Thursday, November 21, 2019
Principles and Practice of Marketing Essay Example | Topics and Well Written Essays - 1250 words
Principles and Practice of Marketing - Essay Example Feedback is also obtained from agents or dealers about toilet paper products offered by competitors, by studying the new products of the competitors. ii)Idea screening constituted undertaking studies of ideas carefully. Good ideas were selected while the fake ones are rejected. The basis of selection or rejection of the idea is informed by the necessity of the toilet paper. The possibility of current plant and machinery to proliferate the new product. The confidence that the existing marketing network sells the new product and easily breaks even. Positive answers mean that the idea of a new-product development is selected, to avoid product failure. iii)The Idea screening concept testing was carried out later to find out the possibility of consumers understanding the product idea. Demand and acceptance of the product were also investigated. A small group of consumers was selected and provided with full information on the tissue paper product. Their perceptions, feelings, and reactions to the product were obtained. Over 85% liked the product. iv)After establishing that a significant percentage preferred the product, commercial profitability was determined. It involved assessing the anticipated costs, demand, seasonality, competitors and expected level of projected sales. Also, investigated were profits, advertising, and sales promotion expenses. The product was found to be profitable, thus accepted. v)At this point, the company made a decision to introduce the tissue paper into the market.