Consultancy Skills - Research Proposal for New Product Launch

Aims and objectives

Aims: To increase consumer segment by 5% in value terms by end of 2019

Objectives

To attract wider of customers at the end of 2019

To increase sales and productivity by launching new products

Research background

In the research there are various research methods which are used by them for conducting research in effective way. Proctor and gamble is launching new product in market which is eco refill glass jar. It is the important part of sales initiative because it will cover area of oral care market. Kids and teens are mostly attracted by the products. Sales is the growth driver of the company which will conquer market in effective way. Company is using new technologies and methods for solving problems which are rising in market. Proctors and gamble must also look after the laws and see that laws are not prohibiting rules of environmental standards (Goffin 2017).

Organisation is using primary research for analysing market trends for identifying need of customers. Primary research is research in which organisation will complete research by way of observations and ethnographic research. Generally researcher are using research in which both primary research and secondary research is used by them for analysing data related to customers. Through these research company has analysed key market trends in the sector. In secondary research researcher have collected data by way of books and journals. Company have also used social media for attracting consumers and for marketing of products.

Through these research company have analysed key market trends which have helped company regarding launch of new product in market. Through this research company have analysed price of products. Form these research I have identified that luxury brands products are providing more protection as compared to other brands. So, customers are prefer brands of luxury products and at last they will buy products of brand with low quality. Company is concentrating on various challenges which will provide products to customers. Organization is investing on the inventory management system and channel partners which will help them to distribute products in market. These sales channel strategy comprises distributors, advertising and storage and warehouse in urban market. There are several issues which are faced by company like lack of finance and also because of bottleneck process.

Lack of finance is major issues for company because organization have to invest more money in improving infrastructure of company along with organization have to invest huge amount in advertising. Company is spending large cost on advertising by way of placing advertising on television and newspapers. Company is also using social media for advertising which will attract customers on large scale. On the other side company is facing issues because of bottleneck process in which business is done by way of bottleneck process but it will reduce capacity of whole process. In result in stall of production and increase in supply and stock. Customers will not be satisfied by these type of process and it will have effect the company image (David and Hung 2020). Want to get Assignment help? Talk Our Expert Now!

Organisation will face threat relating to in cease in competition. In the whole process of research company have identified new entrants are finding scope to enter the market which will not be beneficial for company at any cost. Due to increase in competition company have to strengthen the marketing strategies which will strengthen the position of products in market. Company is using social media for advertising of product along with company is investing huge amount in advertising which is beneficial for company but at same time it is affecting financial position of company.

PART 3

Sales initiative

Except voluntary organizations, both private and public organizations perform several activities and operate their business with the main aim of generating profit by increasing its sales. Before launching a new product, it is important for an organization or P&G to think about its sales as estimate cost and budget as how much money it will require in successful launching of products as well as expected sales for 11 months. There is an estimation of cost that will be generated by initiatives in mainly for marketing and promotional activity include:

For promotion, several channels has been used such as billboards, twitter, Facebook ads, you tuber campaign etc. Expected budget for each promotional activity and sales channels are: Big you tubers campaign plays an important role as with the help of this campaign, company can reach to its target customer which are teenagers and kids. Nowadays, not only youngsters but also kids play you tube for watching cartoons and other things (Mullin, 2018). By launching products or giving ads on You tube, it can grab attention of target market. It will take approximate £620,000 for reaching almost 80,000 viewers. P&G has made an effective use of kids TV programme channels and for it, it makes a partnership for this channel. For promoting its new product, eco refill glass jar on kids TV channels, it will take approximate £300,000 for giving ad 2 minutes per day. Advertising in TV channels can increase total cost but it can help the company in attracting the main target which is kids and teenagers.

In addition, with the help of Facebook as well as LinkedIn Ads, company can promote its products which will help it out in making aware to people about its new product (eco refill glass jar). By giving attractive ads on Facebook and LinkedIn, P&G can make aware to families as well as businessmen because these both social media platforms are being used by businessmen and youngsters to the great extent. For Promoting product on Facebook, it will take approximate £35,000 and approximate £9 per 900 impressions. On the other hand, giving Ads on LinkedIn will take approximate £30,000 and £9 per 900 impressions. There are other platforms are also available by which P&G can promote its new product and grab attention of target customers with the main aim to increase sales and consumer segment by 5% in the value terms. Giving ads on Twitter can be proved beneficial for this company and with its help, it can attract its customers which are teenagers and kids. But the main target of this sales channels is youngsters and teenagers. Promoting a new product by giving Ads on Twitter will take approximate £20,000 cost for £6 per 900 Impressions. Billboards can also help the company to the great extent as it can grab attention of almost all people of UK and London such as tourists, local people, families teenagers etc. Promoting a new product with the help of billboards will take £400,000.

So, from the above it can be said that promotion plays an important role in attracting customers and increasing sales (Meyer and Sidorkiewicz, 2018).

