Generate Ideas Of THE BRAND NEW Products Marketing Essay

This is a task for Mr Bean to start a new product for a new segment. The procedure starts from idea era, idea testing, business analysis, product development, test marketing and ends at 4Ps.

Chosen Segment

The new chosen segment is aiming at families, especially, the group of folks who like soya bean food and do not go to Mr Bean's outlet stores very often.

Most of Mr Bean's products are with brief shelf life or difficult to store after retailing. Usually, the products are eaten just after for sale. This restricts the sales. The consumers wouldn't buy a whole lot by onetime. And the products are not available at home. If the consumers do not pass by Mr Bean's shops, the products are not available. So, Mr Bean may lose a whole lot of work at home opportunities.

The new segment can length the time period for consumers to consume Mr Bean's products. It will increase Mr Bean's sales naturally. But, on the other side, new products in this segment will have an impact on the sales of existing products. Some consumers can do not buy products from Mr Bean when they pass by the outlets. It may be because that they have just ingested some Mr Bean's similar products at home or they might eat at home. Considering the stagger location and time of the intake, the effect will be moderate. Overall, the new section is expected to drive up Mr Bean's sales significantly.

The services are expected to truly have a long shelf life and become easy to store, in order that they are for sale to the people at home.

2 New Product Development

2. 1 Idea Generation

To generate ideas of the new products, internal and external surveys were placed. The ideas were created by the employees and customers of Mr Bean. They are the following

Soy milk electricity: Instant soy dairy.

Dried bean curd: Traditional dried bean curd with package deal.

Soya bean: Use complementary branding with a soy milk maker designer. And sell soya bean as the key material.

Vacuum-packed pancake: New style with package, the merchandise can be stored at home.

Mascot cookie: Cookies with different shape of Mr Bean's mascot.

Bagged soy dairy oatmeal: A mix with soy milk electric power and dehydrated oatmeal.

Frozen vapor stuffed bun: A traditional and popular food.

Boxed glaciers cream: Different to Mr Bean's existing soft serves.

2. 2 Idea Screening

After the theory generation stage, the new product ideas were assessed through some inside criteria, like the consistency of the business positioning, of Mr Bean.

Soy milk ability: The production method of soy milk ability is complex. Plus some large equipment is required. Mr Bean can't produce it now. Declined.

Dried bean curd: Dried out bean curd can be produced easily by simple tools. Accepted.

Soya bean: Immediately sell soya bean takes low expenditure. Fabrication is not needed. Accepted.

Vacuum-packed pancake: The brand new flavour pancake is very similar to the prevailing ones. Low priced and simple equipment is required. Accepted.

Mascot cookie: The creation process is easy. And tools to prepare food cookies are easy to get. Accepted.

Bagged soy milk oatmeal: This new product is dependant on soy milk vitality. Since Mr Bean can't produce its own soy milk electric power, rejected.

Frozen vapor stuffed bun: Not soya bean related food. Inconsistent to company setting. Rejected.

Boxed glaciers cream: New equipment is required. Nonetheless it is small and cheap. Accepted.

The Screening final result is really as the desk below

No.

New Ideas

Screening Result

Accepted

Rejected

1

Soy milk power

2

Dried bean curd

3

Soya bean

4

Vacuum-packed pancake

5

Mascot cookie

6

Bagged soy dairy oatmeal

7

Frozen heavy steam stuffed bun

8

Boxed ice cream

2. 3 Business Analysis

After the Idea screening, then your residual 5 ideas were analyzed by some external factors. Cost, sales and profitability need be considered in business analysis level.

Dried bean curd

Cost: The primary raw materials is soya bean. In support of simple tools are needed. Cost should be low.

Sales: It's a traditional food with a long history, demand may be high. Like a soya bean food related company, the brand can help to get sizeable sales.

Profitability: Appreciable sales with low priced helps it be be very profitable.

Soya bean

Cost: Only some presentation fees are needed.

Sales: Plenty of Singaporean can't stand to prepare food at home, therefore the demand may be low. And it's really a convenience product, Sales may be disappointing.

Profitability: Even cost is low, Sales may be low. It's not profitable.

