MKT3424: Apply New Product Development Theories and Concepts to Practice: Branding Strategy Report, NUS, Singapore

Assessments
Assessment Approach Portfolio: Four individual submissions, each worth of your overall mark for the module. Each submission will be linked to a section or a particular aspect of your report. These submissions will enable you to apply new product development theories and concepts to practice (Learning outcomes 1 and 2), thus enabling you to develop your new product proposal.

An individual report in the form of a ‘New Product Proposal’. The maximum word length for this report is 2,500 words, excluding the reference list and appendices. You must include a word count on your piece of work. Reports that exceed this limit will be marked down. This coursework is designed to assess a range of practical skills and competences (Learning Outcomes 3 and 4).

Please see below for an overview of this assessment. For further detail please see the module handbook at the top of the Moodle site, or the Assessments and Support materials at the bottom of the Moodle site.

Portfolio Submission Details and Deadlines In order to develop your practical skills and keep up with your New Product Proposal, students will make four submissions during the term linked to different sections of the report. No single submission should exceed two pages in length. Students must submit this work to the Moodle site. Submission drop boxes will be included under the relevant weeks when submissions must be made. Each submission must be uploaded by Friday 11:55 pm of those respective weeks.

Details of these submissions are as follows: Each portfolio submission will receive a mark of 0 (non-submission), 2.5 (submitted but limited work), 5 (submitted and meets full criteria). Please see below for further details on each submission.

Submission 1: New product ideas, due Friday 26th February 2021 Students must submit four preliminary ideas for their new product proposal. These could be three ideas based on one brief, or could be three ideas relating to more than one brief (e.g. one idea for brief A, two for brief B, or any other combination. These should be written descriptions and can be supported by sketches/images/diagrams. Ideas will be assessed according to their creativity, how understandable they are, the extent to which they fulfil those chosen brief, and how realistic they are.

Submission 2: Draft product innovation charter, due Friday 12th March 2021 Submission of a draft Product Innovation Charter based on one project brief the student has selected chosen brief. This should be a written statement. Submissions will be assessed according to the quality of writing, the extent to which all components of the PIC are addressed, the relevance to the chosen brief, and evidence of any secondary research (e.g. references to secondary data sources).

Submission 3: Completed ethics approval form for concept testing, due Friday 26th March  Submission of a completed ethics approval form detailing the proposed concept testing methodology. Students should answer all relevant questions within the ethics approval form (available on the Moodle site) outlining they plan to gather feedback on their new product. This will include details of the data collection method/s (e.g. survey, interview, focus groups, etc.), and the sample group/s (e.g. who data will be gathered from), and other relevant considerations.

This will be assessed according to the clarity of writing, the suitability of the proposed methods and sample, and the extent to which all elements of the form are addressed. Submission 4: Financial analysis estimates, due Friday 30th April Submission of financial analysis cost estimates. This will be a document outlining the likely fixed and variable costs involved with the development and production of the new product concept. This will be assessed according to the number of potential costs/investments identified, the extent to which specific estimates have been made, and the extent to which these estimates have been supported by secondary research.

Report Assignment Details New Product Proposal  Students are to act as ‘New Product Managers’ within Tomato Stall – an Isle of Wight based tomato grower. Students will be composing a ‘New Product Proposal’ for submission to senior management with Tomato Stall. This report will present a new product concept and a business case for investment in that concept from senior management. Each student will select a brief outlining a particular issue/opportunity relating to a consumer project. There are a number of projects available, thus students have some flexibility in choosing a project they feel is suited to them and achievable.

This work will involve both primary and secondary research to develop the new packaging concepts and to support the business case for investment in them. Tutors will provide more detailed guidance concerning each aspect of the new product process in the weekly seminar sessions.

Report Content The New Product Proposal is a report of no more than 2,500 words, excluding judicious and economic use of appendices. The word-count should be indicated and marks will be deducted for reports over the word limit, such decisions being at the discretion of the Module Co-ordinator.

The New Product Proposal should be in the form of a briefing document for senior management. Familiarity with common marketing terms can be assumed. However, the report should be informed (based on evidence), analytical and clearly written. What is required is a closely reasoned analysis of the new product opportunity in regards to the assigned organisation in the light of the concept generation, testing and evaluation activities undertaken. It is expected that you will make use of appropriate numerical data, using graphical and tabular presentations to make the analysis and conclusions easy to follow and understand.

It is important that you state clearly any assumptions made in developing the business case for the new product. However, you should use primary and secondary market research data to support your conclusions, wherever possible.

Report Content The New Product Proposal is a report of no more than 2,500 words, excluding judicious and economic use of appendices. The word-count should be indicated and marks will be deducted for reports over the word limit, such decisions being at the discretion of the Module Co-ordinator.

The New Product Proposal should be in the form of a briefing document for senior management. Familiarity with common marketing terms can be assumed. However, the report should be informed (based on evidence), analytical and clearly written.

What is required is a closely reasoned analysis of the new product opportunity in regards to the assigned organisation in the light of the concept generation, testing and evaluation activities undertaken. It is expected that you will make use of appropriate numerical data, using graphical and tabular presentations to make the analysis and conclusions easy to follow and understand. It is important that you state clearly any assumptions made in developing the business case for the new product. However, you should use primary and secondary market research data to support your conclusions, wherever possible.

The New Product Proposal should include the following:

This is a one-page summary of the New Product Proposal document. It should not be an ‘introduction’ but should cover all key issues and recommendations in sufficient detail that the reader can make an initial judgement concerning the proposal. An overview of the opportunity area. This will briefly describe the company, its current product-market portfolio and any identifiable drivers for new product innovation. A Product Innovation Charter (PIC).

This should include the rationale for developing a new product, the specific area of market and technological focus, broad goals and objectives for the project, and any project requirements specified in advance by senior management.

The PIC might also include any suggested amendments based on the later findings of concept screening (see below). Brief details of ideation techniques employed (how the ideas were generated), with a summary of outputs. More detailed outputs from creativity sessions (such as sketches and/or brief summarising statements) should be included as appendices at the end of the report.

A detailed Concept Statement. This should be compatible with the Product Innovation Charter and could be in the form of a brief written narrative and a drawing or diagram. It is important that the Concept Statement should be clearly understandable to an average consumer, as well as the Senior Management, and thus testable in order that it can be used for the subsequent concept testing (see below). An analysis of customer concept screening tests undertaken and the concept evaluation system used, including assessments against defined criteria. The concept testing methodology should be described, including the choice of the respondent group, the response situation and interviewing sequence. A copy of the survey instrument should be given in the appendix at the end of the report, along with any data listings.

A detailed Product Protocol. This should include specification of the target market, product positioning, product attributes (and benefits), strategic fit with product portfolio, competitive comparison, augmentation dimensions (if any), market entry timing and any major marketing, production, or regulatory considerations. The Protocol should also include initial proposals for the product name and any associated product/brand identifiers.

A sales forecast and financial analysis. This should include details of all key assumptions made in calculating the required sales and financial figures. Final recommendations based on the above. References/Data Sources.