Functions and Essentials of New Project Planning

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Role of New Project Planning:

New project planning comes with introducing new products and developing those new products, hence, increasing overall profits. There are four ways of increasing profits:

i. Reducing the cost of production, while maintaining a higher quality product.

ii. Expanding the existing share market. More profits are seen in larger corporations.

iii. Buying smaller companies.

iv. Introducing new products.

Product development involves four steps:

i. Variation of margins.

ii. New designs.

iii. Manufacturing a product in collaboration foreign firms.

iv. Introducing new features in a product.

Indian Imports and Exports:

India produces two types of products: products for export, and products that are introduced into the Indian market for the first time. Nevertheless, two qualities have to be met before new products are created: new products should be created in the most efficient and economical manner and buyer satisfaction must be ensured.

Role of New Product Policy:

The design and production of new products is based upon a new product policy. Three views must be taken into consideration:

1. The product should be targeted to diverse buyers, so if the product fails in one market, it is successful in another market.

2. What would be the initial setup cost of launching the new product?

3. How much time is required to launch the product? When will the company start profiting from the new product?

If the above needs are met, product launch will be as smooth as possible.

Essentials of New Products:

1. The product must have an appealing and long-lasting design that is acceptable to a wide range of consumers.

2. The overall product packaging must be compact and concise.

3. New ideas for product design must originate from research and development, engineering, sales, and administration. Furthermore, the sale of competing products must be taken into account, and if possible, the competing design may be improved and resold under a different brand.

New Product Screening:

These 14 points are necessary to screen a new product:

1. What capital investment would be required for the new product?

2. How will the new product affect the company's other products?

3. What new patents and licenses will be necessary?

4. What are the likely used raw materials?

5. How will the new product be serviced?

6. How will the product be shipped to distribution centers?

7. What will the product distribution be like? Will there be enough distributors?

8. Would production be maintained continuously?

9. Will the product improve the intended methods of distribution and manufacturing?

10. What type of skilled labour would be required to manufacture the product? How will the training be provided?

11. Can the product be modified and upgraded? If so, how?

12. What type of competition will the new product face?

13. What type of needs does the product satisfy?

14. What new ideas are possible?

Additional Readings:

1. Functions and Elements of Growth in Marketing Management
2. Marketing Organization and Functions of a Marketing Manager
3. Functions and Essentials of New Project Planning
4. Types and Various Stages of Market Studies
5. Naming Products and Name Testing Research
6. Planning of Advertizing Budgets
7. Basic Steps of Test Market Studies
8. Trade through Selected Agencies
9. Price and Motivation of Marketing
10. Marketing Functions at different levels of Development
11. Elements of a Marketing Mix
12. Advantages and Disadvantages of Branding
13. Packaging and Sales Promotion
14. New Product Development Strategy
15. Screening a New Product

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