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This is a group assignment for Business Venturing Subject. I am doing "Design and development plan" and "Manufacturing and operating plans" for my part. I don't need to do Introduction and conclusion. The product is about Thanakha spray and there has a file about Thanakha in the given file. And I have provided the parts that my friends have written. Please read through that document and continue writing my parts. Please write all the bullet points under the headings of my assignment description file. The Thanakha spray will be manufactured at Myanmar. The headquarter will be in Myanmar. You also need to write about the ingredients that will be in the Thanakha spray.

About Thanakha

About Thanakha

Thanakha is yellowish-white cosmetic paste. It is a distinctive feature of the culture of Myanmar, seen commonly applied on the face and sometimes the arms of women and is used to a lesser extent also by men. Thanakha cream has been used by Burmese women for over 2000 years. Thanakha is actually obtained from a tree and to be used as a skincare, the tree has to be 25 years and above. Thanakha tree can be easily find in Myanmar forest.
 
Proposed Business

The purpose of the business is to improvised the product from paste to spray. The spray of Thanakha is easier to be use and carry. Our company aims is to let more Asian consumers knows more about Thanakha. We will initially introduce in local market and then followed by Asian countries from beauty stores such as Guardians, Watsons and Sephora. We guarantee that our product is good for skin care and also to every age of consumers.
 
Proposed Product

The Thanakha spray can be apply on consumers that are having skin problem or maybe sensitive skin. It has no chemical or synthetic mixtures that might harm your skin. By applying regularly, the skin will become fair, smooth and soft, also can protect the skin from sunburn. When Myanmar Thanakha is tested and analyzed in the laboratory, it is found that it contains natural cormorant and it can prevent UV (Ultra Violet) rays. The use of Thanakha spray and paste is actually the same. The spray will be more convenient and also more efficiency than the paste.

Uniqueness of Product (initial SCA)

Thanakha paste can be easily found in local market. The paste takes certain steps to apply on skin. Firstly, consumers are required to take a certain amount of the paste and mix with water then apply to their face and body as per necessary. It would be inconvenient for a Thanakha paste user without having water to mix it. Hence, we will take competitive advantage bases on this weakness by producing as a spray form. It can make your day more beautiful and fresher. Most importantly, it can make your usage way easy and cut the time down considerably. This Thanakha spray is more convenient for a busy person who still loves to wear Thanakha. The process can be done with a quick spritz and minimal rubbing to spread it around. Moreover, unlike the paste form, the spray is a necessary thing in the summer day. After a day in the sun, lightly mist your body to feel cooled and refreshed. On the other hand, we have observed that local product packaging is outdated and burdensome. Hence, we will also upgrade the product packaging and design into a better and fitting one for our new customers. For these reasons, we can satisfy the rareness of the market.

To prevent copyright issues, technology to make product and protect our brand reputation, we will register our trademark and product in the local market first. After that, we will proceed the registration in Singapore. We believe that the combination of our innovation in addition to activities to position, deliver and protection can enable a head start into the market. We expect our venture to become primarily generate profit from the initial SCA.

Proposed entry and growth strategy (including the sustainability of SCA)

Entry strategy stage is a crucial part for a new venture to make an appropriate entry approach to launch our venture’s initial SCA into the targeted market to accomplish objectives missions, goals and objectives. We will be performing SWOT analysis of the target market to categorize external analysis and internal analysis in the market for the Thanakha spray product. We will be undertaking two strategies for our Thanakha spray. The first strategy we will be practicing to our proposed product is the parallel competition strategy. Since, Thanakha products are already in the local market, we are doing it as a spray form for a better stage. The risk of our new venture is relatively low as the Thanakha market exists in the local market. We can also estimate the production cost and profits because of the competitors in the market. Moreover, we will distribute our products to Asian market after launching to the local market. Hence, we will also be using Geographic transfer strategy. The initial SCA for this strategy will be in new location such as Singapore, China, Vietnam, Malaysia and Indonesia, etc.

Proposed Business

Target Market and Customers

Target markets for the proposed product is primarily female market for all age range who enjoys using skincare products. Thanakha is an organic chemical-free skincare product so that it can be applied on every age range consumers. Furthermore, it is targeted for consumers who have medium income range.
 
Market size and trend

At first, we will be selling our product at Myanmar. When our product reaches a stable stage, we will sell it all over the Asian country. For our headquarter, Myanmar, we are going to sell our product at every convenience store. For other Asian country, we will be selling it at Watsons and Guardian. Our product will be selling at a lower price range compare to other skincare product. But in the future, we might increase our price due to the demand in market and also the popularity of our product.
 
