Personalization can enhance customer relationships and
increase response rates.4.Cost-Effective: Direct marketing can be cost-effective
compared to traditional advertising methods, as it allows businesses to reach their
target audience with precision and avoid wasteful spending on broad-reaching
campaigns.5.Immediate Response: Direct marketing campaigns often include a call to
action that prompts immediate responses from recipients, such as making a
purchase, visiting a website, or requesting more information.
discuss different types of customer sales promotion-1.Contests and Sweepstakes:
Contests and sweepstakes engage customers by offering the chance to win prizes
through various activities, such as submitting entries, participating in challenges, or
sharing content on social media.2.Limited-Time Offers: Limited-time offers create a
sense of urgency by providing discounts or special deals that are only available for a
short period. This encourages customers to make a purchase quickly to take
advantage of the offer.3.Flash Sales: Flash sales are brief, time-limited promotions
that offer steep discounts on select products. They are often used to drive immediate
sales and create excitement among customers.4.Bundle Offers: Bundle offers combine
multiple products or services into a single package at a discounted price. This
encourages customers to purchase more items or higher-value products by offering
perceived value and cost savings.5.Referral Programs: Referral programs incentivize
customers to refer friends, family, or colleagues to the business in exchange for
rewards, such as discounts, credits, or free products.

State the tools of public relation?-1.News: Sharing information and news about the
company or organization through press releases, media pitches, and media
relations2.Speeches: Delivering speeches or presentations at events, conferences, or
industry forums to establish thought leadership and build credibility.3.Corporate
identity materials: Developing and distributing materials like logos, brochures,
business cards, an letterheads to create a consistent and professional brand
image.4.Mobile marketing: Utilizing mobile devices and platforms to communicate
with the target audience, such as mobile apps, SMS marketing, or mobile
advertising.5.Special events: Organizing and hosting events like product launches,
conferences, or charity fundraisers to attract attention and generate positive
publicity.6.Written materials: Producing and distributing written materials such as
newsletters, articles, blogs, whitepapers, or case studies to inform and educate the
audience.