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This assignment involves preparing a creative product development proposal through conducting substantial research and applying established theories, and using NPD processes and techniques, and other relevant business analysis tools.

Students are required to develop a written proposal for an original and new product (including service), or a substantial modification of an existing product or service.

Students are expected to develop their own original idea fora new product or service the product can’t exist in any market, and students can’t simply import an existing product or service into a new distribution area.

Note: In self-reflection, students are expected to reflect on the feedback provided on their product idea and critique their own performance in developing the new product proposal. This could include: What went wrong?

What could you do better? If you were to start again, what changes would you make?

How can you learn from this experience to plan improvement opportunities for the future?

Background

The development of new product within the market is the most suitable way to provide innovative products within the market (Strittmatter, & Lechner, 2017). It is used for the growth of the company and also to fulfill the requirement of the customers. In this, the innovation management plays the vital role to introduce effective product within the market. My organization Taira is going to create the innovative product that is Electric Car for the world and it is entirely my decision and thinking for the creation of this product. The purpose of the paper is to understand the product development process and also discuss the launch of the product in the market. The paper also discusses the specification of the product along with the marketing and the business strategy and also discuss the target market of the firm for their product.

In the present world decreases in oil refinery causes a huge damage to the environment as well as for running vehicle too. For this reason, my company has innovated a new electric car model that is eco-friendly and thus fulfill the needs of customer also. An electric car is one which is run by electric motor apart from gasoline (Felekoglu, & Moultrie, 2014). Apart from this, the electric car stored energy by the rechargeable batteries that are recharged through the common household power supply. In the today’s world, people are more concern about the global warming process so instead of using diesel car they are using electric for getting rid of this difficulties. Thus Taira has introduced a new model of electric car that can fulfill all the needs of the customer with their innovative designs, color, and innovative business strategy. The organization main aim is to gives the superior quality of product to the market so they make a huge profit locally and internationally.

One of the biggest competit6or for my company and the product that new product is the Chevy Bolt which is also an electric car. The electric car that is designed by Chevrolet is also eco-friendly and provide quite a similar offer as that of the Taira model. Similar to Taira they also offer innovative color of their vehicle and having the 10.2-inch digital color touch screen (Tukker, & Tischner, 2017). Both of this company offers similar type of car model that means where Taira electric car goes 22 to 31 miles per charge hour while Chevrolet goes 25 miles charge per hour with a charging unit of 240/32-AMP and along with it also gives safety arrangement pack so it becomes one of the biggest competitors of Taira (Yeniyurt et al., 2014). Since both of the company has introduced similar kind of electric car model so the new business strategy of Taira is to introduced new electric car model which gives better feature than that of the Chevrolet electric car model and hence it also helps to increase the market growth locally and internationally. Apart from this, the Chevrolet electric car model is not familiar to the customer because of its high cost and thus the Taira want to introduce a new car model so that their market growth increases.

Competitors

The pollution level in the world is exceeding its limit and all this occur due to the rapid growth in the industry as well as vehicles within the country. It became essential for the world to deal with this issues within the market and for that new and innovative way of maintaining the pollution level is being introduced (Leenders, & Dolfsma, 2016). To deal with the issue in the market the most effective and the suitable way is to use products that do not emit carbon dioxide which will maintain the pollution level of the world and provide a suitable atmosphere in the market.

Description and specification

The new electric car model of Taira has many innovative features that include not only new design and color but also have many different specifications that can make the model as one of a best electric model in the automobile industry. This new electric model offers 260 to 340 miles of a range and having a speed of 2.2 to 4.1 second at 0-60 mph which can fulfill all the needs of the customer apart from the older electric car model. In the former electric car model of Taira the customer had to pay a certain amount of amount for charging purposes but in case of the new electric car model, the charging procedure will be free and unlimited too (Chung, & Kwon, 2015). Along with this, the former model has battery packs of 50 kWh to 70 kWh power that is needed for charging the battery of the car while in new model they have introduced a new idea of incorporating the battery pack in the range from 75 kWh to 100 kWh power.