Competitor analysis and comparison

In skin care and beauty industry, we will be facing monopolistic competition, where by a large number of companies exist and competing within the same market size. We can simply penetrate the market as the entry barricade is relatively low. Thanakha product producers in local market perform a major role in sustaining the development in local market. After investigating all the companies in local industry, we have acknowledged two corporations that might be our principal opponents. Both companies are indirect competitors which sells Thanakha paste competing within the same market. 

Competitor 1: Shwe Pyi Nann

Shwe Pyi Nann is the Myanmar’s biggest Thanakha company with over 95% market share. The company was established in 1991. The business operates as manufacturing, distributing, and retailing organic cosmetic Thanakha as well as body cosmetics. It possess one of the local strongest cosmetic wholesale network. In addition, the business export traditional cosmetic Thanakha to international market including Philippines, Thailand, Singapore and Malaysia.

Competitor 2: Belle Cosmetic

Belle Cosmetic was founded in 2016 by a young Myanmar female entrepreneur who owns the largest network of convenient store in Myanmar. The company offers a wide range of beauty and skin care product selections including makeups, lipsticks, body lotions and so on. The company is rapidly increasing its market in a short period of time because of its product quality and marketing strategies.  

Estimated market share over time

Since our product is exclusive in the local and international market, we can ensure that the Thanakha spray can attract the customers and fulfil the consumers’ desires, wants and needs.  According to the estimation, we target to take 35% of the local market share for the first six months of our product launch. After that, we will concentrate to the Asian market to take 20% of the share as an international market.

Marketing Strategy

Thanakha spray will be made popular in the market by taking recourse to advertising on the television and the magazines. The Thanakha spray is used by women of all ages and hence it should be promoted on a platform where these consumers will be able to look at the features of the product. The magazines sit on the coffee table for a long period of time and it can provide opportunities to the people to view the exclusive features of the product. The target customers will be able to see the product in their magazines and they will go forward to buy the product (Goworek, McGoldrick & McGoldrick, 2015). A magazine provides opportunities for all the family members to know about the products and sometimes magazines are shared among people that can help a large number of people to know about the Thanakha spray. The marketing strategy will also include promoting it with the help of television that will greatly suit the geographic transfer strategy of Thanakha spray (Armstrong et al., 2015) Advertising the product on television will help the people in the locations of Singapore, Vietnam and Indonesia to know about the product of Myanmar.

Proposed Product

Pricing and margins

The pricing of the Thanakha spray should be such that it can be bought by people from all strata of society. The pricing being high will become a hindrance for the lower and middle income group so the pricing should be such that it becomes affordable for people. The Thanakha spray should be priced at a price of 2950 Burmese Kyat that will make it accessible to a large number of people. The convenient pricing will help many Asian consumers to buy the product and it will then be able to expand in the other markets (Brown, 2016).

Packaging and manuals

The packaging of the Thanakha spray should be airless and it can help in preserving the air-sensitive formulation. The global market in relation to airless packaging is growing at a rapid pace and Thanakha spray should make use of this approach in packaging so that it can expand in the global arena. The airless bottle will be a great packaging choice for Thanakha because it can help in providing formula protection along with shelf-stability. It can reduce the need for chemical preservation and will thus not hamper the skin of the consumers. The packaging of Thanakha spray can make use of piston mechanism that can help in the functioning of the bottle (Malhotra & Peterson, 2014). The manual of the Thanakha spray should contain the special ingredients that have been used in the making of the product. This can help in bringing out the natural quality of the product.

Distribution channels

The multi-channel retaining can help Thanakha in profiting a large margin and they will be able to earn more revenue. Cosmetics can be said to be a tactile product and the consumers like to feel the product before they purchase the product. The Thanakha spray can be distributed to the retail outlet that is visited by a large number of people (Babin & Zikmund, 2015). The consumers will be able to see the product before they buy it. The local drugs along with beauty stores can also keep the product so that people can buy it. The brand can also be promoted online with the help of different websites that can act as the distributary channels for the brand.

Methods of selling

The selling of cosmetics is dependent to a great extent on that of impulse purchase. Link Selling can be made use of that can help in producing sales energy and it can lead to higher profit. The cream of Thanakha along with the spray of Thanakha can be promoted together that can help in encouraging the customers to buy the products (McDonald & Wilson, 2016) The obtaining of orders from repeat customers can help in the growth of a company and it can prove to be easier as compared to the finding of the new customers. The follow-up techniques can be made use of increasing the bond with the customer.

