Introduction
Marketing mix models are defined by the 4Ps Marketing decision variables. The marketing mix models are concerned with either:
- The individual effect of a marketing decision variable and
- The levels of the marketing mix variables as their optimal effect on the target variable or profitability
New product development can take the form of any of these forms i.e. changes to augmented services/product, core product revision, lines extensions, new products lines, repositioning, and completely new products.
Most industry leaders see new product development as a proactive process where resources are allocated to identify market changes and seize upon new products development before they occur. In contrast to a reactive strategy in which nothing is done until problems occur or the competitor introduces an innovation.
My product is out of a reactive strategy as many people now have developed unique diseases like diabetes and high blood pressure. Due to these ailments that are more prevalent as people are enjoying innovative products that include, developed to make work easier, relaxing, and sweat-free.
The Brand
Drink while moving (DWM) is ready to drink product that is rich in nutrients and easily absorbed by the body. This refreshing and nutritious product is developed out of fruits. The DWM shall have a high calorie and less sugar content that could be best suited for diabetic persons and those lovers of fluids who need less sugar taste in their drinks.
Target market
The product DWM is mainly meant for those who enjoy taking fluids both sufferers of diabetes and preventing it. The sportspersons like taking water as they play but this fruit-rich drink DWM shall substitute water and other enough boosting drink for players and active sportsmen. However, since they will be required to take water, it shall complement and the only substitute for diabetes.
The social value of new products development could be viewed from the perspective of what the new products do in terms of brand positioning, a channel of distribution, quality, and preference by consumers, and how the societal values are held concerning products/services. According to Van Kleef, innovativeness is unlikely without skilled leaders to guide the teams which develop new products and technologies.
The specific practices of effective team leaders are not ignored as the methods adapted, roles, and functions employed by leaders of operating and innovating teams f new products development.
Operating and innovating teams are parts of the daily activities of the firms that are involved with current markets and develop products similar to current products offered.
New product development has other related issues that include reducing the market share of competitors which could result in price wars and unhealthy competition. Other firms may experience huge losses retrench some of their employees and/or replace them with new ones or refrain from them to suit the new product manufacturing demands.
According to David (1996), the social value of using biodiversity in the new pharmaceutical product research has pointed out that there has been considerable interest among natural scientists and conservation advocates in ‘biodiversity prospecting’ – the search for new commercial products among naturally occurring organizations. Substantial biodiversity loss may occur as a result of global changes in climate.
Therefore climate at atmospheric stabilization measures demands substantial sacrifices in world products can not be justified by this consideration done.
There are also other esthetic, ethical, ecological, and even spiritual reasons for which new products development may be important
The social value of brands
Brands provide economic value to their corporate owners; however, the social value provided by brands is an issue of contention. Brands are directly linked with such issues as the exploitation of workers in developing countries and the homogenization of cultures around the world. They also stiffen competition and limit the virtues of a capitalist system by encouraging monopoly and limiting consumer choice.
Therefore, the social value lies in the individual within benefits to the society, consumer benefits, freedom of choice, and freedom of self-expression.
Product
This is the tangible element that the consumer can see, through feel, taste, or smell, in this case, Drink While Moving which will be bottled in plastic carriers portable and easy to use.
Price
Price is what the customer pays. It includes direct and indirect costs as well as opportunity costs. The benefits of the product have been great enough to warrant the price since this is a diet-sensitive product, its cost will be based on the ingredients, processing, and preservation style. However, the competitor’s product shall be considered as these related products in the market.
Place
Since my company is relatively small, it shall be distributed within the smaller geographical area and will position the distribution to wider networking shortly. The place is where the customers receive the product. The place of delivery including all of its resources, this is part of what the consumer buys. A place that meets his/her needs better: DWM shall be distributed to retailers within hospitals and nearby as well as information passed to medical practitioners handling diabetic patients. However, the big burden should not be laid on consumers but rather on the economies of quantity sales/ distribution by my firm. Other areas shall be sports grounds and gymnasiums then further networks to various institutions.
Promotions
Promotion includes all forms of communication one can use to communicate the benefits of the product to the target markets. The objective is to persuade the customer in such a way that he/she recognizes the uniquely qualified to meet his/her needs.
The advertising channels that will reach most people are television and personal selling. Sales promotion through networking shall also be carried out.
This may include direct marketing and word of mouth as powerful promotion techniques. This will also ensure the firm creates a competitive advantage that will allow for incremental volumes. We intend to optimize the trade plan by choosing the most effective trade channel and targeting the most effective promotion actively.
Conclusion
New product development activities may seem likely to encourage consumers to discard products as worn out. However, other products offer variety and choices to the consumers while others offer completely innovative ideas and products that will require manufacturers’ and marketers’ efforts in passing across relevant usable information to consumers.
The 4Ps of products, pricing, place, and promotion needs to be well considered for effective marketing and distribution.
References
- Van Kleef, Van Trijp and Luning (2004) consumer profiling and new product development tool box.
- Amy craft and David Simpson (1996) the social value of using biodiversity in new pharmaceutical product research.
- Jan LinderMann (2007) Social value brands.
- Belliveau, P., Griffin, A. and Somermeyer, S. (2004) PDMA ToolBook 2 for New Product Development, John Wiley, New York, 2004.
- McGrath, Michael E., Next Generation Product Development: How to Increase Productivity, Cut Costs, and Reduce Cycle Times, McGraw-Hill, New York, 2004