My company offers three variants of the electric car- 75A, 100A, and S100A. The differences in between this three variant is that in case of 75A which has a battery pack of 75kWh that goes up to 489km having a speed of 225kmph and can complete 1km in just about 4.2 seconds, the next variant is 100A which has a battery pack of 100kWh and can cover 632km having a speed of 250kmph and can cover 1 km in just 4.2 seconds. Apart from this, the third variant is the S100A which can cover 613 km with a speed of 250kmph and having a battery pack of 100kWh. This variant covers 1km in about 2.5 seconds with a speed of 250kmph. So all this model are quite innovative and hence Taira is introducing this new model in the market.

Innovation in the Product

The idea of the generation of the new product can originate from various sources since they are not developed in the market. Actually, the idea of launching a new electric car in the market by Taira has arisen as they want to fulfill the needs of the customer. The idea of this product mainly comes because it gives a huge profit to the company as well as the customer as by using this type of electric car the environment does not get so much polluted (Cherubini et al., 2015). Apart from this the sources that mainly influences the launching of the electric car includes the external stakeholders, distributors, competitors and also the environment pollution factor that forces the company to make an electric car model. Hence with the using of petrol and diesel car in present world which creates a greater level of pollution in the environment that gives rise to global warming and also it decreases the resources of oil in the world and for this reason the main motive of the company is to make new car in the market which is eco-friendly and also it can fulfill all the needs of the people (Nayum et al., 2016).

Before a product should launch in the market, the ideas of testing the product are the main function of the company so that any problem related to that product should be eliminated and hence it does not causes any issue to the customer regarding this product. Concept testing is the stage where the quality of the new product has been tested before coming to the market. The stage also includes all the idea that helps the customer to buy the innovative model as well as from this it can also make their business profitable in the market (Brandstätter et al., 2016). This is the process where company grabs the fruitful idea which can help their business growth in the market and eliminate all the new ideas that are destructing their market product. Hence the Taira company market strategy is to make the electric which to not only decreases the pollution rate but also makes the people aware of using the petrol or diesel model that can destroy the environment growth. As the resources of oil and Gas Company have been reducing in the present world so the discovery of electric car makes the people helpful in the future. Taira company main motive is that using of the electric car can reduce the use of petrol and diesel car and hence the resources would not decrease so much as well as the environment does not get polluted by using this car and hence global warming will be decreased.

Sources of Idea Generation

Business strategies are made to reduce the complication that occurs between the people and for this new product has been launched which will satisfy all the needs of the customer. The marketing strategy is made for preventing the probable risks that ruin the environment and also help the people to satisfy their needs from the market (Pelsmacker, 2017). Nowadays in the whole world oil is considered as a limited resource and for this, an alternative resource for using electricity in the vehicle is not only a smart decision but it also decreases the pollution level. The innovation of new electric car models not only fulfill the environment issue but also increases the economic development too. The analysis of the company has seen that with the development of this new electric car model the business will also grow in the market this is because of the fact that many employees will resign from their job and join in this industry so thus the business growth increases on a high rate. Apart from this the idea of making an innovative car also gives jobs to the employee and thus the business growth also increases (Jensen, & Mabit, 2017). Hence on developing electric vehicle worldwide, the company plan is to decrease the use of oil in the vehicle and thus the cost of buying petrol or diesel also decreases. The business analysis includes the budget rate that is very important to run a business, the financial procedure and the technical plan which includes the innovative ideas of the technician that makes the product innovative and different from the other product. Along with this, the market analysis is also an important factor for the growth of business in the international and global market too.

