Principles of Marketing: New Product Development

2263 words 10 pages
UNIVERSITY OF THE PUNJAB
GUJRANWALA CAMPUS

“Principles of Marketing”

“MARKETING PROJECT”

“New Product Development”

Submitted to:

“Prof. Hafiz Ihsan-ur-Rehman”

Submitted By:

Usman Khalid Mc09023
Umar Farooq Mc09002
Faraz Raza Mc09040
M. Usman Mc09026
Jahangir Badar Mc09061 Ahmad Khayyam Mc09035

PROJECT CONTENTS

1. Segmentation & Target Marketing (Characteristics: How Product fit with T. M.) 2. Product Ideas ,Screening, Concept Development & Testing. 3. Demand Estimation 4. Marketing Mix 1) Product ← Levels of Product. ← Ingredients of the Product. ← Process of Production. ← Packaging
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Next step of new product development process is idea screening in which most suitable ideas with possibilities to develop the new product are selected. Following are the three ideas which are selected by us for new product development. After further verification and availability of resources we will select one of them for actual product development.

1) PHILIPS Company should develop remote control system for switching off the TUBE LIGHT when required without movement of the person.

2) There should be a wiper with additional qualities of water supply, detergent supply and cleaning the dust smoothly. Due to this product the work of women will be less and they have only to manage the wiper with water supply.

3) Use of internal device (Bluetooth) in CPU for data sharing

Selected Idea for Project

After screening ideas, we are going to develop a wiper with additional qualities of water supply, detergent supply and cleaning the dust smoothly. Due to this product the work of women will be less and they have only to manage the wiper with water supply.

As this product will provide the much benefits to the people and there is need for such type of product in the society that will facilitate the women in their working, so there will be many customers for

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