Respond to... Consumers are always on the search to satisfy their needs within a new product. It’s important for a company to do extensive research on new products prior to launching a mass marketing

Respond to...

Consumers are always on the search to satisfy their needs within a new product. It’s important for a company to do extensive research on new products prior to launching a mass marketing release. New products afford businesses with the prospect to better satisfy a consumer need and gain lucrative advantages over possible competitors (Finch, 2012). I will explore the Noom Diet Plan’s new product development process.

Stage 1 – Idea Generation – through the consideration and evaluation of possible new products, Noom has determined that with numerous diets plans continuously marketed to consumers, Noom offers a different perspective of weight loss through the mental aspects of weight loss and identification of barriers and triggers to weight loss success.

Stage 2 – Screening – new concepts are evaluated against fixed criteria. Noom knows there are numerous diets marketed and consumers are confused about what will work. Noom screens consumers and provides information specific to the user to what they can expect regarding goal weight and the price of the service.

Stage 3 – Concept Development and Testing – testable components of the product. Noom conducted a study that included analyzing data to identify inefficiencies in current diet programs and how Noom could benefit customers to their weight loss goals.

Stage 4 – Business Analysis – determine the product’s survival potential against financial potential. Noom determined a significant drop with customers after presenting the results page (first mention of the price of the program) before they could establish an understanding of the product. A new design of the results page didn’t include the program costs which kept the consumer interested throughout program explanation.

Stage 5 – Market Testing – Products are carefully tested through market research was conducted by trafficking-specific versions of the app to consumers. This testing approach afforded Noom to measure impact before financing the resources to make permanent changes. Once a test has shown to perform better when compared against the current version, it is incorporated as the new baseline, and future tests will be run against this new baseline to try and improve even further.

Stage 6 – Commercialization – using positive test results to introduce the product to the market. Noom releases its app for health and wellness by giving the customer a detailed plan of hitting their weight goals. This is accomplished by not only changing the food you eat but also the outlook you have for health by identifying barriers and motivations to stay healthy.

Most new products fail because consumers are familiar and stick to brands and products, they are familiar with. New products fail is that companies fail and getting the product market ready or present new products later in the process after competitors have already presented the products. A new product can also fail if consumers cannot figure out how to use the product or grasp the benefit of it.

Finch, J. (2012). Managerial Marketing. Retrieved from https://ashford.content.edu. (Links to an external site.)

Wood, K. (2018). An Introduction to Noom’s Growth Machine. Retrieved from https://web.noom.com/blog/2019/05/an-introduction-to-nooms-growth-machine.

Respond to...

One product that I am intimately familiar with is my parent's design of a way to snuggly fit a curtain on an odd shaped window such as an octagon. They closely followed the product development process which amounted to a successful product that produced a decent living for almost 20 years. Here are the six steps in the process.

Generation of ideas: My mother got the idea from watching the safety reflector flags on the back of our bikes flop around behind us. She decided she would find a way to securely mount a curtain the exact shape of the odd shaped window.
Screening: She had several different prototypes made for the different brackets and tubing that latched onto the wall holding up the curtain.
Concept Development and Testing: Once she determined the best product idea, she found a builder that would be able to produce what she was looking for at the cheapest price possible. She went through many different molds and designs.
Business analysis: Once she had a great idea of what the cost was to make and package the curtain rods she was able to build out a pricing structure that would make her money while also being affordable.
Market Testing: For the market test she and my Dad when to a few trade shows in Texas and Florida as well as other locations around the country to gauge interest and JC Penny wanted the product in their catalog.
Commercialization: Once they had the interest from JC Penny, production began, and she continued the partnership with JC Penny for close to 20 years.

According to Finch, products often fail because the Early Majority isn’t convinced enough to buy the product (Section 9.4, para. 4). One way to plan and prevent this failure would be to ensure the market testing phase is thoroughly worked out. It is important to gather and understand the feedback given on the products being sold to help foresee possible issues in the future. Another recommendation is to manage customer service closely. People will often not go to restaurants or buy products because of the customer service provided. If a product happens to break and the customer service for repairing or replacing is bad then people in the later parts of the product Diffusion Curve will not buy it ultimately leading to product failure.

Reference

Finch, J. (2012). Managerial marketing [Electronic version]. Retrieved from https://ashford.content.edu

Respond to...

*Generate New Idea: Marc Jacobs handbags are created for coziness, flexibility and sophistication swaddled in good quality leather. The material used is grease and liquids resistant, sturdy, and lightweight and comes in black, no exciting colors were included in these designs. Marc Jacobs is a designer who designs clothes collections and accessories for both men and women to use. His signature fashion designs have crossed over to handbag product line for men and women, branding his name as a mark on all his products for easy acknowledgment.

*Screen the Idea: Marc designed several popular merchandises and considered how the equivalent of each original idea drive and improve his whole product platform. His continual plan incorporated special designs from accessories, handbags, material, and fashion that will demonstrate his craftsmanship as a designer while executing and promoting his brand.