Market segmentation is the method that divided the market into different group depending on the needs of the customer and also on the growth of the business locally and internationally. The organization market strategy is to make precise markets orientation so that it become benefited from the company as well as the people also. The market strategy will be that it can meet all the customer needs so that it can grow their business worldwide (Wolfram, & Lutsey, 2016). Apart from this, there are several approaches to the market segmentation process that includes geographic approaches, demographic, behavioral, benefit segmentation as well as physiographic segmentation. The geographic segmentation of the market analysis includes the places that constitute states, countries, nations etc. while the demographic factor includes variability in age, sex, education and family size. On the behavioral approach mainly the brand usage includes and in the benefit segment which includes the benefits that have been achieved by a buyer who is buying the product. The last segment that has been analyzed by the organization is the physiographic approach which includes the lifestyle and personality of the people living in the community. Actually before launching a new product all these factors should be perfectly noticed so that the business can gain a huge profit in this particular product from the market (Zivin et al., 2014). After the completion of the segment procedure, the main aim of the organization is to make market opportunities and also make a right strategy for positioning the product and services throughout the market so that the product can place in a good position on the market and hence its business growth increases.

Product Testing

Since the product is an electric car so its cost will be higher than any other product. For this, the company has made an initial opening cost of the product which is very important for running the business (Ehsani et al., 2018). The cost that has been considering by the company for making the product includes the cost of advertising and marketing that is 100,000 dollar, overheads cost which is 80,000 dollar, cost of equipment that includes 150,000 dollars and production cost that includes an amount of 200,000 dollars. So the total expenses of the company of making the new electric car is an amount of 530,000 dollars. According to the company business strategy, the production of the new car in the market gives a huge profit in the coming next years.

According to the company calculation they can expect a huge amount of profit in the next few years. The total sales made by the company in the present year is 500,000 dollar and according to their business plan, they can gain a profit of 800,000 dollars in between 2023. As per the business plan the expenditure from different procedure will be like that- 110,000 dollar from advertising and marketing, 90,000 dollar from overheads, 100,000 dollar from equipment and 200,000 dollars from production costs and all of them includes a total expenses of 300,000 dollar which is about 30,000 dollars less than the present year and hence they gain a huge profit in the coming years.

The Taira is one of the leading automobile industry in the world and its next innovation is to make the electric car in the market. For making this car some risks and benefit are also present as it a new product launch in the market. The benefits of using this car in the market are as follows:

  1. No requirement of fuel: Since the new model is an electric car so it runs through electric charging procedure and hence no gas is required for this product (Yuksel, & Michalek, 2015). Since the fuel is very costly in the present market and their resources are limited in the nation so the company main motive is to introduce this car in the present world so it gets benefited the customer as well as the environment too.
  2. Savings: These cars are quite cheaper than the diesel or petrol car and it is the only car that can save money in the life (Ward, & Sobek II, 2014).
  3. No emission of gas: The electric car is eco-friendly because they run by charging through the current and hence it does not emits any toxic gasses or smoke that makes the environment polluted and thus produces a healthy green climate throughout the nation (Borén et al., 2017)
  4. Safe drive: before launching to the market the car has undergoes various fitness and testing procedures that decrease the risks of driving on this electric car (Bohnsack et al., 2014). Apart from this airbags are also present in the car for safety purposes.
  5. Noise pollution reduction: since the car is running through electric so the noise emitted from the car is limited and hence they provide a smooth driving than that of any other fuel cars (Nilsson, & Nykvist, 2016).

Apart from this, some risks are also present in the development of the electric car in the present market. Those are as follows:

  1. Points of recharging: the stations of electric fuel are not much developed and hence there are not many places for recharging this car (Madina et al., 2016). Thus people facing the problem of not having any charge during road trips and hence it is one of the main risks of this car.
  2. Longer recharge time: the car takes about 4 to 6 hours to get fully recharged while in case of fuel car it just takes few minutes to pour oil in the tank and hence it is also a risk of this car in the market.
  3. Battery replacement: the battery of the car should be replaced depending on the usage and type of battery. But generally, the battery life of this car ranges from 3 to 10 years and after that, the battery should be changed so that the car should run properly in roads (Engelken et al., 2016).

Target market

Primary target market

The main target market of the company is to include people those who love traveling in various parts of the nation (Nieuwenhuis et al., 2017). The target market of the company also included the car lovers those who are very fond of the car and traveling too. They targeted the people in ages between 20 to 55 years which included male, female and the aged person also. They do not give any objection of giving a car to both single and married person but their one clause is that the person should be stable and well established this is because of the fact that the electric car is somewhat costly product and it can be afforded by stable people only. Noticing all these purposes they make the primary target market strategy that is beneficial to the company as well as the business.

