Answer 1

Introduction:
When a new product is developed, lots of process and steps are required. As a Product Manager I
will follow the standard product development process and will consider all the crucial factors and
stages of the development. There are eight major steps that I will follow in sequence and these are
Idea generation, Idea screening, Concept development and testing, Marketing strategy
development, Business Analysis, Product Development, Test Marketing, and Commercialization.
After successful Product development, next process is product management which is also a
significant process in order to ensure that the new flavor of potato wafer is in good demand and
satisfy the customers.

Description:
Below are the major eight steps described
 Idea Generation
For a new flavor of potato wafer, an idea of the new flavor will be required and for which
I will seek the ideas from internal data sources, external data sources or crowdsourcing.
For an internal data sourcing, I will seek the ideas from R&D department,
Engineers/Professionals, production staff and the salespersons via conducting an Idea
program. While for the external data sourcing, I will request the ideas from distributors,
suppliers and competitors in the market. Distributors are close to the market and customers
so they can suggest the flavors which are in demand in the market and the new flavor
possibilities. Suppliers can tell the actual demand in the market and new concept and
techniques useful in developing a new flavor.
Crowdsourcing is another method to get more ideas, in this we will organize an event and
invite the communities, employees and school children to come and taste our new wafer
so that we can get some significant ideas for our new potato wafer flavor.

 Idea Screening
Once the ideas are collected from different sources, we have to screen the valuable ideas
from which the company can make profit. Idea screening is done to select the good ideas
and drop the common one. We have to reduce these ideas to a small number as development
cost goes high in the later stages. These ideas are well documented and so the ideas can be
reviewed by a new product committee. All the shortlisted flavors will be documented and
evaluated further that which flavor should be selected for the next process.

 Concept Development and Testing

After selecting most convincing ideas from the numerous proposed ideas, I will document
those product ideas in detail, in which I will write down the description of that flavor say
sour-sweet or lemon-salted flavor of the potato wafer and will include the requirements of
 the production, ingredients etc. Concept development includes the study about the products
already available in the market and then introduce a better product.
Moreover, I will conduct the concept testing for selected potato wafer flavors via inviting
the target group of consumers. Consumers will taste the flavors and answer the questions,
based on the feedback we can conclude that which flavor was liked by most of the people.

 Marketing Strategy Development

The next step is marketing strategy development, in which I will design the market strategy
for the new potato wafer going to launch in the market. This will include the three parts, in
first part I will evaluate the target market (e.g. supermarkets and the locations where the
demand is high), sales, profit and market share.
Second part will consist of the product price, distribution and marketing budget for the first
year. And in the third part, I will plan the long-term sales and long term marketing strategy.

 Business Analysis
Next step is Business analysis, I will conduct a review of the wafer planned sales, its cost
and the expected profit. In this phase, risk evaluation also done via comparing the sales
records of similar wafers in the market. Estimated cost of the new wafer flavor also
calculated by adding the R&D, Operation, accounting and marketing costs. Therefore, the
company can evaluate the profit and analyze the estimated revenue form the new launched
wafer flavor in the market.

 Product Development
If the product passes the business test, it moves to the product development. In this step
company does a huge investment in developing the product. R&D team will develop the
selected new flavor of the wafer and test it. I will invite few staff members and consumers
to taste the new flavor to confirm that the flavor taste is as per expectation of the customers.

 Test Marketing
Test marketing is a crucial step and its just before launching the product fully in the market
to avoid the huge risk. As the investment is going to be huge, I will do the test marketing
of the new flavor of the potato wafer. I will launch few samples in the market to test the
marketing like advertising, strategy, distribution, pricing, branding and packaging.
For example, Starbucks took 20 years in developing its Starbucks VIA instant coffee which
is one of its risky product roll-out.

 Commercialization
The last step is commercialization, which I will decide after test marketing. Since the
commercialization is the launching of a new product it will cost very high initially.
Company spends millions of dollars on advertisement, sales promotion and other
marketing in the beginning. Next, I will plan about the timing of the launch of the product
as it should not impact the sales of the other products. And I will plan the location too,
whether it should be launched at one location first, a region or in a country or world-wide.
  Conclusion
Overall, I will follow these eight steps for developing a product as I explained above. New
potato wafer flavor goes through plenty of development and planning process before
introducing to market. Therefore as the investment is huge I will follow all the rules and
regulations and encourage the team for more innovative ideas and perform the rigorous
testing before launching this new flavor in order to make sure the company’s revenue and
a great success.