Advertising and Promotion

The advertising of the Thanakha spray can help in achieving the highest efficacy for the brand and it can help in achieving the key performance indicator like sales along with new accounts. It has been found that television can have four times effect as compared to the digital media and hence the advertising of the Thanakha spray can help the company in achieving the objectives. Television can act as the sender of powerful message and it can successfully be used by Thanakha for the marketing of its new spray (Draelos, 2015). Thanakha should have a unique logo that can help in the promotion of the cosmetic products. The logo design should be able to stand out from that of the competitors that can help in creating a visual treat for that of the audience. The logo should help the consumers in knowing that the product does not have any synthetic mixtures that can harm the skin of a person.

Uniqueness of Product (initial SCA)

Service and warranty policies

The products of Thanakha will be on the basis of Safe Cosmetics Act that can help in ensuring the fact that the products are free of any kind of ingredient that can be linked to the cancer or that of developmental harm. The ingredients should be fully displayed on the labels of the product and on the company website. This can help in delivering benefit for both the consumers along with the business (Ohira & Hirao, 2015). This can help in boosting the confidence within that of the cosmetics industry and it can help the consumers in the making of informed decisions. The warranty of the product of Thanakha will start at the time of buying the product and it becomes active when the product registration becomes complete. In the event of a defect being in the product of Thanakha, product credit would be offered to the consumers. A defect being found in the product the customer can send it back to the company at that of their expense.

Marketing timetable and Budget

Marketing

Medium

Budget

1st week

The Promotion with the help of Magazine

80,000 Burmese Kyat

2nd week

Promoting with the help of television

90,000 Burmese Kyat

The marketing of the Thanakha spray by taking recourse to magazine will cost around 80, 000 Burmese Kyat and promoting the product on television will cost around 90,000 Burmese Kyat.

Projected sales volumes and values

The market size of the Thanakha spray will increase in the Asia region after becoming popular in the local market of Myanmar. The distribution of the product in the Asian region will be able to bring profits for the company. The Geographic transfer strategy will help in broadening the scope of Thanakha and it will be able to spread in the new locations of Singapore, China and Indonesia (Desmedt et al., 2016). The increase in the per capita income of the people of the Asian region will help the company in earning around 1 billion U.S dollar in the year 2016 and it can be said that it will increase to 3 billion dollar by the end of the year 2020. Asia is a large market of the cosmetic products and expanding in these areas will help in increasing the sales volumes of Thanakha (Hassali et al., 2015).

Look

Thanaka spray will be delivered in the bottle of 200gm which is ready mix and also the consistent is suitable as the spray agent. The spray bottle will have a suitable nozzle that can be adjusted for the amount of substance to be spread on face or on the skin. It is one of the best ways to spread the product over the skin as compared to the paste which is found in the local market. The liquid is yellowish just like the paste, but it is little lighter in color as compared to the paste. The bottle is easily handled, and also it is made of plastic which reduces the change of damage and other issues.

Operation/Ingredients

The ingredients of Thanaka spray are the Glycerin and the natural tree oil/waters. The entire spray contains 40 percent of glycerin and 60 percent of the natural tree oil. The glycerin is being made from the vegetable oil which works as the tremendous moisturizer for the skin, and also it pulls the water from the air to the skin (Genç, & Di Benedetto, 2015). It makes the skin baby soft and also regular use of it allow the skin to get hydrated and protect from UV rays of the sun. 60 percent are the ingredient of Thanaka plant and its oil that help to maintain a suitable glow on the skin and also the entire product does not have any kind of chemical ingredients. The product also has natural cormorants which help in preventing the UV rays and work as the best skin care product for the people of Myanmar (Gopalakrishnan, Libby, Samuels, & Swenson, 2015). The spray provides effective and suitable benefits to the people as they do not have to mix the power when they required it. The spray provides instant relief to the skin, and for that, it can be used anytime. The components are organic, and for that, it helps to maintain the natural baby look for the face. It is essential to have effective organic products within the spray so that it does not create any harm for the people.