Business and Marketing Strategy

The company secondary target market will lies on the people those who want the car for fuel efficiency and want to make the environment eco-friendly and free from pollution. Their main target is the married couple that does not want to spend the huge amount of money in purchasing a car and this includes about 71% of the whole nation. Their next target is male those who are interested in traveling and want to save money for future use and this includes about 65% of the nation. Apart from this they also included the millionaire and businessman those who love nature and willing to go to road trip with their family without affecting the environment (Nurhadi et al., 2017). They mainly include people having an age range in between 25 to 45 as these people have an eager to buy a new product that is eco-friendly and due to this target plan the business become populated in the market.

The market statistics included the growth of the business worldwide so that the company would gain a huge profit in the market. The growth of electric car in the market will increases the production and sales of the automobile as well as the income of the organization also increases as they fulfill the needs of the customer. As the percentage of electric car making industry is very small in the current stage so making of the new car of Taira will give a huge profit in the business (Martins et al., 2015). Since the fuel resource is quite limited in the present day so usage of making the electric car by the company gives a huge profit. Apart from this, the car is eco-friendly as it does not possess any type of emissions that can affect the environment and hence it is used by the younger generation for the detection of global warming. The electric car, on the other hand, does not produce any sound while moving so the noise pollution would also reduce on using this type of car. One more important factor that can increases the market growth of the car is the removal of tax in this car and also offering free charging of the vehicles at various electric points.

On developing the new electric car the organization makes some strategic plans for the advance of the product at a huge rate throughout the whole nation. The strategic analysis of the company on the basis of the product includes reduction of the risks and resources, access to new market and also to gain knowledge about the needs of the customer. The workers those who are involved in this production process should have the technical knowledge about the product so that they can make better innovative model than the other electric cars (Helms et al., 2016). It is also seen that the company has to fulfill the way on which the customer should be satisfied with the newly launched product and also make them understand the use of this product which makes the environment pollution free as this new electric car runs with electric, not by fuel. As the fuel resources are decreasing so one of their strategies is to use this car for reducing global warming also.

Business Analysis

Once Taira developed their new product within the market along with the marketing strategy they eventually took part in the market testing. In this process, the company introduce their product to the market and provide demo version or the test drive of the product. Providing effective test drive and marketing the company is able to understand the reaction of their customers towards the brand new model of Electric Car within the market (Choo et al., 2017). Taira provides the service of a test drive to most of their previous and valuable customers and also they perform a survey in the phase of idea generation where the customers are asked to leave their contact details (Yun et al., 2016). Then the organization provided some of their demo models to the businessman and the sportsperson to drive this car and provide their valuable feedback. They eventually invited the news reporters and other people to view the activity and also the process by which the entire product work (Fuller, 2016). The organization also made the competition with the Tesla Model 3 and Chevy Bolt to show the development of their new model in the market (Steenkamp, 2017). The product is eventually reviewed to provide the best feedback for the marketing strategy and also to improve the product for providing better service to the market.

In the present world, there is numerous electric car brand that is developing their ways in the market (Hyun et al., 2015). In this situation, it became essential for Taira to improve their brand strategy for the new electric car within the market. The brand image of the company is vital for the firm as it provides identification to the firm as well as offer personality to the products (Fortunato, 2015). It is essential for all the successful brand in the market to maintain their brand strategy and improve the working condition of the firm (An et al., 2016). There are various advantages one could get by having a strong brand as well as the positive image. It can be seen that solid brand image provides value to the firm, then they help to improve the customer’s loyalty towards the organization. Good brand strategy help to get a high demand for the product as well as an increment in the price of the products (Yin, 2016). With the help of the brand image, the organization along with their product is easily recognizable within the market. Branding is the process which helps the organization to hold their customers and this allows them to maintain a position in the market.