Answer 2
Introduction
For any new product a proper market strategy is crucial and requires lots of efforts. A customer
driven approach has to be designed for Habbit Wise Creams. Keeping in mind the health
advantages and the variety of flavors provided by company a through market research and strategy
is required. Moreover, the branding has a significant value while marketing a product and which
impacts the product both positively and negatively. I will prepare and apply a complete
segmentation strategy and the perfect branding for Habbit Wise Creams.

Description
For preparing the segmentation strategy I will go through the history of demand and revenue of
similar ice-creams available in the market. Buyers are different and we can’t ensure about them as
they differ in their choices, location, needs, attitudes and experiences. I will divide the large market
in smaller segmentation so that the particular segment can be reached and analyzed efficiently.
 Geographic Segmentation
I will divide the market geographically for Wise Creams such as cities, states, regions and
countries. However, I will plan to launch this product first in a metro city where people are
health conscious and aware of their calory intake. They would prefer to have an ice-cream
which is low in the calory and keto+ diabetic friendly.
 Demographic Segmentation
I will plan the demographic segmentation which is based on age, gender, income,
education, occupation and ethnicity. Although, people from all age group like ice-creams
but especially children are fond of ice-creams a lot. I will target the age group 5 to 45 years
old which includes the children and adults both, but ice-cream is not limited to this group
 only and will be available for all. Since Wise ice-cream has the attribute of low calory and
keto+ friendly, it will suit to adult and old age people too.

 Psychographic Segmentation
Another segmentation is Psychographic segmentation which is based on lifestyle and
personality. As now a days people are more health conscious and keep an eye on their diet
and avoid the foods containing high fat and calory. I will add some catchy slogans in the
advertisements of the Wise ice-cream such as “Eat healthy, eat tasty” or “Wise people eat
Wise creams”.

 Behavioral Segmentation
Behavioral segmentation categorizes the people on the basis of their behavior, attitude,
uses and knowledge. As ice-cream is mostly sold in summer so I will plan to target April
to September month when the weather is warm/hot and favorable for ice-cream sale.
Initially, I will do marketing and advertisement nearby location of IT companies and
GYMs where people understand the health benefits as they are educated and fitness freak.
Apart from that Wise Creams has variety of flavors so people will try flavors as per their
choice and get attracted due to the multiple flavors with low calory.

Branding Strategy and Brand Positioning:

For a company the brand is most powerful asset rather than its office, land, equipment etc.
Even if company loses everything, it will again stand with the power of brand. Once CEO
of Quaker company said “If this business were split up, I would give you the land and
bricks and mortar, and I would keep the brands and its trademarks, and I would fare better
than you”.
Similar way I will focus to enhance the Wise Cream brand on which the consumers can
feel the association and it should become so powerful that consumer can rely on it.

 Brand Equity and Brand Value

Brands are not just a name or a logo but a symbol of trust and relationship with customers.
It connects the consumers to the company and represents the feeling and value about the
product and its quality. In order to make Wise cream a powerful brand I will work on
providing the best quality ice-cream available in the market. Although it has great features
of health and flavors, but this quality should be realized by its consumers as well.
Consumers only make a brand powerful by asking for it and create a buzz for it in the
market. Moreover, a company which wants to grow always seeks for the feedback from its
customers, therefore by inviting the group of people we will conduct the trial of the ice-
cream with the people and get the feedback. Honest feedback will be very useful in
enhancing the quality of the ice-cream further.