Proposed Entry and Growth Strategy (Including the Sustainability of SCA)

Key features and benefits

The key features and benefits of the product are as follows:

  • The Thanaka spray helps to ease the anxiety of the human being. It is one of the best natural ingredients that allow the people to calm down their anxiety and their tension with the just simple spray on the face (Yang, Ong, & Nee, 2015).
  • The Thanaka is useful for soothing and also calming the skin tone and tension of human being. It is one of the best product that allows the people to get the softest as well as hydrated skin.
  • It is also used for the treatment of Acne as this is one of the best organization product for skin. This allows the skin to remove all the dirt and became fresh with the single spray.
  • It is also helpful to create protection against the skin cancer. With the natural ingredient of Thanaka, it helps to protect the skin and also develop their working function within the market (Meier, Browning, Yassine, & Walter, 2015).

A development plan for providing product

The product needs to be developed within the market with effective working function and valuable ingredients. This will allow the product to be the suitable and effective process for the entire working function within the organization. The primary process for the development of a plan for the Thanaka spray are; gather effective ingredients, determine the malting process, then the gauge mashing temperature, then the process of critical review for the product and the final review of the product.

Expenditure

The expenditure is developed by ingredients that are applicable for Thanaka spray within the market. Capital is essential for the development of Thanaka spray and the price range of the spray need to be 2950 Burmese Kyat for the people of Myanmar. The approximate capital that is required for the development of Thanaka spray is almost 2,112,676 Burmese Kyat. In the development expenditure, the cost of the entire process is being calculated.

Risk and difficulties

The risk in the product development process are as follows:

  • Strategic product development risk which looks for the specific risk that highly affects the Bottomline of the company. In this process, the maximum risk is being faced by the research and development department.
  • The product development faces product portfolio risk due to the changing technology as well as the production process within the market.
  • Technical risk also can be visualized within the development process of Thanaka spray. This is due to the facts that industries are using the huge number of technology which sometimes can provide wrong value.
  • Supply chain risk is another difficulty that is being faced by the product development process. In this, the supply of raw materials which is essential for Thanaka spray is highly affected.

Resources to achieve development plan

The resources that are required for the development of product within the market are the human resources, technical resources, raw materials and other various activities are need to be performed. It is essential to have the effective human resources for the entire process of product development within the organization.

Protection of development work

The product will be ISO 9001 certified that will show the quality of the product. It is essential to maintain the quality as this is a skincare product. The best part of this is that it will help to develop the product value within the market.

Plan for the ongoing development

The ongoing development of the product is to develop the same quality of spray in various range of bottles so that it could be easier for the customers to get their product from the market and also to develop valuable position within the market. The primary plan is to develop the business and the working function within the market for the betterment of the product. The suitable working process in the field to maintain their activity in the field. The development of the plan is quite helpful as it provides the numerous working process for the firm within the developed market where the skin care treatment is highly essential.

Manufacturing and operating plan

The facility operation in the product development includes the day to day operation of the organization. In this, the consideration, as well as the execution of the future maintenance, is provided. It helps to maintain the inventory of the physical assets within the firm for the development of effective and suitable working process with the market (Safford et al., 2015). The use of advanced technology is also used for the development of Thanaka product within the market of Myanmar. The management of the staff maintenance along with the effects of the firm is quite effective for providing a valuable working function to the employees of the firm. Sustainable practice is also maintained within the firm for the betterment of the product development.

Target Market and Customers

Building

The factory is also essential for the organization to prepare and develop their product. In the preparation of Thanaka spray the building is required for the development of Thanaka product within the market (Martins, Vieira, Gaspar, & Santos, 2014). It is essential to plant effective machinery and another functional area in the suitable building where the entire process can be formed most effectively. The building is required to develop effective working function within the market, and for that, it can be understood as the vital part for the firm to maintain their activity within the field. The entire development of the product is dependent on the process of effective and suitable working function.

Equipment

Equipment is also essential for maintaining the development process and the valuation within the market. It can be seen that with the help of suitable and effective equipment the product is going to be created. It will help to process the raw materials and turned it into the spray which is organized and also effective for the skin tone of Burmese people (Bayus, & Rajagopalan, 2017). Various kind of equipment like the mixture, then the technical process as well as the testing method for the development of product within the market. The equipment is highly essential to maintain their activity in the field for providing the best product to the market.

Capital cost

The capital cost is also vital for the establishment of the product within the market. The primary capital that is required for the development of Thanaka Spray is almost 2,112,676 Burmese Kyat. It can be seen that it is required for getting the raw materials and also setting the equipment’s within the organization (da Silva, & Kaminski, 2016). The capital allows the firm for developing their products within the market, and it is essential to maintain various products within the market that would allow the development of valuable business and their working function. With the help of capital cost, the organization can develop their market and provide valuable products.