PART 4

Value Proposition

Value proposition plays an important role as it refers innovation, services and features which helps company to attract customers by making its products attractive. In the value proposition, target market or customers play a vital role because they are the only one who can let the company know,about the effectiveness of products and services and its innovation. For increasing value it is important for P&G to have in depth knowledge of its target customers. It is stated that P&G wants to launch its new product which is eco refill glass jar for 8-12 years old kids and 13-19 years old teens. The main aim of targetting kids and teens is to improve their health by providing them eco refill glass jar by which they can drink colder as well as pure tasting water (Åkesson and et.al., 2016). A target market refers a group of people which are being identified by the company as more likely purchaser or products beneficial of a company's product. The main importance and aim of choosing target market is it makes the company able to direct its resources to them with high potential for sales growth. The main aim of P&G of targetting kids as well as teens for its new products is increasing sales by making them aware about importance and characteristics of eco refill glass jar.

Key tasks: For increasing value of that products, it is important for company to focus on different types of needs of target market. By identifying their needs, company can improvize its products and make new product able to meet needs of customers. Further, it will focus on research and promotion strategy with the help of social media. There are several people who make an effective use of social media and by providing all informations or details of products, P&G can increase value as well as make their customers happy and satisfied (Li and et.al., 2016).

Milestones: There are several important factors and steps which plays an important role in making the research successful as well as achieving the main goal. The main aim of P&G is to increase consumer segment by 5% in the value terms by launching a new product (eco refill glass jar) for kids and Teens. Some important steps include: Conducting aims and objectives, identify the target market, making a budget or estimate cost, gathering informations about target market etc.

Potential issues: Conducting research or launching a new product is not an easy task. According to me, researcher or an organization has to face several problems at the time of launching a new product or selecting target market (Goffin, 2017). Some main problem which occur or may be occurred such as: lack of finance, lack of skilled human and technical staff, approaching target market in an efficient manner, solving different types of needs of target market, getting relevant informations of target market or key trends etc.

Methods of overcoming issues: Lack of finance, getting relevant informations, approaching target market are some of the main issue which can become the reason of failure of the project as well as become barrier in accomplishing the main goal. So, it is important for P&G to solve all these problems by using effective strategies and ways. With the help of Social media, company can approach different target market and provide all informations about product to customers. For getting skilled workforce it requires providing training to its staff and increase their skills. Analysing sales channels and estimating cost is one of the main important task. By making an effective use of primary and secondary sources, all current trends and informations can be identified. Get Assignment Examples ? Talk to our Experts!

Part 5

Financial evaluation of the proposed sales initiative

Financial statement plays an important role as it helps an organization ion estimating all profits and loss for its new product and other purpose. Profit and loss statement refers a financial statement which summarizes revenues, expenses, costs which occurred during a specific period. It will show revenues and cost which will occur in 12 months. The main aim of preparing this financial statement or profit and loss account is to show annual net profit and loss to the company on which basis it may take decision (Atkinson, Riani and Corbellini, 2019). So, it can be said that by getting informations about income and expenses, company can make better decision regarding product launching.

Financial evaluation in these financial evaluation company have targeted customers which will buy products, and they are approximate 62500000 and revenue collected from these people up to the 375000000. Through these it has been calculated that revenue collected from per person is 6. The population of UK 35625000 and revenue collected from each customer is 6. Here are targeted customers of company which will state the financial position of company in the market (Cooper and Sommer 2018).

In this company is settling model of profit and loss account which will state about the position of product in market. The company has allotted 10 m to 31250000 million for reaching the expectation of customers. In these ethical market company has used services which are including big YouTube campaign services which has budgeted amount of 720000 and has break down of approximate 20 k to 100000 viewers. It has reached maximum 7.2 million customers along with it has targeted audience of young people and teens and adults. On you tube campaigns company have spent up to the 7200000 in which nearly 4 % of customers are buying products online. That 4% people are nearly 288000 and company have spent for total expenditure on the selected products is the 720000 (Klotins, and et.al., 2019).

Company have also started partnership with main stream kid TV programs in which company has invested huge amount and in this company have invested 7200000 and along with that nearly 4 % of people will buy the products online and 400000 is the total expenditure incurred by company on the products. In the other side company has stated face book advertisements which has researched till 7200000 people of UK while company has incurred 40000 cost on the advertisements done by company on the advertisements.

Organisation has started linked in programs and these have reached till the 72000000 customers of UK while company have incurred 30000 on the project. Company have used twitter advertisements for increasing sales and productivity of company. On twitter advertisements company have incurred cost of the 30000. On all these advertisements' method there are nearly 4 % chances of customers will buy the products online.

In these total number of online purchase done by customers is 1760000 and total revenue generated by company form customers is the 10560000. Company have also invested on the marketing of products and these expenses of marketing have reached up to the 1720000 while total profits generated by company is the 8840000. These have stated financial position of company in market and also about the financial position of company in market. These all had positive effect on company and which have resulted increase in sales and productivity. Take management assignment help Now!

CONCLUSION

From the above report it has been concluded that the company is launching new product in market which will increase sales of organisation. In order to increase sales company is investing on the new products along with the new technologies as well. Organisation is investing huge amount on social media advertising. These are having positive effect on company image and also increasing sales and productivity.

Read More - Verdant Leisure Ltd: Navigating Digital Marketing Challenges

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