Term Paper SAMIP
Term Paper
New Product Development
Samip Humagain
1. Background:
The ‘Futsal grounds’ around have become popular hangouts for the football lovers, who visit them to derive the pleasure of playing the popular sport. The customers, who comprise mostly of young people going to school and college, play to their heart’s satisfaction. The sense of satisfaction is mutual with even the owners of the Futsal business delighted by the healthy turnout of people.
2. Literature review:
I have focused my research on how Futsal as a new product was developed and how this development led competitors to enter into this market and various innovations that took place as a result of intense competition.
Previous findings on this topic “New product development process” suggested that generally a product passes through mainly nine stages: idea generation, idea screening, concept development testing, marketing strategy, business analysis, product development, market testing and commercialization. What I have mentioned and explained in my research is that, what happens after a new product is developed? In case of Futsal business, the stages of its development was long so that it took 2 years of extensive research to establish 1st Futsal arena.
3. Market Segmentation, Targeting and Marketing Mix
After visiting a couple of arenas I found that futsal arenas segment market primarily on the basis of gender and than age group.
Therefore the an appropriate marketing mix for such business would be:
Price: I found that the price is different in different location and price also depends on what time people are playing futsal but I can say that the average price is RS 1500 per hour.
Place: Place is the indoor artificial turf.
Product: Product is fatal itself which is played indoors.
Promotion: Generally I found that Futsal arenas promote through social networking sites like Facebook, many arenas have their own website like GAA where customers can book online.
4. How it
New Product Development
Samip Humagain
1. Background:
The ‘Futsal grounds’ around have become popular hangouts for the football lovers, who visit them to derive the pleasure of playing the popular sport. The customers, who comprise mostly of young people going to school and college, play to their heart’s satisfaction. The sense of satisfaction is mutual with even the owners of the Futsal business delighted by the healthy turnout of people.
2. Literature review:
I have focused my research on how Futsal as a new product was developed and how this development led competitors to enter into this market and various innovations that took place as a result of intense competition.
Previous findings on this topic “New product development process” suggested that generally a product passes through mainly nine stages: idea generation, idea screening, concept development testing, marketing strategy, business analysis, product development, market testing and commercialization. What I have mentioned and explained in my research is that, what happens after a new product is developed? In case of Futsal business, the stages of its development was long so that it took 2 years of extensive research to establish 1st Futsal arena.
3. Market Segmentation, Targeting and Marketing Mix
After visiting a couple of arenas I found that futsal arenas segment market primarily on the basis of gender and than age group.
Therefore the an appropriate marketing mix for such business would be:
Price: I found that the price is different in different location and price also depends on what time people are playing futsal but I can say that the average price is RS 1500 per hour.
Place: Place is the indoor artificial turf.
Product: Product is fatal itself which is played indoors.
Promotion: Generally I found that Futsal arenas promote through social networking sites like Facebook, many arenas have their own website like GAA where customers can book online.
4. How it
References: Rangashala Blog: Author Rajesh Maharjan, Lalitpur Futsal Purnima Lama, Prismatic Futsal Nawang Nima Lama, Kaizen Sports Sloutions Mr Ramesh Shrestha, Prismatic Futsal Himalayan Times and Gorkhapatra Nabin Bir Basnet, Best Futsal Pvt. Ltd