Building Strong Brands

Major brands like Nike, Apple, Starbucks they have done some remarkable work in brand
name positioning, brand name selection, brand sponsorship and brand development. In the
product marketing, we will market the health benefits of Wise ice-cream which is the
unique feature that will attract the targeted customers. In the metropolitan area a majority
of the population is educated and conscious about their health so they will certainly value
the health feature of the Wise ice-cream.
A big brand not only offers the feature but make sure that customer feels satisfied when
he/she uses it and get benefitted. We know that due to lavish lifestyle, bad eating habits
and other reasons people are facing more health issues and high calory intake is the main
cause behind it. Also, diabetes is the most common disease now a days in urban area
therefore people are aware about their sugar intake, but they can’t control if the food
products have more sugar in it. In this case Habbit Wise ice-cream offers the great attributes
of low energy and even diabetic people can eat it due to keto+ diabetic feature.

Conclusion
We must win the trust of the consumers by providing the high quality at reasonable price.
This quality should be persistent that in the market people ask this ice-cream by its name
and flavor so that the demand will increase and then it will further increase the brand value.
Habbit Wise ice-cream provides the required attributes and benefits to become a brand but
it can go beyond the attributes and benefits and can create a belief and values for its brand
value.
 Answer 3

3(a) Yes, I believe that brand name “Clinger Gold” is right for the top end segment because the
company Unique Industries already renowned for its brand for middle segment and very popular
in the target audience. Few of the key points are as below to justify that Clingers Gold will be
suitable brand name for top end segment

 Already a brand

Clingers is already a brand in the middle segment and has a great demand in the mid-range
shirts. It has already the target audience which will really prefer to buy its top segment
shirts too. Therefore, the company doesn’t have to start from zero as its already earned a
name in the market. In case company launches the top segment shirts with different brand
name it has to apply a huge effort and time to make a new name a popular brand.

 Established Retail network and Services

Unique Industries have an established business with all the retail network and services, so
they don’t have to invest much on the retail and services. It reduces a lot of effort, money,
and time for company to get established as the new industry has to do from inception.

 Established Infrastructure

Company has its own factories, building, manufacturing unit and staff who are already
successful in the apparel business therefore there will be uninterrupted supply of the newly
launched premium shirts.

 Small effort and cost in marketing

Already having a great reputation in the market for good quality of shirts in budget range
will definitely help the Unique industries to proceed for the top range of shirts. This will
require only little effort and so marketing cost will be low. When the customer will go for
shopping and ask for the Clingers shirt, he will be informed that Clingers Gold shirts
premium range also available. Since the customer knows this brand and likes its quality,
he will definitely have a look at the top segment shirt too and the probability of buying the
Clingers premium shirt will also be high.
3(b) Since Unique Industries already a well-known name in the market, if it goes to launch its
readymade trouser and enter into shoes market too then its brand name will help a lot. Although
readymade trouser is not a challenge because the company is already in apparel business but
shoes market is utterly new for it. Company has to work on few of the key factors as below

 Investment and Cost to new business

Unique Industries is a popular brand in apparel market so it doesn’t have to strive much for
its readymade trouser launch since the probability is high for a buyer who wants to buy a
Clingers shirt he will look at the Clingers trouser as well. However, to enter shoes market,
company has to invest a lot as it has to setup a new industry with building, manufacturing
unit, employees, market research and advertisements etc. I will conduct a market research
and estimate the investment required for both readymade trouser and new Clingers shoes
unit.

 Specialization and Experience

Company has a huge experience in clothes market and have specialization therefore it’s a hit
in the mid segment of shirts. This experience and specialization company can utilize in the
trousers sale as well. Moreover, I will get the useful data from company to know its customer
well to expedite the shoes sale. The company’s experience of the clothing marketing I will
utilize in the Clingers shoes advertising and sale.

 Demand in the market

I will go through the details of product demand in the market and the customers choices
when buying shoes. There are different variety of shoes available in the market but even then
there are rooms for the new product with multiple range. With this knowledge I will work on
the growth potential and focus on the margin by marketing the Clingers shoes wisely.

 Quality and competition

For readymade trousers, Unique Industries doesn’t have much challenge but it must know the
competitors in the market and provide a better quality, texture with reasonable price. And in
the shoes market I will ensure to provide the better-quality shoes compare to other shoes
available from competitors. I will understand the reason and factors why few brands in the
shoes market are reliable and successful, the same strategy I will apply in promoting the
Clingers shoes. Moreover, I will work on the comfort level of the shoes and make it a
renowned brand too like Nike shoe company has done.