Idea
Generation:
Here in my assignment I need to generate my idea because of
this including my idea for this assignment. The total idea generation process
is given below in a arrange table.
Here I
represent my total brainstorming process in table:
Name of the product
|
Why it is special
|
Baby party wear
|
The
party wear for baby's made of those fabrics which are used to for "Red
Carpet" "Patys" & "Celeb official partys" .It is
one of the most time and labor intensive forms.
We want to work with "Baby
party wear"because:
•
It
is attractive
•
Strong
marketing possibility for kids [New]
•
Strong
by required by people and their needs.
•
Properly
not available in local markets.
•
All
the dresses will be couture level.
|
Idea
screening:
Every decision making process produces a final choice.whene
we are thinking about to launch new product for business then thats a suitable
product for us. It is important for businesses to continually devise new
products, as products do not last forever. While there are millions of products
available to consumers, many more products do not make it to market at all.
After analysis all the things we stand some alternative
solution and take the best one and convert the decision into action. After that
we take the best solution we give importance the flow factors.
•
Should be in a position to attracted consumers.
•
Should have the marketing ability
•
Should have the requirement from the buyer
•
Easier the manufacturing process
•
Easy to collect data about (Accessories, Fabrics, Neddle,
Threads) this product
Types of consumer for whom the product is offered
Concept
development:
Idea
formation:
This stage starts with one or more ideas and may end with a
team formed around a working consensus on how to evaluate the technical and
market feasibility of the idea.
In the part of idea formation we include different
information, benefit and disadvantage etc...I also include the reason that why
I select this product.
Determine the target market with
appropriate explanation for converse shoes products
Here I try
to represent:
•
Why I select the product (Baby Party wear)
•
Advantage
•
Disadvantage
•
History of product
Why I
select the product (Baby Party Wear)
In this time , as we can see most
popular and actrative thing is "Variation on dresses" . In that case
we have taken our aim to launch product on "Dresses". After few
meetings we have choosen "baby party wear" to launch because this is
now become a Trend for the generation as we have target kids as our consumer.
We believe that have best members who can actually controll their responsiblity
on each and every sector where we need to focuse for make a complet garments.
The fabrics and threds are not so cheap. in that case we have target some area
where we can get our Accessories/fabrics/leas whatever we need. We have those
members who have previous expirance to launch this product.
Without to all off this good side
some other good advantages are available.
This is
given below:
•
It
is very famous in Bangladesh
•
Easy
to wear.
•
Exceptional.
•
strongly required by
Kids.
•
properly not available in market
Advantages
of this selected product:
•
Attractive
•
Very comfortable
•
Changes of get up
•
Midium coast
Disadvantages
of this selected product:
Though its not "ready to wear" or "street
wear" which we can wear this in any where. This products only to use in
parties or different occations.
Develop Promotional mix to attract
selected target market
Business
analysis:
Business analysis is a research of identifying business
needs and determining solutions to business problems. Solutions often include a
systems development component, but may also consist of process improvement,
organizational change or strategic planning and policy development.
In business analysis I will discuss about:
•
Why our product is special
•
Which type of product I will make
•
About our target customer
•
About our target area of business
Why our product is special:
Our products can satesfied our
consumers by its good looks and attractive fabrics. We have made different
colors and sizes for our consumers. The stitching and finilizing of our product
have the quality to maintain our personality.
Target
market:
Target
Marketing involves breaking a market into segments and then concentrating your
marketing efforts on one or a few key segments. It can be the key to a small
business’s success.
The
beauty of target marketing is that it makes the promotion, pricing and distribution
of your products and/or services are four elements of a marketing mix strategy
that determine the success of a product.
Our target market:
•
The
people who like to wear (8-10 to up).
•
Price
is medium, so Middle class and high class people can buy this product.
•
We
provide different package of product.
•
Small
package for different types of occation Like as EID.
Product development:
New
product development (NPD) is the complete process of bringing a new product to market. The overall process of
strstegy, organization, idea generation, product and marketing plan creation
and evaluation and commercialization of a new product it’s known as product
development.
Our dresses and gowns are quite comfortable to wear
and infuse a style statement will make others envy your newborn. The fabric
material is of very good quality so that it does no harm to your child’s
sensitive skin.
