COMSATS UNIVERSITY ISLAMABAD, LAHORE CAMPUS

NEW PRODUCT DEVELOPMENT

Assignment

SUBMITTED TO: SIR BILAL JAVED

DATE: 13 - JUNE - 2020

SUBMITTED BY:

REHMAN SHAKIR CIIT/SP17-BBA-085/LHR

HAROON RASHEED CIIT/SP17-BBA-082/LHR

 EASYPAISA as (PayPal)

Introduction

The product life cycle process is used to idealized the life of the product. They have four stages
of the product life cycle, but as a new product manager, we will discuss with the perspective of a
new product. We have updated our Easypaisa application into a new application that will support
the PayPal service in all areas of Pakistan. Paypal is used to convert the digital money earned
from online to convert into physical money. They have a complete method and procedure to with
drawl money. As a new product manager, we will replace PayPal to Easy paisa and people
transfer their money through Easypaisa. At the end the whole market running through one hand
and that’s Easypaisa. Most freelancers use this service to with drawl their money and it has
annually billions of transections from Pakistan.

Implications of Product Life Cycle (PLC)

Introduction:

In the introduction stage, we will be classified our existing product into a new product and
introduce major innovations in our product and provided the new experience to our customers.
Firstly, we will be investing in an informative advertisement to introduce our product to the
market. After that, we will give our customers a discounted rate so that they will experience our
services to understand customers behavior. It will carry huge marketing expenses in initial to
make and develop our product sense into consumer minds.

Growth:

In this stage no doubt we will face the competition. This is a key stage for us to establish our
“Easypaisa” product in the market. As a new product manager, we will focus on key values of
our products because in this stage the competition will be increased and people accept our
product and we will be gaining market shares and getting a high positive response from
customers.

Maturity:
After the growth stage, the maturity stage is also quite relaxing. Our product adjusts into the
market and it has captured their maximum market share and they have reached their maximum
growth level. During this stage, we will adopt innovative ways to make our product more
appealing to consumers. For this, we run campaigns to click our customer's minds again and
again (targeting) so that they will know our value and importance of our product so that, no one
other will replace our position in the customer's mind.

Decline:

Due to innovations, our product will be declined but not sooner. But we will generally attempt to
keep the product alive in the maturity stage as long as possible; no doubt the decline of every
product is inevitable. In this stage as soon as possible we will capture the PayPal market.

Application and Implication of BCG

BCG charts are work as a business planning tool that helps to make the key business decisions
by analyzing the business or product units. It shows the market share and product category
according to the market competition. The matrix is divided into four categories:

1- Cash Cows

Cash cows are the ones that have large market shares but they have low growth in the market as
they have reached their maturity level. Our product didn’t fall under cash cows because our
product have new improved feature which will capture a large market share from the market.

2- Dogs

Dogs are the ones that have a low market share as well as a low growth rate. The product has
reached to a decline in PLC and further nobody wants to invest in this line. Example include
100W bulbs, tube lights, etc.

3- Stars

Stars are the once who have a high market share as well as high growth chances in the market.
Like the newest products that are innovative and can capture high market share are the star
products in the BCG matrix. Like our product, we introduce PayPal services to our product. It
will capture the whole market because PayPal service is not available in Pakistan and people use
Payoneer cards to use PayPal. We offer in our application so that all the freelancers can easily
withdraw their money. Pakistan has billions of transactions from freelancers which help us to
capture market share and more chances of rapid growth. It will increase both the market share
with a high productivity growth rate that why we consider our product in the star category.

4- Question Marks?

These are the once who have low market share in a high growth market. The reason is that they
are small against their competitors. They have the potential to grow in a market; they have two
reasons either they will become the star or they will become the dogs in the matrix. If they will
raise their market share they will come from question mark to stars but on the other side if they
fail to capture more market shares they will move from question mark to dogs which at the end
demand will be declined. Our product didn’t fall under this category because Easypaisa already
has captured a large market share of the mobile wallet into the market and with this new feature,
it will capture more market share because they can capture a high growth rate from the market.