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New Product Development Assignment

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MARKETING ASSIGNMENT ON NEW PRODUCT DEVELOPMENT ‘SHAKELIGHT CHARGER’ [pic] SRM UNIVERSITY RAMAPURAM J J Thomas 2012-2014 MARKETING ASSIGNMENT SUBMITTED ON 25-02-2013 Introduction: Michael Faraday, the father of Electricity is well known for his studies in the field of light and electro magnetism. He suggested that the propagation of light through space consisted of vibrations of these lines. His concepts of electric and magnetic fields were put into mathematical form a generation later by Maxwell, who showed that light is, in fact, an oscillatory electromagnetic disturbance. Idea Generation: Lots of ideas are generated around the world about various new products around the year. Out of these …show more content…

This has resulted in the choice of Facebook ads as the only media advertisement strategy. Creative partnerships are planned along with major electronics marts like croma, e-max, e-zone, etc. to push the brand along with their mobile electronic products. Business Analysis: Through this analysis we estimated the likely selling price based upon customer feedback. The selling price was dependent only on the manufacturing cost as there is no competition for this product. The price was fixed on Rs 250, which was considered reasonable by the product testers. A Make or Buy test was conducted and a quantity in excess of 10,000 units was required to make the product. Thus the product in its initial stages was to be manufactured by a third party and later by the parent company. The following questions were answered too: • How will the product be produced most cost effectively? The product manufacturing was to be initially outsourced and the number of units kept to a minimum of 1,000 units. • What will it cost to produce it? The production cost of the product was arrived at Rs 200/ unit. Product Development: At this stage the company, V Max Power decided to introduce our new product, D-Charge in the market. As mentioned above the production of the product was outsourced to a firm named, JK Solutions based out of Chennai. They were to manufacture

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