Brands in the market offer their customers the unique selling proposition to make a suitable and effective impact (Thomson, & Crocker, 2015). Branding is the vital way to develop the position within the market but Taira along with their electric car product is not the primary one in the market (López-Mosquera et al., 2015). The level of competition is huge and for that, they need to maintain an effective brand strategy to provide their product to the market. The business strategy that is being followed by the firm in the market is differentiation as they provide the most unique product within the market. They are providing a better model of electric car to reduce the pollution level as well as to improve the working function of the company (Khajavi et al., 2015). The organization is also having the business strategy where the product can be driven by people of any age and as this is an electric therefore license is also not required for the customers (Rubera et al., 2016). This one is the most suitable and effective product that is being provided by the firm to the market. The brand strategy is to represent the car as the most efficient car for the people all over the world which will help in the reduction of diesel car that causes pollution in the city.

The organization Taira is providing the superior quality of an Electric car with various facilities in the market (Viio, & Nordin, 2015). It is essential for the company to maintain their packaging system and the outlook in such a way that it attracts the customers from all over the world. The company needs to develop their car model in such way that it provides superior quality within the market and also their look needs to be outstanding (Lee et al., 2014). The color of the electric car that is being introduced by Taira is quite vibrant in the market and for that, it has the ability to capture the eyes of the customers (Jahnke, 2015). The employees within the company need to have the suitable and effective impact on the customers while they were visiting the showroom. The most essential part of the organization is that they need to maintain the effective and the suitable working condition within the market. The packing of the electric car needs to be done with the help of service that is being provided by the staff members to the customers. It can be seen that presentation of the car model is one of the best ways to provide an effective package for the product and also to capture the customers in the market (Gopalakrishnan et al., 2015). The model electric car is being presented in the most unique and the suitable way for the firm to maintain their activity in the field and to provide suitable working function. Packaging is the effective way to which the organization can eventually maintain their products within the market and provide suitable value for the firm to promote their business (Chang, & Taylor, 2016). The organization maintains their activity in the various field for providing effective and suitable products to the market. The packaging of the car is quite effective as this include the performance level of the employees along with the facilities that are being provided by the firm as well as the presentation of the products.

Product launch is the process by which the organization introduces their new product within the market. The successful launch of the product within the market means the organization will face the outstanding result in the sales of the product (Marion et al., 2015). The unsuccessful launch of the product due to manageable elements like the worst strategic choice or the ill timing can eventually make or else break the product. It is one of the most costly steps in the new product development process and for that, it requires effective planning for the launch of the product (Cooper, 2016). It is essential for the marketers to consider whether they need to conduct a full or the partial roll out for the launch of the product. It is also essential for the marketers to use the 5W of the new product development process to understand the various step of the product development. The 5W’s of the product launch help to identify ‘who’ that is the target market, then ‘what’ the launch process (Fang et al., 2015). Then in 5W, there is ‘when' which indicate the time and date of launch, then ‘where’ that is the location of launch and the last one is the ‘why’ that justify the entire launching steps.

Who: The target market of the firm is the people who love to travel and also the car lover people (Backmann et al., 2015). The primary age group of the target market is within 20 to 55 years of age.

What: There are numerous ways by which the organization can reach to their target market where they can perform mass media, then the outdoor advertising, then personal selling, social media and so on. The entire process is being discussed below:

  • Social media: They have created the buzz around the product by providing an effective view with the help of social media.
  • Outdoor advertisement: These are done to capture the attention of the local people and also to show them the demo model of the car.
  • Print advertising: The model of the electric car is being printed to all the new paper and another pamphlet with their launch date.
  • Mass communication: The campaigning process and the working function will run through the television.
  • Grand opening events: Grand opening of the new product will be done with the CEO of the firm and another VIP guest in the launch program.

When: The organization Taira will follow the effective timeline for their product launch within the market:

  • Social media: This will be done weeks before the grand opening.
  • Outdoor advertisement: outdoor campaign will be done 2 weeks before the product launch
  • Print advertising: newspaper and other pamphlets will be printed for almost 2 weeks.
  • Mass communication: Press release and television program will be done with the suitable timeline of the product launch.
  • Grand opening event: Will occur on Saturday, 7th of July 2018.