Vacuum-packed pancake

Cost: The cost of a vacuum-packed pancake with new tastes is quite similar with the prevailing ones, just need extra presentation fees.

Sales: Because the new pancake can store at home, both demand and sales are expected to have a clearly increase.

Profitability: Net profit margin should be very similar to pancake. Income should be high with good sales.

Mascot cookie

Cost: Cookies are easy to make with simple tools. Raw materials are also cheap. Cost is expected to be low.

Sales: Most of the mascot cookie enthusiasts should be little children. This restriction restricts the demand. Sales may be low.

Profitability: Because of the low sales, it can't create satisfying earnings.

Boxed ice cream

Cost: The technique and recipe will vary from existing snow cream, but cost is virtually identical, both are low.

Sales: Singapore's environment stimulates the demand of snow cream. Sales are anticipated to be doubled.

Profitability: High sales and low priced may bring good income.

Based on the profitability, the result is just as the following table

No.

New Ideas

Analysis Result

Accepted

Rejected

2

Dried bean curd

3

Soya bean

4

Vacuum-packed pancake

5

Mascot cookie

8

Boxed ice cream

2. 4 Product Development

After many evaluations, the others 3 ideas are producing into products.

Dried bean curd

The product is cut into small squares and with a lite flavour. As the first product in this product line, choose original flavor. Choose plastic as the presentation material. Some part of the program should be hyaline, so that the consumer can see the dried out bean curd inside. Net weight is set at 150 gram per load up. Therefore the consumers can eat up one pack one time. The label should show the flavor.

Vacuum-packed pancake

The new taste pancake was designed as a jam flavour. It maintained the soft feel of the existing ones. To lessen strain on the product, the space inside the deal should be fixed. So that it can have a good appearance. As many other vacuum-package, use vinyl as the material. Use specific color showing the flavor. Single pack can fit customers' tendencies.

Boxed glaciers cream

Boxed glaciers cream differs to Mr Bean's existing delicate serve. The brand new product has a comparatively high hardness and low storage area temp. It's more suited to transportation and safe-keeping. Strawberry style is a common flavor my other rivals use, which is very suitable to be chosen as the flavor for the new product. Choose paper as packaging material. And the package should embody the flavor by color. Net content is 1L, a standard quantity on the marketplace. The label should point out the new feature: it could be store at home.

2. 5 Test Marketing

Test marketing is to try to infer the response of an full-scale launch by a little regional test. The effect may be not reliable (McDonald & Christopher 2003, p. 180). So choosing a perfect region can enhance the dependability of the test effect.

Singapore is a very small country. This can help improve the precision of the test marketing. As well as the convenient public travel makes the activity of mass very dynamic, especially in MRT channels and bus interchange hubs. So choosing the outlet stores in these places to start the prototypes can get a comparatively reliable data. The wall plug in Toa Payoh Hub is an excellent place to carry out the test. In location, it reaches the center part of the country. As well as the passenger circulation is high.

Price is one of the considerations for the consumers in their taking behavior. Therefore the prices of the three products were based on the variable cost. And the contribution margin was placed at 30% of the variable cost. So the selling prices are the following

Dried bean curd: 0. 9 SD per pack

Vacuum-packed pancake: 1. 2 SD per pack

Boxed glaciers cream: 4 SD per box

At the same time, the customers who bought the new product were asked to be a part of a review. Customers voted to their favorite new product.

The test lasted for a month. Then the data was accumulated and analyzed by Mr Bean. The effect is as the following graphs

From the graphs, the sales of boxed ice cream were way forward to the other two. And in customers' choice, dried out bean curd didn't get a good approval by most customers. The amount of vacuum-packed pancake and boxed glaciers cream among the client is very similar. Boxed ice cream got hook lead.

Combining with data from all aspects, the consequence of test marking is really as the following table

No.

New Ideas

Analysis Result

Accepted

Rejected

2

Dried bean curd

4

Vacuum-packed pancake

8

Boxed snow cream

3 Commercialisation

Marketing combination is very often used in complicated marketing strategies. It involves both targeted customers and company's target (DIMCC 2008). Boxed ice cream should be categorized as a product, therefore the marketing combination should bottom on 4Ps.