Some steps of product development:
•
Accessories
Collection (elements of product).
•
processing.
•
Preparation
of Fabrics.
•
Production
process.
•
The
semi finished product in to Stitiching section.
•
Finishing
process.
Ingredient or Raw material:
•
Shatin
Fabrics (Chinise-1st class and 2nd class, 2Yd).
•
Can
can Fabrics, (one and half Yerd)
•
Lase
( half yerd)
•
Batton,
Hidden (Zipper. B-4, HZ-1)
•
Threads
•
Peko
threads.
Production Requirment :
we will be making a party wear according to
limited requirement.
Name of
ingredient
|
Amount
for small production
|
Shatin Fabrics (Chinise)
|
2 yrd
|
Can can Fabrics
|
1Yrd
|
Threads
|
2 color
|
Market Segmentation, Target Market
and Positioning
Definitions:
Advertising - Any paid form of nonpersonal
presentation and promotion of ideas, goods, or services by an identified
sponsor.
PUBLICITY- Highly credible; Very believable;
Many forms: news stories, news features, events and sponsorships, etc.; Reaches
many prospects missed via other forms of promotion; Dramatizes company or
product; Often the most under used element in the promotional mix; Relatively inexpensive (certainly not
'free' as many people think--there are costs involved)
Advertising:
Any paid form of non-personal
communication of ideas or product in the “prime media” such as newspaper,
television, billboard poster and radio etc….
Personal selling:
The
sellers promote the product through their attitude, appearance and specialist
product knowledge. Salespeople match the benefits of their offering to the
specific needs of a client.
Sale promotion:
Providing
incentives to customers or to the distribution channel to stimulate demand for
a product.
Marketing mix:
Marketing
mix is the combination of marketing tools that a company uses to satisfy their
target customer and achieving organizational goal. There are 4 consists of
marketing mix.
•
Product
•
Price
•
Place
•
promotion
The basic
components of a marketing plan and are collectively called 4p.
Product:
Product is
an anything (goods or service) which have a market value. The end result of the
manufacturing process to be offered to the market place to satisfy a need or
want. It has combination of tangible and
intangible product.product depends on some specific elements like
•
product
design and technology
•
use
ability
•
usefulness
•
value
of the product
•
quality
•
brand
•
guaranty
/warranty
By this I
understand that a product is seen as an item that satisfies what a customer
needs and wants.
Price:
The
money which a buyer pays for a product is called as price of the product. This
Price is the method to capture value added by a product. Consumers are often
sensitive for price, discount, and additional offers. Another aspect of pricing
is that expensive products are considered of good quality.
Example:
S/L No
|
Dress
catagories
|
Price
|
1
|
Evening wear- Partys-120
|
3000 tk
|
2
|
Evening wear (Red Shatin Double
layer)- with V neck
|
3500 tk
|
Hand Tag & Price Tag For our
Product:
Place:
Place
refers to the location where the products are available and can be sold or
purchased. Buyers can purchase products either from physical markets or from
virtual markets. In a physical market, buyers and sellers can physically meet
and interact with each other whereas in a virtual market buyers and sellers
meet through internet.
Product
depends on some specific elements such as….
•
Retail
•
Whole
sale
•
Local
export
•
Internet
Promotion:
Promotion
is one of the marketing mix elements, and a term used frequently in marketing.
The specification of five promotional mix or promotional plan.
•
Personal
selling
•
Advertising
•
Sales
promotion
•
Direct
marketing
•
Publicity.
A
promotional plan can have a wide range of objective….
•
Sales
increases
•
New
product acceptance
•
Creation
of brand equity
•
Positioning
•
Competitive
retaliations
•
Creation
of a corporate image.
Planning:
Step 1
Research our market. Discount on
baby party dresses will not be in great demand in a highly affluent area, for
example. On the other hand, if your area is already saturated with expensive
boutique baby party wear dress businesses, try angling for a niche – for
example, offering party wears made from
earth-friendly materials using sustainable practices, or offering only party
wears imported from Europe.
Step 2
Choose a location. We want to start our baby party wear dress
business in a bustling commercial area near other shops, restaurants and retail
stores, according to the online article, “Starting a Bridal Shop Business.”
