StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Product Plan - Essay Example

Cite this document
Summary
The paper "Product Plan" tells us about a mnemonic which in its expanded form denotes P for Political, E for Economic, S for Social, T for Technological, L for Legal, and E for Environmental. Canki should employ the latest technology in producing and marketing the new product…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.5% of users find it useful
Product Plan
Read Text Preview

Extract of sample "Product Plan"

New Product Plan PESTLE PESTLE is an instrument of analysis that will be used by the company to evaluate its immediate market and come up with the necessary actions that are necessary for the markets (Duncan, 2005:47).PoliticalCanki is a new product in the market that should be aware of the government regulations that are in place. Therefore, before it starts to supply its products in the market it should ensure that it has met all the stipulated standards to stay away from any political issues (Duncan, 2005: 52).

EconomicThe price of Canki is set based on the economic state of the target markets. The economic factors are also taken into consideration when evaluating the costs of the product. In case there is inflation, the company will have to increase the price of its products (Duncan, 2005: 55). Socio and CulturalIn the modern world, consumers are increasingly becoming concerned about their health. This explains the reduced consumption of carbonated drinks (Science Direct, 1999). Canki should therefore consider this in the production process (Duncan, 2005).

Additionally, the company should be concerned about the increased attention concerning waste management.TechnologicalCanki should employ the latest technology in producing and marketing the new product. It employs social media and internet advertising. Technology is among the most important aspect that will be used as a source of competitive advantage (Duncan, 2005: 67).LegalCanki should take into account licensing issues related to a new product and changes in laws and regulations governing the soft drink industry.

EnvironmentalThere has been an increased demand for environmental awareness owing to increased pollution as well as limited resources. The company should therefore consider production methods that consider these aspects.SWOTThe SWOT analysis entails an internal analysis of the aspects that contribute to the success or failure of Canki.StrengthsThe product has diverse designs that appeal to customers from various market segments. The product is highly convenient and has been packaged in a reusable can (Duncan, 2005:72).

The product has also been produced in an environmentally friendly process that conserves energy and minimizes waste. Finally, the product can be kept cold and has bubbles. WeaknessOne of the major weaknesses of the product is that its price is higher than that of other soft drinks in the market. This could have a negative impact on sales (Lomax, 2007: 129). Secondly, the can cannot store hot drinks.OpportunitiesThe company is in a position to develop an online market and build business relationships with existing companies including Tesco and Coca-Cola (Lomax, 2007: 126).

ThreatsExistence of substitute products in the market and other increasing competition from other new entrants in the market that may copy Canki’s ideas (Lomax, 2007: 128). Marketing Objectives Being a new product in the market, Canki is concerned about increasing awareness of its brand to consumers (Lomax, 2007: 126). This will help to increase the company’s sales. Secondly, the company aims to improve its packaging from using plastic bags to Kraft paper pages. Thirdly, the company aims to increase the price of the product from £7.99 to £4.99 to increase its profits.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“New product plan Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
New product plan Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/marketing/1649476-new-product-plan
(New Product Plan Essay Example | Topics and Well Written Essays - 500 Words)
New Product Plan Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/marketing/1649476-new-product-plan.
“New Product Plan Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/marketing/1649476-new-product-plan.
  • Cited: 0 times

CHECK THESE SAMPLES OF Product Plan

Strategies

These were Market Plan: Fly to Win, The Financial Plan: Fund the Future, The Product Plan: Make Reliability a Reality and The People Plan: Working Together (Neff, Citrin & Brown, pp.... The Product Plan: Make reliability a Reality was all about making sure that the on time performance of the plan could be improved.... Without any doubts, Bethune had plan in mind, a clear, well-defined “strategy” to make sure that the company gets back on track....
7 Pages (1750 words) Essay

Managing the Supply Chain

The product planning department conducts research and analysis, draws up Product Plan including line-ups and schedules for next ten years and reports them to the president.... Technical planning department studies the development resource allocation and prepares detailed new Product Plan for five years ahead on the request of development centers, sales departments and technical management departments.... The comprehensive plan for new product is presented to product planning council for approval from the president....
5 Pages (1250 words) Essay

Development Plan of Apple

Section II- Product Plan 3.... SECTION II- Product Plan Apple Inc.... Discussed in this section is complete Product Plan for the proposed D-Roll or Digital Roll laptop.... This essay "Development plan of Apple" sheds some light on the company named Apple Inc that has been regarded as an innovation leader in technology.... ARKET RESEARCH AND BUSINESS plan INTRODUCTION Success in business rests with business capa to develop innovation and take lead in launching theproduct that is still in thought process of competitors....
8 Pages (2000 words) Essay

E-commerce Practice

om involved developing a Product Plan, developing the site for the target market and instituting measures to ensure outcome and performance.... om involved developing a Product Plan, developing the site for the target market and instituting measures to ensure outcome and performance.... From the brainstorm for the website, I realized that there was a need to develop research about the industry, our product and potential clients.... Afterwards, I had to communicate the site's requirements to developers so that it can best reflect the product and performance objectives to maximize the productivity and effectivity of the site....
2 Pages (500 words) Personal Statement

Understanding Marketing Strategic Planning Processes (Marketing Idea Product Plan)

Off 2 Gran Grans is a service organization with a significant emphasis on using corporate social responsibility as a positioning and competitive tool.... The target market for the company is the senior citizen aged 60 to 100, with a secondary market consisting of immobilized.... ... ... Off 2 Gran Grans will provide assistance services, such as house cleaning and errand running for medications and groceries, with a supplementary service for visitation (Gran, Gran), consisting of concierge service and HERE YOUR HERE HERE HERE Off 2 Gran Grans Off 2 Gran Grans is a service organization with a significant emphasis onusing corporate social responsibility as a positioning and competitive tool....
1 Pages (250 words) Research Proposal

Maternity Clothes Forever

Development of a Product Plan takes various sequential steps from inception of product development idea, production of the new product, and marketing of the new product to evaluating market performance of the new product.... plan a schedule for activities to be undertaken towards developing new products.... Product Development plan Outline I.... plan a schedule for activities to be undertaken towards developing new products....
1 Pages (250 words) Essay

Concept of Operations

The systems development lifecycle starts with the Product Plan, followed by the phase deliverables, the concept development, the requirements definition, the preliminary design, and goes all the way to project completion.... A cncept of operations, also demoted as CONOPS can be described as a document that details the user's view or opinion of a system that is under consideration....
1 Pages (250 words) Essay

Jumpstart Cafe Bistro - Product Strategy, Customer Service

JumpStart business plan Table of Contents Product Plan 3 Product strategy 3 service plan 4 Marketing plan 4 Market analysis 4 The competition 6 ... anagement plan 7 ... perating plan 7 ... roduct plan ... ustomer service plan ... arketing plan ... successful business plan depends upon the correct identification of the target consumer group.... Based upon this identification, a firm constructs its marketing plan....
8 Pages (2000 words) Business Plan
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us