Location analysis 

The organization will be set up in Myanmar which is also known as Burma. The country has almost 54 million population which is quite essential for the firm regarding their products within the market. This is one of the best places for the production of Thanaka spray as the raw material for the spray that is Thanaka tree is easily available in Myanmar that also in the huge number (Tolonen, Haapasalo, Harkonen, & Verrollot, 2017). This is the best location for the product to be developed, and also it will provide effective sales within the market as the Burmese people generally prefer the usage of Thanaka in their beauty treatment. This is the best location for the organization to develop their product.

Key suppliers 

A key supplier of the Thanaka product is the local dear of Thanaka tree. They can provide valuable raw materials to the organization which is essential to building the valuable business within the market (Gutierrez-Gutierrez, Barrales-Molina, & Kaynak, 2018). The Thanaka tree is being supplied from the local forest department, and the dealer helps them to get the most suitable and effective business in the market that will help for the growth of the firm in the industry of skin care products. The suppliers of the firm need to maintain well and highly effective so that they can provide valuable products.

References:

Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.

Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.

Brown, S. (2016). Postmodern marketing: dead and buried or alive and kicking?. In The Marketing Book (pp. 43-58). Routledge.

Desmedt, B., Courselle, P., De Beer, J. O., Rogiers, V., Grosber, M., Deconinck, E., & De Paepe, K. (2016). Overview of skin whitening agents with an insight into the illegal cosmetic market in Europe. Journal of the European Academy of Dermatology and Venereology, 30(6), 943-950.

Draelos, Z. D. (Ed.). (2015). Cosmetic dermatology: products and procedures. John Wiley & Sons.

Goworek, H., McGoldrick, P. J., & McGoldrick, P. J. (2015). Retail marketing management: Principles and practice. Harlow, UK: Pearson.

Hassali, M. A., Al-Tamimi, S. K., Dawood, O. T., Verma, A. K., & Saleem, F. (2015). Malaysian cosmetic market: current and future prospects. Pharmaceut Reg Affairs, 4(155), 2.

Malhotra, N. K., & Peterson, M. (2014). Basic marketing research. Pearson.

McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.

Ohira, H., & Hirao, N. (2015). Analysis of skin conductance response during evaluation of preferences for cosmetic products. Frontiers in psychology, 6, 103.

Bayus, B. L., & Rajagopalan, B. (2017). Exploring the Open Source Product Development Bazaar. In Review of Marketing Research (pp. 78-94). Routledge.

Da Silva, G. C., & Kaminski, P. C. (2016). Selection of virtual and physical prototypes in the product development process. The international journal of advanced manufacturing technology, 84(5-8), 1513-1530.

Genç, E., & Di Benedetto, C. A. (2015). Cross-functional integration in the sustainable new product development process: The role of the environmental specialist. Industrial Marketing Management, 50, 150-161.

Gopalakrishnan, M., Libby, T., Samuels, J. A., & Swenson, D. (2015). The effect of cost goal specificity and new product development process on cost reduction performance. Accounting, Organizations and Society, 42, 1-11.

Gutierrez-Gutierrez, L. J., Barrales-Molina, V., & Kaynak, H. (2018). The role of human resource-related quality management practices in new product development: A dynamic capability perspective. International Journal of Operations & Production Management, 38(1), 43-66.

Martins, A., Vieira, H., Gaspar, H., & Santos, S. (2014). Marketed marine natural products in the pharmaceutical and cosmeceutical industries: Tips for success. Marine Drugs, 12(2), 1066-1101.

Meier, C., Browning, T. R., Yassine, A. A., & Walter, U. (2015). The cost of speed: Work policies for crashing and overlapping in product development projects. IEEE Transactions on Engineering Management, 62(2), 237-255.

Safford, B., Api, A. M., Barratt, C., Comiskey, D., Daly, E. J., Ellis, G., ... & Thomas, R. (2015). Use of an aggregate exposure model to estimate consumer exposure to fragrance ingredients in personal care and cosmetic products. Regulatory Toxicology and Pharmacology, 72(3), 673-682.

Tolonen, A., Haapasalo, H., Harkonen, J., & Verrollot, J. (2017). Supply chain capability creation–The creation of the supply chain readiness for a new product during product development process. International Journal of Production Economics, 194, 237-245.

Yang, S. S., Ong, S. K., & Nee, A. Y. C. (2015). Towards implementation of DfRem into the product development process. Procedia CIRP, 26, 565-570.

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