Expect to pay steeper rents for shopping mall locations in exchange for high
visibility. Because party wear dresses can be voluminous, plan for plenty of
room to store and showcase baby party wears. Fit our location with flattering
lighting, large dressing rooms, floor-length mirrors and comfortable seating
for the bride’s entourage.
Step 3
Stock our inventory. Attend fashion
shows to decide what types of party wears dresses you’ll stock for the
business, ordering from the designer or manufacturer directly to save costs.
You can also order from online suppliers and wholesale bridal catalogues.
As we have improved our websites to
get connected with the people who are surfing online.
www.fashionFile.Blogspot.com
Step 4
Market your business. Target
potential consumers by reading the newspaper’s engagement notices and sending
congratulatory notes when possible. Reserve tables at bridal expos and bring
your most attractive dresses, or develop niche offerings, such as baby party
wear dresses for storage, that competitors don’t yet offer.
Plan to extend consumer product lifecycle:
The
Product Life Cycle
A product's life cycle (PLC) can be
divided into several stages characterized by the revenue generated by the
product. If a curve is drawn showing product revenue over time, it may take one
of many different shapes, an example of which is shown below:
Product Life Cycle Curve
The life cycle concept may apply to
a brand or to a category of product. Its duration may be as short as a few
months for a fad item or a century or more for product categories such as the
gasoline-powered automobile.
Product development is the
incubation stage of the product life cycle. There are no sales and the firm
prepares to introduce the product. As the product progresses through its life
cycle, changes in the marketing mix
usually are required in order to adjust to the evolving challenges and
opportunities.
I)
Product: During the growth stage, the goal is
to gain consumer preference and increase sales. The marketing mix may be
modified as follows:
·
Product - New product features and
packaging options; improvement of product quality.
·
Price - Maintained at a high level if
demand is high, or reduced to capture additional customers.
·
Distribution - Distribution becomes more
intensive. Trade discounts are minimal if resellers show a strong interest in
the product.
·
Promotion - Increased advertising to
build brand preference.
·
II) Maturity Stage
The maturity stage is the most profitable. While sales continue to increase into this stage, they do so at a slower pace. Because brand awareness is strong, advertising expenditures will be reduced. Competition may result in decreased market share and/or prices. The competing products may be very similar at this point, increasing the difficulty of differentiating the product. The firm places effort into encouraging competitors' customers to switch, increasing usage per customer, and converting non-users into customers. Sales promotions may be offered to encourage retailers to give the product more shelf space over competing products.During the maturity stage, the primary goal is to maintain market share and extend the product life cycle. Marketing mix decisions may include:
·
Product - Modifications are made and
features are added in order to differentiate the product from competing
products that may have been introduced.
·
Price - Possible price reductions in
response to competition while avoiding a price war.
·
Distribution - New distribution channels
and incentives to resellers in order to avoid losing shelf space.
·
Promotion - Emphasis on differentiation
and building of brand loyalty. Incentives to get competitors' customers to
switch.
III)
Extension
These extend the life of the product
before it goes into decline. Again businesses use marketing techniques to
improve sales. Examples of the techniques are:
- Advertising –
try to gain a new audience or remind the current audience
- Price reduction
– more attractive to customers
- Adding value
– add new features to the current product, e.g. video messaging on mobile
phones
- Explore new markets
– try selling abroad
- New packaging –
brightening up old packaging, or subtle changes such as putting crisps in
foil packets or Seventies music compilations
i-
We have two places to advertisement
such as TV media-Twice per year & Bill board over the city.
ii-
The reduction of price for our
product won’t be so good but we can have it on some different occation where
we can get more consumer for our product.
FeedBacks of Consumer about our Product:
1.
Aminul Haque:
Purchased the dress for my 2 year old daughter for
a wedding ceremony we were attending and the dress was absolutely beautiful.
Exactly what was described and the dress went down a treat with everyone.
Perfect !
2.
Mrs.Anna:
My daughter looked absalutly fab this dress is
stunning on it arrived on time an was everything I expected it to be at a great
price !
Conclusion:
I
want to say it that product development and marketing is the core part of
marketing. Before this assignment I did not have enough idea about this side
like product development ,marketing ,product positioning etc….but after completing this assignment I
have small idea about this topic. I try to learn so many important topics which
help in my future career.
sobuz st (Fashion & Design)
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