3. 1 Product

Product is the main part in the 4Ps. The complete marketing mixture bases on the products.

Characteristics

The new boxed ice cream is categorised as some sort of regular ice cream. It's quite not the same as soft serves in recipe, hardness, taste, storage area, process, etc. So it is a new product in a fresh products in Mr Bean. And the taste is strawberry, a very common taste on the market. So it is more possible to be accepted by the consumers. Regular glaciers cream is appropriate for many types of flavors. So it is possible to translate it into a series of products to length the merchandise life circle. Different to many other regular snow cream on the marketplace, Mr Bean's boxed glaciers cream uses soya bean as one of its uncooked material.

Packaging

Package can be an important part of the product. It has many functions. Support the primary product is the essential function of any program. For the boxed glaciers cream, paper pack with cap is an ideal container. The look capacity is 1. 1 liter. Since the online weight was decided to be 1 liter, the design capacity of the package deal must have some cushion. However the cushioning mustn't be too much, or the customers may have an incorrect impression that the product is brief in genuine weight. The newspaper must accord with food hygienic standard. And materials quality must be waterproof paper. The package must have the ability to endure some situation that the ice cream melted. It could avoid leakage. The package deal protects the ice cream from external impurities and helps to protect consumers from coming in contact with the ice cream, even when it melted. Piling method was considered to make sure the package is burly enough to carry the pressure. The design of the deal must support the information of the glaciers cream to consumers. Small green was chosen as the backdrop color of the box, and strawberry was added into the design. So the consumer would know that it's a strawberry flavor. And Mr Bean's trademark was designed on the eye-catching area of the box. And some necessary information, such as ingredient, shelf life, was added on the package.

Labeling

Label is employed to persuade or notify consumers. For the new boxed snow cream, the label was design showing the difference from Mr Bean's existing products. The slogan on the label is designed as 'Enjoy simple pleasure at home'. The backdrop color was designed to be deep brown, a compare color to slight pink. It can capture consumers' attentions and arouse pursuits on the merchandise.

3. 2 Price

To make a costs strategy is very complex. There are way too many aspects can affect the decision. There may be 6 steps along the way of setting a price (Kotler & Keller 2006). A simplified process was used to create the price for this new product.

Step 1: Picking a pricing objective

Pricing objectives can be classified as profit-oriented, sales-oriented and position quo. To the boxed glaciers cream, status quo prices objectives are the optimal choice. Firstly, it's a convenience product, the price must compete. Second, to Mr Bean, it's new products in a fresh market. And it's really still at the intro stage. Surviving is the principal task. So, the costs strategy should meet competition's prices.

Step 2: Positioning

After deciding to meet competition's prices, the question became to which rival should be chosen to check out. On the market, there are numerous kinds of glaciers cream with different positioning. Analysis Mr Bean's existing charges strategy and the worthiness of boxed snow cream to find the positioning. Then equate to the prevailing products on the marketplace. Some competition on the market are stated in the table below

Brand

Product/Flavor

Net Content

Price

Haagen-Dazs

Mango

1L

S$13. 90

Haagen-Dazs

Strawberry

1L

S$14. 45

Nestle

La Gremeria

1L

S$4. 80

Weis

Sorbet

1L

S$9. 15

KING'S

VCRM SWT CORN

1L

Similar

PositioningS$3. 57

KING'S

VCRM R BERRY

1L

S$3. 57

Wall's

CRM-PADD RAINBOW

1. 5L

S$5. 00

Wall's

CRM-CHOCLOLATE

1. 5L

S$5. 00

So, the price tag on Mr Bean's new boxed snow cream should be around S$4. 80 per liter.

Step 3: Estimating costs and adjusting

Cost is an important factor to be looked at in the process of arranging price. It directly influences the contribution margin. The purchase price should be arranged with a good profit. The contribution margin was compared with the target profit, and the purchase price was fine-tuned to S$4. 60, a far more competitive price with satisfying profit.

3. 3 Promotion

The role of advertising can be summarized as 'DRIP', Differentiation, Remind, Inform and Persuade (Ho 2012). As it's in the release stage, the primary purpose should be Inform.

