Question 32. Define a new product and new product development process. Companies that excel at developing and managing new products reap big rewards. New products are the lifeblood of the company. A new product is a product: • That opens an entirely new market. • That adapts and replaces an existing product. • That significantly broadens the market for an existing product. • An old product introduced in a new market. • An old product packaged in a different way
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Recommendations ➢ Suggestions to performance measurement system: 1) ROI can be used combination with other performance measures to avoid the limitations of ROI. The company can establish a non-financial performance measurement system such as the balanced scorecard .With a good performance measurement system‚ the incentive compensation plan will be improved. (2) EVA ( Economic value added) can be used instead of RO ➢ Suggestions to improve the existing incentive compensation plan. ➢ Suggestions
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Almarai Company Al Marai Brief History al Marai company was established in 1977 by prince Sultan bin Mohammed bin Saud Al Kabeer‚ alamarai’s chairman‚ under his guidance many agriculture projects were launched and were developed towards achieving his objective . Al Marai company is the largest diary company in Saudi Arabia it produces food‚ dairy‚ and non-dairy products‚ in 1991‚ when al marai
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Product Planning and Standardization Product * Something produced through labor‚ thought and growth. * It is simply a set of tangible physical and chemical attributes assembled in an identifiable form. New Product * It can be a replacement product for some but imitative to the other. Classification of New Product 1. Innovative Product * These product were created upon realization of an unanswered need in the market which has not been fulfilled by any substitutes.
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PRODUCT MANAGEMENT THE ORIGIN: ➢ The idea of product or brand management began at Proctor & Gamble in the early 1930s. ➢ All began with a memo directed to the head of the advertising department by Neil McElroy on May 13‚ 1931 and ran to three pages – considerably more verbose. ➢ McElroy was thus the obvious man to grow and plant the embryo of brand manager system. ➢ McElroy was heading the new soap product “Camay” which was directly in competition with Ivory.
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Disney Company‚ in full The Walt Disney Company‚ which is an entertainment company to list and discuss the major bases for segmenting consumer market. The Walt Disney Company is one of the most famous names in the animation industry‚ known for providing entertainment directed to adults and children. The Walt Disney Company which also referred to as “Disney” is the largest media company in the world and also is the worldwide entertainment company. For over 85 years‚ The Walt Disney Company has been
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i. Company history Restaurant sequence function (F&B). Since the starting of its first store in Ipoh in 2005‚ Oldtown Bhd (OTB) has 199 sites in Malaysia‚ 8in Singapore‚ 11 in Philippines and 4 in Chinese suppliers as at end-Mar 2013. Of these‚ 83 are fully-owned sites‚ 19 partly possessed‚ 108 franchised and 12 certified. OTB is now the greatest asian design café in Malaysia with regards to variety of sites. Its F&B function included 60% of team income and 56% of team pre-tax. (oldtown
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Unit 312 Design and produce documents in a business environment Understand the purpose and value of designing and producing high quality and attractive documents 1.1 – Describe different types of documents that may be designed and produced and the different styles that could be used Memos: Are an informal piece of information that can be paper based or electronically Faxes: A type of business document that can be sent between business the fastest ways either black or white or in colour. Letters:
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PRODUCT LIFE CYCLE CONCEPT OF PRODUCTS LIFECYCLE (ELEMENTARY KNOWLEDGE) Product Life Cycle Definition by Philip Kotler: "An attempt to recognise distinct stages in the sales history of the product " PLC concept implies: Products have a limited life. Product sales pass through distinct stages with each stage posing Challenges/Opportunities/ Problems. Profits rise/fall during different stages of product life cycle. Products require different marketing/manufacturing./ finance/ purchase/ HR
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ethical issues in business. They also have the ability to withdraw the resources a company needs in order for it to survive. Therefore a company’s relationship with stakeholders is critical. Such a relationship explains why businesses and manufacturers have a legal and moral responsibility to provide consumers with safe products. There are many responsibilities businesses have towards consumers concerning product quality‚ labeling‚ prices‚ and packaging. Furthermore‚ there are government regulations
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