New Product Concept

WIL Assignment Structure

  • The overall structure of the project is represented here. The project links to all content area you cover this semester – the strategy of a company and the role of product innovation, the front and back end of the product innovation process, consideration of success factors and dealing with risk and resource constraints.
Assignment 2

(30%):Target Consumer

Analysis and Persona

–        Identify an opportunity in the market

–        Analyse the most attractive consumer segment

–        Create a product innovation persona

–        Due week 6

Don’t come up with a Come up with a product here product here

Assignment 2a: New Product Concept and Launch Strategy

  • Drawing on the persona and research conducted in the first assignment and feedback to the class from the client, teams will ideate and sketch out a new product concept and a strategy to launch it.
  • The main sections are:
    1. Refine persona and update key consumer demographics, motivations, and product requirements / drivers.

(5%)

  1. Ideation and screening (20%)
  2. Final concept elaboration (25%)
  3. Financial (business) case (10%)
  4. Marketing and launch strategy (20%)

– Gantt chart – what is the timing and timeline to get the product to the market if a “go” decision is given

  1. Production considerations and assumptions (5%)
  2. Call to action – summary of the ‘so what’ and ‘why should we’. (5%)
  3. Overall quality and presentation of report (10%)

Assignment 2a: Submission Details

  • Due date: Week 12
  • Maximum 3500-4000 words
    • Excluding coversheet, title page, ¾-1page executive summary, references, appendices
    • If you are using appendices don’t expect them to be graded – all relevant information and needed detail should be in the main report.
  • A consultant-style report style (not a long essay)
    • Must reference main sources of data and information and have a bibliography
    • Must use summarised tables, illustrations and pictures, graphs and charts etc. to give life and excitement to the report
  • Must be submitted through TURNITIN via Canvas

 

•   Executive summary

– (3/4 – 1 page, not included in word count)

•   Table of contents

–          (not included in word count)

•   Target market update

–   Refine persona and update key consumer demographics, motivations, and product requirements / drivers.

  • Ideation and screening – using formal ideation method(s) to come up with and screen appropriate potential new product ideas
    • Need to show how you came up with multiple ideas and screened them to find the best one to develop further
    • Need to clearly align with your Persona, the critical drivers of their need and purchase behaviour and the industry

 

partner context

  • Show ideation workings in appendix and show final outcomes in report body

 

5

 

  • Final concept elaboration – describe and explain your selected idea in more detail – the actual concept and likely product to be developed, including:
    • Brand/product name – an exciting and catchy brand/product name that will resonate with consumers
    • Positioning – how the product is to be positioned in the market/ product category and how it relates to competition and target market needs, wants, desires.
    • Product attributes and benefits – describe the product attributes, features, function and any packaging attributes, and how they relate to benefits to be delivered to your target market.

•    Product design – develop a

graphical/pictorial representation of the new product and its packaging

  • Augmentation – how the company might add appropriate extra value to their offer to further differentiate it from competition.
  • Scalability and scope – how might the product evolve over the next 2 generations or iterations
  • Financial Business Case – provide a well thought-out business case for the new product
    • Pricing strategy – e.g. retail price, channel margins, ex-factory price etc
    • ATAR based Sales forecasts -/volumetric forecast/assessment
    • Sensitivity analysis
    • Other analyses you feel would highlight the attractiveness of the business case
  • We understand you will need to make assumptions around costs and margins etc in this area.

•                   Launch Marketing requirements – how

should your new product be launched in order to create the best opportunity for success (given budget restrictions).

  • Channel strategy – how and where will the product be sold
  • IMC strategy – basic strategy with an emphasis on low cost but maximum impact and effectiveness

              –           Launch timing and schedule

•    Gantt chart

–   what is the timing and timeline to get the product to the market if a “go” decision is given.

•         Production and Making Issues

  • Production and manufacturing issues – what major production/supply/manufacturing issues might need to be dealt with prior to launch.
  • Potholes – what main potential problems do you envision for management in developing the new product
  • what main assumptions have you made about the potential viability of the new product?

•    Call to action

–   summary of the ‘so what’ and ‘why should we’.

•   References

–   please note any references or sources you use in the report

•    Appendices

–   Should only house additional information. Key information or summaries of work should be in the main body of the assignment

 

Assignment 2b: ‘Shark tank’ Video Pitch (20%)

  • Based on assignment 1 and 2 each team will create a ‘shark tank’ style video pitch for our WIL based partner
  • Presentations should consider:
    • The Australia market place as an opportunity
    • What is the product category and consumer opportunity?
    • What is the exciting new product that will capture the opportunity?
    • Who should it be launched to drive sales?
    • What is the value of the opportunity for the business? – Call to action
    • Due Week 12
    • 5 minutes duration