*Analyze the Product Concept & Potential: Handbags are popular, I have several; so there is definitely a potential for this product line. Marc’s strategy to retain current company supplies such as fabrics, designs, one color, jet black, refusing to use bold and lively colors. Still, he added his signature of elegance throughout the brand placing development. He failed to analyze his choice of a loyal customer base through feedback. This would have positioned him in the market with superiority and proportional price handbag, excellent for the modern woman and professional moms. Even though the concept is great, but the lack of in-depth research to discover what the customer ideal handbag should look like was not accomplished. Research indicates that vibrant bold colors merged into quality fabrics and crafted with elegance is what the typical female looks for in a handbag.

*Develop the Product: Marc Jacobs’s handbags must have the matching functionality as most handbags but must have engraved his signature element: Classic and frame contouring as not to only present useful but also feminine. A collection of diverse styles from wallets or small elegant purses to daily practical bags with pouches and built-in organizers to streamline makeup product placing and a bigger area to store wallets, beauty products bags, mobile phone, car keys, and more. The product development of Marc’s did not consider the cost of materials, due to a change in design added by Marc because of his eccentricity and mood shift. Designing some bags that are more affordable before his main products were taken to production was not done, this was a grave error. The normal female Marc designs for sets the style and purpose but looks for quality within a reasonable price range, not willing to sacrificing elegance and fashion. As soon as the materials, accessories and color selection (Black) is made, the manufacturing process should begin. Unfortunately, additional production cost was encountered thus increasing the cost of the handbags. Another design or more affordable materials and fabrics were not considered because he though his loyal base customers would embrace the price shift, but they did not.

*The Product & Marketing Mix: Most females buy products that offer or deliver an option to be able to make a comment. Women want to look beautiful or want products that will enhance their feminine attributes and designers keep this in mind when they create fashion or just fitting in, because this will take their brand to another level, elevating it as they enhance females. The products have to be stimulating for customers in order for them to buy immediately that item and provide positive feedback to other shoppers as they share the importance of buying this product. Handbags are good for advertisements because they are taken everywhere, great visibility. As you use them, handbags are hard not to be recognized or seen as an item that you want to buy because you like it. Marc’s passion for black overtook his design and this was not embraced by the shoppers. Marketing did not consider that the majority of customers that love daring bold colors. The boosts in his strategy would have succeeded if he had done more research, consider the entire market and not only a niche of it, lack of knowledge of the trend set by other competitors was not taken into account. Marketing and advertisement fail to motivate buying online customers. Females were talking about the product to other females, but they were not encouraging others to buy the same product. Marc previously would make sure that the essentials of a handbag were included in addition to inserting his signature ‘Marc Jacobs’ widespread creativity was known by many and he relied on this heavily.

*Commercialize Products: Marc thinks that his designs and businesses can be a prosperous partnership when they are combined correctly. The handbags are retailed online and within several department stores and boutiques. Vendors recognize the importance of including a smaller brand with progressive awareness as a prospect to associate the brand within their store initially as a test run than placing them in all their stores. As cited by Finch (2012) when he described commercializing products, “the organization's commitment to marketing the product to the broader target market and subsequent execution of the product-specific marketing plan” (Finch, 2012, p.296). Similar to Newmans blending within ShopBob brand association, Marc’s handbags were sold in all Dillard's department stores but a lack of a good area with a clear brand association like “Marc Jacobs” was not executed. This would have guided buyers directly to Marc’s brand for product-choice buying option.

*Feedback from Current Products & Customers: Marc needs to get in touch with women’s needs and work together with women and men customers, use feedback as a guide. Women know exactly what they want and look for in a handbag and as well as men, who are more of gift shoppers for these women. The feedback provided can be greatly used for product improvement and design. Marc’s success as a designer was hindered when he left Louis Vitton Fashion House as he expands himself opening multiple stores. His products increased in price more than before because he did not have the previous support. His handbags needed to be more affordable, as well as creating these for clothesline, shoes, fashionable jewelry, and other accessories. He can reinvent himself and these products and become more popular and modern if he makes the necessary changes, like using classic designs for the satisfaction of all women with fabrics that are more affordable. This will lighten design knock-offs and possibly lure new buyers who are not aware of his brand. His signature name and classy products are a great form of advertisement for this brand. And, by creating brand consciousness of loyal buyers that can afford his line of products, will allow the diminishing of competitors in the market as they will be forced to review their brands and keep a better equilibrium in the marketplace.

Marc Jacob was a brand that had great profit at the beginning. His brand has been loosing over 50 million a year after he steps down from Louis Vitton Fashion House. Every product he creates must be inclusive of the brand he represents. He needs to work more on guarding his image against the public and professional scrutiny as he has received negative press and criticism which impacted his brand and even possibly hurt or affect his reputation creating a rode for his competition to dominate and take over the marketplace.

Reference

Finch, J. (2012). Managerial Marketing [Electronic version]. Retrieved from https://ashford.content.edu