Mr Bean is good at promote its product in many various ways. As boxed snow cream is a convenience product at the launch stage. Merging with Mr Bean's methods, the chosen tools are advertising, pr and sales campaign.

Advertising

Overall, the goal of advertising is to increase sales and revenue. Nonetheless it can be subdivided into different communication goals (Jobber 2004, p. 423). As this is the introduction level of a fresh product, the communication goal is to produce awareness. The following are the various tools used

Poster and leaflet

Enjoy Simple Pleasure

At HomeSince the new portion is to length the period of time for consumers to take Mr Bean's products, the primary band of the goals is Mr Bean's existing customers. Adding a poster and distributing leaflets around Mr Bean's outlet stores can get a good impact to create understanding. And almost all of the innovators should be Mr Bean's dedicated customers. And checking with many other traditional advertising press, the total cost is suprisingly low. Good design of the poster and leaflet also can increase customers' interest on boxed ice cream.

Internet

On the homepage of Mr Bean's formal website, there's a attractive space for the business's star item and services. This space is big enough to show a details of product. Put boxed snow cream on the space. Visitors can aware it initially.

Public Relations

Public Relations is an excellent tool to build up a good image for a company and introduce services to open public.

Mr Bean is great at by using this tool. For instance, in the last few years, Mr Bean constantly functioned as a basic principle sponsor of Country wide Day Parade.

Such happenings are good opportunities for the launch of boxed snow cream. The impressive situations can help boxed glaciers cream get recognition effectively. And by using pr, many new consumers may be fascinated. http://www. mrbean. com. sg/cmsresource/Events/NDP%202011/NDP2011_W243. jpghttp://www. mrbean. com. sg/cmsresource/Events/NDP%202011/NDP2011_W7. jpg

Sales Promotion

After consumers getting the consciousness and reason behind purchasing on boxed ice cream, sales advertising gives consumers the incentive to buy it. The short-term but clearly effect can help reduce the introduction level and business lead boxed ice cream to the expansion stage.

In the launch stage, discount is an extremely useful tool. It could stimulate the buyer behavior and raise the sales significantly. Since leaflets are being used to advertise boxed glaciers cream, discount can be sent out with the leaflets.

3. 4 Place

A place strategy affects the ease of access of the merchandise to consumers and the profit of the originations in the marketing channel.

Mr Bean identifies itself as a merchant. Actually, additionally it is a producer. The business produces all the products by itself. So, the company uses direct route for consumer products. Without the intermediaries, Mr Bean can get a significant benefit from the sales. One of the reasons why does Mr Bean only use immediate route is the feature of the existing product. The majority of Mr Bean's products are created and sold on the spot. They may be with brief shelf life and are not convenient to transport and store. So other market channels are not appropriate to Mr Bean.

The new product, boxed snow cream, doesn't have to be restricted to the prevailing channel strategy. The new features be able to be sold by third parts. But, by taking into consideration the stage in product life circle and the capability of the business, boxed ice cream was decided to launch by the prevailing channel strategy. As a new product, Mr Bean handled its capacity at low level in the launch stage. And there are more than 60 Mr Bean's shops in Singapore. It's enough to give a good option of the consumers. Centralized creation mode was selected for the new product. Therefore the stores didn't need to add any new equipment. Boxed snow cream was sold in every Mr Bean's shops.

The route strategy decision is a momentary one. With all the increase of approval of the merchandise, Mr Bean will increase its capacity. Other stations are possible to be used to increase the sales.

4 Conclusions

After going right through many verification and well planned by Mr Bean, the new product, boxed ice cream, came to the marketplace. But whether it's an effective new product or not, continues to be waiting for the exam by the market.

Also We Can Offer!

Other services that we offer

If you don’t see the necessary subject, paper type, or topic in our list of available services and examples, don’t worry! We have a number of other academic disciplines to suit the needs of anyone who visits this website looking for help.

How to ...

We made your life easier with putting together a big number of articles and guidelines on how to plan and write different types of assignments (Essay, Research Paper, Dissertation etc)