Where: The grand opening of the product will be at their showroom in the USA and it is shown all over the world via social media and other media platform.

Why: The entire option and the process that is being utilized by the firm is to reach the target market of the organization. This helps them to attract the attention as well as provoke the anticipation. 

The objectives are as follows:

  • Gain almost 50-60% awareness of the product in the target market
  • To improve the demand for an electric car within the market
  • To communicate with the strong message for maintaining the pollution level of the world and also to provide effective driving experience to the customers
  • To establish the effective position within the field with the help of valuable product in the market

The primary message for the product launch are as follows:

Electric Car is the next generation model that is sophisticated and also usable by people of different ages. The product provides enable ride to the customers to all the people either to love to travel or not.

The additional message is also included:

  • The product is eco-friendly that help to reduce pollution
  • It is provided all over the world
  • The model and the color of the car is quite vibrant and help to attract the young generation
  • The model is quite stylish and also it provides easy maintenance to the customers and safe driving experience

The product launch is going to use the full rollout of their product. In this, the target market of their electric car is for the entire world. The product launch will take place in the primary showroom of the company and the entire program will be shown live on various television and social media all over the world.

Marketing cost

2018 Media Plan

Client: Taira  Plan no./ Date 21/05/18

Product: Electric Car

Target Audiences: people who love to travel and also the car lover people (20-55 years)

MARKET

PUBLICATION

RATE ($)

LENGTH SIZE

CLR

NO.

TOTAL COST ($)

Week beginning Sunday 2018

NEWSPAPER

Community

Other

500

2500

2/3 page

½ page

FULL

FULL

6

3

3,000

7,500

MAGAZINES

Car magazine

5000

1 page

FULL

4

20,000

OUTDOOR

Campaign

10,000

4 hours

4

40,000

ONLINE

Website

Social platform

1000

5

FULL

1

3000

1000

15000

EVENT

Event cost

12,000

1

12,000

MEDIA TOTAL INCL GST ($)

98500

TAIRA INC.

Financial forecast (1st year and 5th year)

Element

2018

2023

 

Income

Sales ($)

500,000.00

800,000.00

Total sales ($)

500,000.00

800,000.00

 

 

 

Expense

Advertising and marketing ($)

100,000.00

110,000.00

Overheads ($)

80,000.00

90,000.00

Equipment ($)

150,000.00

100,000.00

Production ($)

200,000.00

200,000.00

Total expenses ($)

530,000.00

500,000.00

Total profit ($)

-30,000.00

300,000.00


Conclusion

The organization is having the most efficient firm in the market and they are providing effective and innovative products to the customers. It can be concluded from the paper that the marketing concept of the organization with the development of the new product is quite effective for the market. It can be seen that the organization have mostly targeted the people who love to travel and also have the affection towards cars. The product electric car is one of the most effective product within the market that help to maintain a suitable level of pollution in the country which is increasing with the use of diesel cars. The brand strategy that is being utilized by the organization is quite effective and this helps to improve the working condition of the firm in the most effective and the suitable way. It is also clear from the paper that Taira is having high competition in the field of an electric car but they have the potential to provide the best model within the market. It can be concluded from the paper that the idea of this model is generated to reduce the pollution level of the world and also to provide an eco-friendly car to the entire world.

The idea of electric car is not new as there are various organization which provides this car but I am developing an electric car that is superior in quality of other cars. For developing this product I have to face various issues regarding the development of the product. The primary thing that is went wrong with the development of the product is to get good quality of raw material that also within the reasonable price. The working process is also creating issue for me to develop the product within the market because to make an electric car effective the primary thing is its battery. I have gathered suitable knowledge on the various electric car products of different company to understand their development and their working function. If I get suitable chance to develop this product once again then I would definitely make it more effective and provide powerful battery so that consumers do not have the face any kind of problem in the middle of the road. The making of effective plan for the product development helps me to understand the process for developing the product. In future this experience would help me to further develop the better and the suitable product for the market which is consumer effective for the firm. This is one of the best experience that I have got from the planning of developing a new product in the market which also help me to understand the basic requirement of the raw materials and to develop them within the market.

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