Developing of a New Product: Broomstick
Harper Adams University College
BSc International Business Management
New Product Development Module F6012
Developing of a New Product--Broomstick
Submitted by: 11223600
11215400
11216500
For: Anne Taylor
Date of Submission: 3rd December 2013
Words Count without References: 3931
Developing of a New Product--Broomstick
Content
Summary 2
1. Introduction 3
2. Ideas Generation and Screening 3
2.1 Idea Generation 3
2.2 Idea Screening 4
2.2.1 Feasibility 5
2.2.2 Acceptability 7
2.2.3 Vulnerability 7
2.3 Product Description 7
3. Business Method 8
4. Target Market 9
5．Product Differentiation and Position 11
5.1 Functional Position 11
5.2 Symbolic Position 11
5.3 Experiential Part 12
6. Product Attributes 12
7. Competitors Analysis and Comparisons 12
7.1 Using SWOT in Competitor Analysis 13
7.1.1 Strength of the Broomsticks 13
7.1.2 Weakness of the Broomsticks 14
7.1.3 Competition and Threats 14
7.1.4 Opportunities 15
7.2 The Future Trends in Toys Industry 16
8. Resources Requirement 18
8.1 Power System 18
8.2 Protective Measures 18
8.3 Experts and Financial Support 19
9. Sales Prediction 19
9.1 Sales Predicts by Its Features 20
9.2 Sales Prediction by Its Substitutions 20
10. Potential Problems 22
11. Conclusion 23
Reference 24
Summary
In the modern business, new product development is one of the core parts in the business operation. As the NPD department, this paper will demonstrate a new idea of developing the toy of broomsticks and explain in several aspects.
In the first part, the generation and screening will be illustrated as the logical idea processing and pointed out the broomstick’s competitive advantages. Then using QFD as the business analysis methods employed to present the degree to which product technologies match to customers’ needs.
In the market section, based on the products attributes and product fit, the target market is narrowed and locked on the children who are in 8-14 years old. Then using SWOT method in competitor analysis
BSc International Business Management
New Product Development Module F6012
Developing of a New Product--Broomstick
Submitted by: 11223600
11215400
11216500
For: Anne Taylor
Date of Submission: 3rd December 2013
Words Count without References: 3931
Developing of a New Product--Broomstick
Content
Summary 2
1. Introduction 3
2. Ideas Generation and Screening 3
2.1 Idea Generation 3
2.2 Idea Screening 4
2.2.1 Feasibility 5
2.2.2 Acceptability 7
2.2.3 Vulnerability 7
2.3 Product Description 7
3. Business Method 8
4. Target Market 9
5．Product Differentiation and Position 11
5.1 Functional Position 11
5.2 Symbolic Position 11
5.3 Experiential Part 12
6. Product Attributes 12
7. Competitors Analysis and Comparisons 12
7.1 Using SWOT in Competitor Analysis 13
7.1.1 Strength of the Broomsticks 13
7.1.2 Weakness of the Broomsticks 14
7.1.3 Competition and Threats 14
7.1.4 Opportunities 15
7.2 The Future Trends in Toys Industry 16
8. Resources Requirement 18
8.1 Power System 18
8.2 Protective Measures 18
8.3 Experts and Financial Support 19
9. Sales Prediction 19
9.1 Sales Predicts by Its Features 20
9.2 Sales Prediction by Its Substitutions 20
10. Potential Problems 22
11. Conclusion 23
Reference 24
Summary
In the modern business, new product development is one of the core parts in the business operation. As the NPD department, this paper will demonstrate a new idea of developing the toy of broomsticks and explain in several aspects.
In the first part, the generation and screening will be illustrated as the logical idea processing and pointed out the broomstick’s competitive advantages. Then using QFD as the business analysis methods employed to present the degree to which product technologies match to customers’ needs.
In the market section, based on the products attributes and product fit, the target market is narrowed and locked on the children who are in 8-14 years old. Then using SWOT method in competitor analysis
References: Figure1. The source of inspiration is coming from a UK film named “Harry potter.” (Source: OXFORD ECONOMICS, 2012) Figure 2. Idea Screening Process (Source: Slack et al, 2007) According to NPD Group prediction, the UK toy market will be dominated by high technology and innovation ideas (NPD, 2013). (Source: Buchan, 2013) In this part, it will demonstrate the relationship between customers’ needs and technologies provided. In addition, QFD method could examine the customer needs in detail from a variety of angles (Terninko, 1997). Figure 3. Customer requirements for technology-setting versus effort in broomstick developing process (Adapted from: Crow, 1996) Figure 4. The retail sales forecast of children’s toys (Source: HK TDC, 2013)